Ardian reinvests in Neopharmed alongside NB Renaissance

Rachel Lewis
10 November 2022

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Ardian has reinvested in Italian pharmaceutical company Neopharmed in a deal that sees it hold a joint majority stake with NB Renaissance.

The French GP has exited its stake from Ardian LBO Fund VI and reinvested with Ardian Buyout Fund VII. Ardian and NB Renaissance will hold equal shares under the deal with an overall majority.

"A new deal where we could reinvest alongside another fund and stay close to an entrepreneur that we know and trust is very important to us in this challenging environment," Nicolo Saidelli, head of Ardian Italy, told Unquote.

Mediolanum Farmaceutici, backed by the founding family, will maintain a significant stake with founder Alessandro Del Bono continuing as CEO and chairman of the board.

The deal came at a touted value of EUR 1.3bn, as reported by local media.

Co-investor NB Renaissance fended off competition from ICG, as reported by Unquote's sister publication Mergermarket.

NB Renaissance won out because it demonstrated the right approach and chemistry with the founding family, Saidelli said.

The deal comes at an increasingly difficult moment for full exits with many funds likely to explore minority stake sales as a way to show value to LPs.

Ardian first invested in Neopharmed in November 2018 in a primary, proprietary buyout.

The new capital from NB Renaissance will allow the company to act on mid- to large M&A opportunities for geographical and product expansion, "especially when you look into the market conditions for the next year and a half," said Saidelli. "It's a buyers' market and we believe that there will be good opportunities to seize for us at Neopharmed."

The company is now focused on moving outside of its home market, into intercontinental Europe with a focus on Germany, France, Spain and the UK. It will also look to acquire portfolio products from big pharma, where is it expecting a large pipeline to be available in the coming years.

Ardian helped Neopharmed make six acquisitions over its ownership, with the company recording EUR 250m in revenues.

Company
Initially established within the Mediolanum Farmaceutici Group, which was founded in 1972 by the Del Bono family, Neopharmed Gentili commercialises pharmaceutical products in the Italian market, specialising in cardiovascular and neurological therapeutic areas.

Advisors
Ardian – Goldman Sachs (M&A); Jefferies (M&A).

People
Ardian – Nicolò Saidelli (head of Ardian Italy and deputy head of buyout).
NB Renaissance – Fabio Canè (co-founder).
Neopharmed Gentili – Alessandro Del Bono (CEO and chairman).