One of the year's largest private equity deals in European health care will be acquired by Astorg Partners.
According to a statement Monday, the French private equity firm is buying the business from International Chemical Investors Group. CordenPharma's founders will invest as partners with Astorg under the terms of the deal.
Financial details were not disclosed. The deal is worth more than 2 billion euros, according to people who asked not to be identified discussing confidential information.
The people said that Astorg beat out other houses for CordenPharma. The company was being explored by other firms, including Advent International and Apax Partners.
Judith Charpentier, partner and head of health care at Astorg, said in the statement that the transaction was the result of their efforts in pharma services. CordenPharma is focused on some of the most promising areas of pharma R&D, according to Charpentier.
CordenPharma provides manufacturing and packaging services for pharmaceutical ingredients and drug products in the U.S. and Europe. CordenPharma has an agreement with Moderna Inc. to produce an ingredient of its Covid-19 vaccine at facilities in Switzerland, France and Colorado.
Patrick Schnitzer is a dealmaker and Achim Riemann is a chemical industry veteran. After selling CordenPharma, ICIG will focus more on its chemicals portfolio.
William Blair worked with ICIG on the deal.
Private equity firms have been spending a lot in Europe. The value of private equity deals targeting European companies has doubled this year. According to its website, Astorg manages 15 billion euros of assets.
The health-care sector has been active in dealmaking. In March, Carlyle Group Inc. and PAI Partners struck a deal to buy women's health business Theramex from CVC Capital Partners.
With assistance from the following: Rachel McGovern, Silas Brown, and Manuel Baigorri.
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