M&A Deal Summary

Pacific Equity Partners, The Carlyle Group and Bourne Partners Strategic Capital Acquire iNova Pharmaceuticals

On June 8, 2017, private equity firms Pacific Equity Partners, The Carlyle Group and Bourne Partners Strategic Capital acquired life science company iNova Pharmaceuticals from Bausch Health for 930M USD

Acquisition Highlights
  • This is Pacific Equity Partners’ 1st, The Carlyle Group’s 9th and Bourne Partners Strategic Capital’s 2nd transaction in the Life Science sector.
  • This is Pacific Equity Partners’ 2nd, The Carlyle Group’s 60th and Bourne Partners Strategic Capital’s largest (disclosed) transaction.
  • This is Pacific Equity Partners’ 1st, The Carlyle Group’s 2nd and Bourne Partners Strategic Capital’s 1st transaction in Singapore.
Investment Fate
  • iNova Pharmaceuticals was sold to a consortium of financial buyers in 2022 for 1.4B USD.

M&A Deal Summary

Date 2017-06-08
Target iNova Pharmaceuticals
Sector Life Science
Buyer(s) Pacific Equity Partners
The Carlyle Group
Bourne Partners Strategic Capital
Sellers(s) Bausch Health
Deal Type Divestiture
Deal Value 930M USD

Target

iNova Pharmaceuticals

Singapore, Singapore
iNova Pharmaceuticals is a developer and marketer of over-the-counter and prescription medicines. iNova Pharmaceuticals was founded in 1958 and is based in Singapore.

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Buyer(S) 3

Buyer

Pacific Equity Partners

Sydney, Australia

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.0B AUD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pacific Equity Partner (PEP) is a private equity firm focused on buyout and late stage expansion capital investments in Australia and New Zealand. PEP typically partners with management teams in acquiring businesses and focuses on transactions valued up to AU$1 Billion. The Firm prefers control situations and typically holds investments for three to six years. PEP will not invest in start-ups or unprofitable businesses, as well as gambling or tobacco companies. Pacific Equity Partners was formed in 1998 and is based in Sydney, Australia. The Firm targets various industries.


DEAL STATS #
Overall 23 of 35
Sector (Life Science) 1 of 1
Type (Divestiture) 8 of 10
Country (Singapore) 1 of 1
Year (2017) 3 of 3
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-31 Pinnacle Bakery & Integrated Ingredients

Newington, Australia

Pinnacle Bakery & Integrated Ingredients manufactures and distributes finished backed good, forzen and unbacked specialty products. Pinnacle Bakery & Integrated Ingredients is based in Newington, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-06 LifeHealthcare

North Ryde, Australia

LifeHealthcare is an independent medical device distributor in Australia and New Zealand. The business supplies a diversified product portfolio across multiple therapeutic channels including spine, orthopaedics and neurosurgery, amongst others. LifeHealthcare was founded in 2005 and is based in North Ryde, Australia.

Buy $211M
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 589 of 744
Sector (Life Science) 9 of 19
Type (Divestiture) 60 of 72
Country (Singapore) 2 of 3
Year (2017) 9 of 29
Size (of disclosed) 60 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Curia

Albany, New York, United States

Curia is a provider of global contract research and manufacturing services to the pharmaceutical and biotechnology industries. The company's services include drug discovery, such as medicinal chemistry, discovery biology, and in vitro ADME, development, such as pre-formulation, formulation and validation and manufacturing, such as CGMP API manufacturing. Curia was founded in 1991 and is based in Albany, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-09 IRCA

Gallarate, Italy

IRCA is a manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing. IRCA was established in 1919 and is based in Gallarate, Italy.

Buy -
DESCRIPTION

Bourne Partners Strategic Capital is the direct investment arm of financial advisory firm Bourne Partners. Strategic Capital looks to partner with other sponsors and management teams to pursue investment opportunities in the pharmaceutical and consumer health sectors. The Group targets a variety of investment situations and will consider transactions valued between $50 million and $1 billion. Bourne Partners Strategic Capital is based in Charlotte, North Carolina.


DEAL STATS #
Overall 3 of 5
Sector (Life Science) 2 of 4
Type (Divestiture) 1 of 1
Country (Singapore) 1 of 1
Year (2017) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Curia

Albany, New York, United States

Curia is a provider of global contract research and manufacturing services to the pharmaceutical and biotechnology industries. The company's services include drug discovery, such as medicinal chemistry, discovery biology, and in vitro ADME, development, such as pre-formulation, formulation and validation and manufacturing, such as CGMP API manufacturing. Curia was founded in 1991 and is based in Albany, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-21 Millicent Pharma

Dundalk, Ireland

Millicent Pharma is a pharmaceutical company that is focused on improving patient lives and outcomes and seeks to acquire, develop, manufacture, and commercialize pharmaceutical products globally. Millicent Pharma was founded in 2018 and is based in Dundalk, Ireland.

Buy -

Seller(S) 1

SELLER

Bausch Health

Laval, Quebec, Canada

Category Company
Sector Life Science
Employees20,270
Revenue 8.8B USD (2023)
DESCRIPTION

Bausch Health is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, neurology, and branded generics. Bausch Health is based in Laval, Quebec.


DEAL STATS #
Overall 8 of 10
Sector (Life Science) 3 of 3
Type (Divestiture) 8 of 10
Country (Singapore) 1 of 1
Year (2017) 5 of 6
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-10 CeraVe

Bridgewater, New Jersey, United States

CeraVe is a developer and manufacturer of skincare products including cleansers, moisturizers, sunscreens and healing ointments.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-10 Obagi

Long Beach, California, United States

Obagi is a physician-dispensed brand in the dermo-cosmetic space, the highest-growth category in skin care. Obagi's product portfolio includes brands Obagi Nu-Derm®, Condition & Enhance®, Obagi-C® Rx, ELASTIDerm® and CLENZIDerm®.

Sell $190M