Temasek, CVC to buy stake in US pharma firm
EUROPEAN private equity fund CVC and Singapore sovereign wealth fund Temasek are to buy a controlling stake in pharmaceutical firm Alvogen, its chairman and chief executive said.
Robert Wessman, former CEO of Actavis, founded the New Jersey-based generic-drugs firm in 2009.
The size of the stake which the consortium purchased was not disclosed, but the deal values the company at around US$2 billion (S$2.7 billion), a source familiar with the matter said on Saturday.
The transaction is the latest sign of the hectic pace of deal-making in the healthcare sector, which has seen more than US$250 billion of mergers and acquisitions so far this year, up nearly two-thirds from a year ago, according to Thomson Reuters data.
Mr Wessman sold a stake in Alvogen to the private equity fund Pamplona last year. The new owners also include United States investment group Vatera Healthcare Partners. Mr Wessman and Pamplona will retain a stake.
The fast-growing company has 350 generic products on the market and has been pushing into the Asia-Pacific region with several acquisitions, including that of South Korea's Dream Pharma last year.