Nordic Capital acquires minority stake in Leo Pharma

Eliza Punshi
24 March 2021

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Nordic Capital has acquired a minority stake in Danish pharmaceutical company Leo Pharma for тЌ450m.

According to pharmaceutical publication MedWatch, the GP is acquiring a stake smaller than 25%, while Leo Foundation, the current owner, will remain as the majority shareholder.

Borsen reported a few months ago that Leo Foundation's owner, Leo Fondet, was looking to sell 10-20% of Leo Pharma.

Mergermarket reported in September last year that the company had mandated Moelis & Company to help find a minority owner ahead of a possible IPO in the next three to five years.

The GP said in a statement that it will support the company with its strategy, launched in 2020, to develop "its topical dermatology franchise".

The transaction is subject to regulatory approvals and due to close in H1 2021.

Company
Founded in 1908 and based in Ballerup, Leo Pharma is a pharmaceutical company offering skincare products and services to patients with skin conditions. Its products are available in more than 100 countries.

The company employs around 6,000 staff and, according to its annual report, it had a turnover of DKK 10.1bn (€1.35bn) and EBITDA loss of -DKK 726m (-€97.6m) in 2020.

People
Leo Pharma – Catherine Mazzacco (CEO).
Nordic Capital – Jonas Agnblad (partner).
Leo Foundation – Jesper Mailind (CEO).

Advisers
Equity – BofA Securities (financial due diligence); Accura (legal)
Vendor – Moelis & Company (financial due diligence); Plesner (legal);