Stanley Capital acquires Noden Pharma DAC

The firm will also acquire Noden Pharma USA and the purchase price for both assets is $48.25m.

After considering the expected adjustments for transaction expenses, indebtedness and working capital, payments to PDL are expected to be approximately $12m, with an additional $33m to be paid in 12 quarterly instalments from January 2021 to October 2023. The agreement also provides PDL with the potential for two additional contingent payments totalling $3.25m.

PDL believes the transaction with Stanley Capital represents the greatest total value and certainty of completion, according to a statement.

Texas-based Stanley Capital is a private investment partnership that invests on a deal-by-deal basis. The firm targets businesses with an enterprise value of $250m-2.5bn.

Stanley Capital expects to pursue a buy-and-build strategy for the company. The acquisitions will be financed from a mixture of committed funding facilities and new investors as the Noden platform grows. 

Previous funding
PDL Pharma made an equity investment of $107m in Noden Pharma DAC for an 88% interest in 2016.

Company
Dublin-headquartered Noden Pharma DAC is a speciality pharmaceutical company that is focused on acquiring prescription medicines across a range of therapeutic areas in international markets. The company focuses its resources on acquiring and optimising established medicines. It was founded in 2008.

People
Stanley Capital - Simon Cottle (partner).

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