Permira sells Pharmaq to Zoetis for $765m

Permira's exit comes just two years after the GP acquired Pharmaq in a €250m buyout, with capital from its 2006-vintage €9.6bn Permira IV vehicle.

The $765m price tag is on a debt-free basis, and edges the GP's fourth fund closer to full realisation, having sold its remaining holding in German luxury fashion retailer Hugo Boss in March this year.

Permira's exit is the second largest in Norway this year, after Bain Capital and Altor's sale of aquaculture feed and nutrition producer Ewos to Cargill for €1.35bn.

This year has been slow so far for exits in Norway, with 13 divestments worth a total of €1.8bn excluding Pharmaq – compared to 24 exits worth a total of €5bn the year before, according to unquote" data.

Previous funding
Permira acquired Pharmaq in a buyout from Norwegian investment company Kverva and conglomerate Orkla in 2013 for a total consideration of NOK 1.9bn.

The capital was drawn from Permira IV.

Company
Established in 1985 and headquartered in Overhalla, Norway, PharmaQ develops, manufactures and markets vaccines and therapeutic products for farmed fish.

The company's key markets are Norway, Chile, the UK and Vietnam, with particular expertise in the salmon market. The business also provides therapeutics and diagnostics services for the fish farming industry.

People
Permira's head of Nordic investments Ola Nordquist led the deal for the GP. Morten Nordstad is the CEO of Pharmaq.

Advisers
Vendor – Citigroup (Corporate finance); Skadden Arps Slate Meagher & Flom (Legal); Wikborg Rein & Co (Legal).

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