GPs bid for French drugsmaker Upsa

Francesca Veronesi
10 October 2018

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Several private equity firms and German PE-backed drugmaker Stada have submitted bids for the acquisition of Upsa, a French division of New York-based pharmaceutical giant Bristol-Myers Squibb, according to press reports.

Among the investment firms submitting indicative bids were BC Partners, PAI Partners and CVC Capital Partners, according to news channel Reuters.

The deadline for offers was 5 October and the deal value has been estimated at €1bn. Upsa generated revenues of €425m in 2017, according to the press report.

French cosmetics and drug group Pierre Fabre stated via a spokesperson that it decided against bidding, Reuters also added.

BC Partners, PAI and CVC declined to comment.

Stada has been controlled by private equity funds Bain Capital and Cinven since 2017. Last week, Bain and Cinven made an offer of €81.83 per share to the remaining shareholders in the listed German drug maker, with plans to de-list the business.

Bristol-Myers Squibb wholly absorbed the French drugs and effervescent aspirin producer Upsa in 1994 from the Bru family.

Bristol-Myers Squibb, with origins dating back 1858, is a biopharmaceutical company focused on discovering, developing and delivering medicines. It generated $20.8bn in revenues in 2017, 55% of which originated in the US and 24% in Europe.

The Bristol-Myers Squibb France division has more than 2,100 employees at the national level as of 2017. The French subsidiary is the second largest subsidiary of the group in terms of revenues (excluding the US), and is in first position (outside the US) for research and development.

With roots dating back 1951, Upsa develops over-the-counter drugs but also offering dietary supplements and medical devices. The business is headquartered in Rueil Malmaison.