
Cerberus sells Covis Pharma to Apollo
Apollo Global Management has acquired Covis Pharma, a Netherlands-based speciality pharmaceutical company, from Cerberus Capital.
The deal is valued at around $700m, according to market reports.
Apollo intends to further accelerate the company's growth, expand its distribution footprint and enlarge its portfolio of products.
Since establishing the company in 2011 through a series of acquisitions and asset disposals, Cerberus said it bolstered its growth and built a global speciality pharma business with a wide operating and distribution platform, and a diversified portfolio.
Company
Established in 2011 through 25 product acquisitions and 12 product divestments, Covis specialises in marketing and distributing an array of branded products used to treat chronic and life-threatening medical conditions in various therapeutic areas, including respiratory, cardiovascular, gastroenterology and central nervous system diseases. The company is headquartered in Baarn, Netherlands, with branch operations in Zug, Switzerland.
People
Apollo Global Management – Samuel Feinstein (partner).
Cerberus Capital – Brett Ingersoll (president, chief investment officer for private equity).
Covis Pharma – Michael Porter (CEO).
Advisers
Equity – Barclays (corporate finance); Paul Weiss Rifkind Wharton & Garrison (legal).
Vendors – Rothschild & Co (corporate finance); Dechert (legal).
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