Acino Holding AG (ACIN), a Swiss drugmaker, agreed to be acquired by private-equity firms Avista Capital Partners and Nordic Capital for about 398 million Swiss francs ($439 million).
Acino holders will be offered 115 francs a share in cash in a tender offer, the Aasch, Switzerland-based company said in a statement on its website today. That’s 33 percent above yesterday’s closing price of 86.50 francs a share.
The sale will give Acino investment it needs to expand, according to the company. Acino’s board unanimously supports the offer, the company said. H. Lundbeck A/S Chairman Hakan Bjorklund, an executive at Avista, will be chairman of Acino if the acquisition is completed.
“We are excited about this transaction as it combines compelling value to our shareholders with a long-term vision for Acino and its employees,” Acino Chairman Luzi A. von Bidder said in the statement. “Avista and Nordic Capital are well-suited partners for Acino. They have proven ‘buy and build’ capabilities and the financial resources that will significantly enhance Acino’s growth opportunities.”
Acino shares have fallen 21 percent this year, compared with a 21 percent return for the Bloomberg Europe Pharmaceutical Index.
The tender offer is expected to run from Oct. 21 through Nov. 15, and at least two thirds of shareholders must accept for the deal to go through. Lazard Ltd. (LAZ:US) is acting as lead financial adviser and Credit Suisse Group AG as financial adviser in the offer to Avista and Nordic Capital.
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