European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen, its chairman and chief executive said.
Robert Wessman (inset), former CEO of Actavis, founded the New Jersey-based generic drugs firm in 2009.
The size of the stake the consortium purchased was not disclosed, but the deal values the company at around $2bn (€1.76bn), a source familiar with the matter said yesterday.
The transaction is the latest sign of the hectic pace of deal-making in the healthcare sector, which has seen more than $250bn of mergers and acquisitions so far this year, up nearly two-thirds from a year ago, according to Thomson Reuters data.
Wessman sold a stake in Alvogen to the private equity fund Pamplona in 2014. The new owners also include US investment group Vatera Healthcare Partners. Wessman and Pamplona will retain a stake.
The fast-growing company currently has 350 generic products on the market and has been pushing into the Asia-Pacific region with several acquisitions, including that of South Korea's Dream Pharma last year.
"We have grown from a small base in the US back in 2009 to a global player with operations in 35 countries," Wessman told Reuters. "Our growth has been 76pc a year in the past six years, a majority being organic, but with access to network and capital from our partners you should expect to see more acquisitions." (Reuters)