BC Partners is considering a fresh attempt to sell German pharmaceutical contract manufacturer Aenova, people with knowledge of the matter said.
(Bloomberg) — BC Partners is considering a fresh attempt to sell German pharmaceutical contract manufacturer Aenova, people with knowledge of the matter said.
The private equity firm is working with Jefferies Financial Group Inc.
on a potential sale of Aenova, according to the people, who asked not to be identified discussing confidential information. BC Partners may seek a valuation of €1 billion ($1.1 billion) to €1.5 billion for Aenova, they said.
Deliberations are in the early stages and no final decisions on whether to pursue a sale have been made, the people said.
Representatives for BC Partners and Jefferies declined to comment.
Aenova is a contract manufacturer and development services provider for pharmaceutical and health-care companies, with a presence in Europe and the US, according to its website.
It generates earnings before interest, taxes, depreciation and amortization of more than €130 million, the people said.
BC Partners, which acquired Aenova in a €480 million deal more than a decade ago, tried to sell the business in 2021 but paused the process amid the Covid-19 pandemic.
Health-care dealmaking is defying a global slump in mergers and acquisitions, with value of transactions targeting companies in the sector rising 23% year-on-year to $179 billion, data compiled by Bloomberg show.
Much of this is being driven by large pharma companies looking to revamp their portfolios with treatments for rare diseases. The largest transaction announced so far in 2023 has been Pfizer Inc.’s planned $43 billion takeover of cancer-drug maker Seagen Inc.
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