3i backs Active Pharmaceutical Ingredients MBO for $395m

3i has backed the management buyout of Active Pharmaceuticals Ingredients, an Oslo-based supplier and developer of pharmaceutical ingredients, from NYSE-listed Alpharma Inc for $395m.

3i was attracted to the deal because of the business' production know-how, its management and prospects for further growth in the global market. The company also fits well into 3i's healthcare portfolio, which is a key sector for the investment group.

Growth will be secured both by organic escalation and increasing product assortment.

The Active Pharmaceutical Ingredients name will be kept for the first 12 months before a newco is decided upon.

The transaction is expected to close in the second quarter of 2008, pending regulatory and approvals and customary closing conditions.

API reported revenues totalling $138.7m for the first nine months of 2007 and it currently has 700 employees. (Page 34).

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