Aptalis Pharma appoints underwriters for IPO- sources

By IVCPOST Staff Reporter

Oct 24, 2013 04:52 AM EDT

Aptalis Pharma Inc reportedly hired banks to manage its initial public offering. Reuters cited sources who said the development occurred after its private equity owner TPG Capital had failed to sell the drugmaker. The people said the underwriters included Goldman Sachs Group and JPMorgan Chase & Co. The sources also disclosed the IPO would probably happen in 2014.

Reuters reported that Aptalis could still be sold even if the drugmaker was being readied for a stock market flotation. TPG portfolio firm Neiman Marcus first registered for an IPO. Last month, however, it agreed to be sold to a private equity buyout group in a deal worth USD 6 billion.

Aptalis is based in Bridgewater, New Jersey. It specializes in developing therapies for gastroenterology and cystic fibrosis. Data from Moody's Investors Service Inc showed that in the nine months that ended June, Aptalis posted revenues of USD 530 million.

In 2008, TPG Capital acquired Axcan Pharma for USD 1.3 billion. The private equity firm then merged Axcan with Eurand Pharmaceuticals two years ago and renamed the company Aptalis.

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