Private equity firm TPG Capital is homing in on a deal to acquire medicine and healthcare products company iNova Pharmaceuticals.
Sources said TPG had emerged from the auction as the most likely buyer. after owners Pacific Equity Partners and The Carlyle Group took binding bids on Friday.TPG Capital was one of three known bidders - the others were its global PE rivals Blackstone and Bain Capital.iNova owns a portfolio of medicine and healthcare brands, including Difflam and Demazin, both used for cold and flu relief. Its other products include skincare label Dermaveen and weight management brand Duromine.
PEP and Carlyle bought iNova in 2017 from North America’s Valeant, while it was previously owned by Australian PE firm Archer Capital. iNova, which is based in Singapore but has a big Australian presence, was pitched to potential buyers with about $150 million in annual earningsJefferies and Credit Suisse ran an accelerated two-part auction over the past two months, seeking to identify a new owner. The business attracted interest from a bunch of big private equity firms, looking to grow iNova’s presence in regional markets.
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