Nordic Capital launches $2bn take-over for Advanz

The equity value of the deal is approximately $846m. Shareholders representing around 88% of the company's voting share capital have irrevocably undertaken to vote in favour of the scheme.

The firm will draw equity for the deal from its 10th-generation fund, which closed on €6.1bn in October 2020. It was 60% deployed as of June 2020, according to Unquote Data.

Advanz Pharma has lined up a $1.58bn-equivalent euro- and sterling-denominated debt financing package to support the deal. The bond portion of the financing is split between a $560m senior secured euro note and a $460m senior secured sterling note, while the loan portion comprises a $360m euro term loan and a $200m euro denominated revolving credit facility, according to Unquote sister publication Debtwire.

Barclays, Goldman Sachs, JP Morgan, Jefferies, Morgan Stanley and RBC have underwritten the debt.

The company initially hired Jefferies to advise on a sale process in October 2020, according to Unquote sister publication Mergermarket.

Company
The pharmaceutical company focuses on complex medicines and is headquartered in London. It has commercial affiliates in Europe, North America and Australia, and supply chain, regulatory and administrative operations in India.

People
Nordic Capital – Raj Shah (partner, head of healthcare).  

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