Valeant Pharmaceuticals agrees to acquire iNova21-Nov-2011 Valeant Pharmaceuticals agrees to acquire iNova
21 November 2011
Ironbridge is pleased to announce the sale, by funds advised by Ironbridge and co-investor Archer Capital, of iNova Pharmaceuticals to Valeant Pharmaceuticals International Inc. (“Valeant”), a multinational specialty pharmaceutical company.
Valeant will pay iNova shareholders A$625 million upfront and up to an additional A$75 million in potential milestones based on the success of pipeline activities, product registrations and overall revenue. The sale is expected to complete in December 2011, subject to regulatory approvals.
iNova Pharmaceuticals develops and markets a range of over-the-counter and prescription medicines to Australasia, Asia-Pacific, South Africa, the Americas and other international markets. iNova was acquired from 3M in December 2006.
John Russell, Ironbridge Partner said: “We are delighted with the strong earnings growth iNova has achieved during our ownership. We have invested heavily in new products and in sales and marketing. The 60% increase in annual earnings since our initial investment is a credit to the iNova team.”
Andrew Howden, Chief Executive of iNova said: "iNova has developed and grown rapidly under the ownership and guidance of Ironbridge and Archer. Joining Valeant gives us the perfect opportunity to expand our business further in the Asia Pacific and Africa."
For further information please contact:
0411 251 324