Acino set to be purchased by Avista and Nordic Capital
Swiss pharmaceutical firm Acino Holding AG entered into an agreement to be purchased by Avista Capital Partners and Nordic Capital. Both private equity firms paid CHF398 million or USD439 million.
Acino shareholders would be offered CHF115 per share in cash through a tender offer. The said offer was confirmed at its Aasch, Switzerland headquarters published in a statement through its website. The said offer provides a 33% premium from its market closing price of CHF86.50 per share.
The said sale would provide Acino funds it needed in its expansion plans according to the drugmaker. The board of Acino voted to approve the offer according to the company. With the agreement, H.Lundbeck A/S Chairman Hakan Bjorklund would become the next chairman of Acino upon completion of the transaction.
According to Acino Chairman Luzi A. von Bidder, through a statement, "We are excited about this transaction as it combines compelling value to our shareholders with a long-term vision Acino and its employees. 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."