Cinven's Mercury Pharma Buy Could Spur European Specialty Consolidation
This article was originally published in The Pink Sheet Daily
Cinven’s $730 million acquisition of the U.K.-based specialty company Mercury Pharma could act as a platform to consolidate the sector in Europe, suggests the private equity company.
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At $4.2 billion, biopharma financing in Q4 2012 showed a 36% increase over Q3 with FOPOs again dominating as the most popular deal type. With 34 finalized biopharma M&As, Q4 was the most active quarter of all 2012 for acquisitions. The 108 biopharma alliances completed had a combined potential deal value of almost $2 billion; Johnson & Johnson, with seven tie-ups, was the busiest pharmaco during Q4.
Q3 2012 biopharma financing, at just over $3 billion, showed a 13% increase over Q2. Follow-on public offerings again were the most prevalent financing type, accounting for a third of these dollars. M&A volume was down to just over $7 billion, compared with Q2’s $35.9 billion and only two Q3 transactions topped the billion-dollar mark. Antibody alliances made up just over a quarter of the total $2.2 billion in deal volume, with 19 deals signed in the area.
AXA Private Equity's acquisition of Riemser Arzneimittel is the third change of ownership in the European specialty pharmaceuticals and manufacturing sectors this month, with more likely to follow as buyout specialists seeks the right combination of companies for consolidation.