GHO buys Nicox and Visufarma

As part of the deal, the GP acquired the commercial operations of Nicox for €26m and fully acquired Visufarma for an undisclosed amount.

According to a statement, the GP acquired the company's products and trademark rights for €9m in both cash and a combination of ordinary shares and loan notes, valued at an aggregated €12m. Upon completion of the deal, Nicox will take a minority stake in the newco and will retain one seat on the company's board. Nicox intends to use the injected capital to boost product development.

The transaction encompasses 25 products managed by Nicox, including those managed by subsidiaries Nicox Pharma and Laboratoires Nicox in France, Nicox's German operations and Italy's Nicox Farma, as well as 35 ophthalmic products of Visufarma's portfolio. The merged group will focus on the commercialisation of the combined product portfolio across Europe as well as another 40 countries worldwide.

Company
Founded in 1996 and headquartered in Valbonne, Nicox is a listed pharmaceutical company, focused on the ophthalmic segment. The group has operations in Europe and the US and is listed on the Paris stock exchange. The company posted a turnover of €10m in 2015.

Visufarma is headquartered in Rome and was founded in 1996. The company focuses on the dermatology and ophthalmology sectors and currently manages a combined portfolio of 43 products.

People
GHO Capital – Andrea Ponti (co-founder, partner).
Nicox – Michele Garufi (chair, CEO).

Advisers
Equity – Deloitte (financial due diligence, tax); Weil Gotshal & Manges (legal); Gilberti Pappalettera Triscornia e Associati (legal).
Vendor (Nicox) – Orrick Herrington & Sutcliffe (legal); Cazals Manzo Pichot (tax); Michel Dyens (corporate finance).

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• Topics
• Buyouts
• Healthcare
• Southern Europe
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