Date: 2012-08-17
Type of information: Company acquisition
Acquired company: Mercury Pharma (UK)
Acquiring company: Cinven (UK)
Amount: £465 million (€ 591.6 million)
Terms: European private equity firm, Cinven has reached agreement to acquire Mercury Pharma, the international specialty pharmaceutical company, as a platform for further industry consolidation. The Company has been acquired from Hg Capital for an enterprise value of £465 million.
On September 3, 2012, Cinven has announced the completion of this acquisition. The acquisition was supported by debt financing provided by four banks; Jefferies, HSBC, Lloyds Bank and Mizuho. The debt financing consists of £235 million of Senior Secured Credit Facilities, including undrawn facilities.
Details: Mercury markets niche and branded pharmaceuticals, with its customers including retail pharmacies and hospitals in the UK, as well as international markets. It has a strong focus on the UK although its products are sold globally in more than 50 countries incorporating Southeast Asia and the Middle East. The Company has a broad portfolio of well-established products including treatments for anaesthesia, anti-psychotic, arthritis and anti-inflammatory, cardiovascular, critical and emergency care, joint and musculoskeletal, pain and pulmonary arterial hypertension.
Headquartered in Surrey, UK, Mercury has operational bases in the UK, Ireland and India. The Company has generated strong revenue growth in recent years with sales well over £100 million. It has a highly experienced management team, led by John Beighton, Group Chief Executive, who joined Mercury in 2010. He was previously UK Managing Director of Teva and formerly at SmithKline Beecham.
Related: specialty pharmaceuticals
