Valeant Pharmaceuticals Agrees to Acquire iNova (Media Release: Archer Capital and Ironbridge Capital)
22 November 2011
Archer Capital (“Archer”) and Ironbridge are pleased to announce the sale, by funds advised by Archer and Ironbridge, of iNova Pharmaceuticals to Valeant Pharmaceuticals International Inc. (“Valeant”), a multinational specialty pharmaceutical company.
Valeant will pay iNova shareholders A$625 million upfront and up to an additional A$75 million in potential milestones based on the success of pipeline activities, product registrations and overall revenue. The sale is expected to complete in December 2011, subject to regulatory approvals.
iNova Pharmaceuticals develops and markets a range of over-the-counter and prescription medicines to Australasia, Asia-Pacific, South Africa, the Americas and other international markets. Ironbridge and Archer acquired iNova from 3M in December 2006.
John Russell, Ironbridge Partner said: “We are delighted with the strong earnings growth iNova has achieved during our ownership. We have invested heavily in new products and in sales and marketing. The 60% increase in annual earnings since our initial investment is a credit to the iNova team.”
Ben Frewin, Investment Director at Archer said: “iNova has developed into a serious regional pharmaceuticals player. The iNova and Valeant businesses are highly complementary and we are pleased to see iNova enter its next phase of growth with Valeant. iNova has been another strong investment for our Funds.”
Andrew Howden, Chief Executive of iNova said: "iNova has developed and grown rapidly under the ownership and guidance of Ironbridge and Archer. Joining Valeant gives us the perfect opportunity to expand our business further in the Asia Pacific and Africa."
For further information please contact:
Justin Kirkwood
0411 251 324
Archer Capital
Archer Capital is one of Australia’s leading private equity investment houses, with $2 billion in funds under management or advice.
Archer Capital is an established market leader in LBO transactions in Australia. Since 1996, Archer Capital’s Partners and executives have closed over 30 acquisitions involving total aggregate funding in excess of $5 billion.
Archer Capital’s team possesses significant operational and general management experience. A hands-on, operational approach is an essential part of Archer Capital’s investment process, from investment assessment to ongoing investment management.
Ironbridge
Ironbridge advises funds that invest in private equity investment opportunities with an enterprise value of between A$100 million and A$500 million.
Ironbridge specialises in the healthcare, financial services, outsourced services and consumer sectors. Ironbridge has a large and well resourced advisory team with a broad range of operational and investment experience including over 130 years of direct private equity experience.
Ironbridge Funds have a combined A$1.5 billion of committed capital with an investor base drawn from over 40 leading global institutions.