Secondary Buyout • Life Science

CVC Capital Partners, Temasek Holdings and Athyrium Capital Management Acquire Alvogen

On June 23, 2015, private equity firm CVC Capital Partners, sovereign wealth fund Temasek Holdings and asset manager Athyrium Capital Management acquired life science company Alvogen from Pamplona Capital Management - Private Equity for 2.0B USD

Acquisition Context
  • This is CVC Capital Partners’ 3rd, Temasek Holdings’ 2nd and Athyrium Capital Management’s 11th transaction in the Life Science sector.
  • This is CVC Capital Partners’ 13th, Temasek Holdings’ 3rd and Athyrium Capital Management’s 3rd largest (disclosed) transaction.
  • This is CVC Capital Partners’ 14th, Temasek Holdings’ 6th and Athyrium Capital Management’s 13th transaction in the United States.
  • This is CVC Capital Partners’ 1st, Temasek Holdings’ 1st and Athyrium Capital Management’s 2nd transaction in New Jersey.
Investment Fate
  • Alvogen was sold to a publicly-traded strategic buyer in 2025 for 2.0B USD.

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M&A Deal Summary

Date June 23, 2015
Target Alvogen
Sector Life Science
Buyer(s) CVC Capital Partners
Temasek Holdings
Athyrium Capital Management
Sellers(s) Pamplona Capital Management - Private Equity
Deal Type Secondary Buyout
Deal Value 2.0B USD

Target Company

Alvogen

Pine Brook, New Jersey, United States
Alvogen is a multinational pharmaceuticals company focused on developing, manufacturing, and distributing generic, brand, over-the-counter brands (OTC), and biosimilar products. Alvogen was founded in 2009 and is based in Pine Brook, New Jersey.
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Buyers Overview 3

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


Deal Context for Buyer #
Overall 177 of 329
Sector: Life Science 3 of 9
Type: Secondary Buyout 30 of 78
State: New Jersey 1 of 3
Country: United States 14 of 46
Year: 2015 8 of 15
Size (of disclosed) 13 of 59
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-19 Stage Entertainment BV

Amsterdam, Netherlands

Stage Entertainment BV is a creative developer and producer of over 40 musicals and shows on an annual basis, combined with a portfolio of 20 own theaters. Stage Entertainment BV was founded in 1998 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Linxens SA

Guyancourt, France

Linxens SA is a manufacturer of connectors for smart cards. Linxens was founded in 1986 and is based in Guyancourt, France.

Buy $1.7B
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 434.0B SGD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


Deal Context for Buyer #
Overall 18 of 50
Sector: Life Science 2 of 6
Type: Secondary Buyout 1 of 10
State: New Jersey 1 of 1
Country: United States 6 of 15
Year: 2015 4 of 4
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-24 Crompton Greaves Consumer Electricals

Mumbai , India

Crompton Greaves consumer manufactures and markets a wide spectrum of consumer products, ranging from fans, lamps, and luminaires to pumps and household appliances such as water heaters, mixer grinders, toasters, irons, and electric lanterns. Crompton Greaves Consumer Electricals was founded in 2015 and is based in Mumbai, Maharashtra.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-25 NSE India

Mumbai, India

NSE is the dominant equities exchange in India. NSE India's robust state-of-the-art technology platform offers high levels of robustness, safety and resilience for trading and investment opportunities across all asset classes and for all categories of investors. NSE is focused on investor protection and disciplined development of the Indian capital market landscape. NSE India was founded in 1992 and is based in Mumbai, Maharashtra.

Sell -
Buyer

Athyrium Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2008
PE ASSETS 4.6B USD
Size Large
Type Sector Focused
DESCRIPTION

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York, New York.


Deal Context for Buyer #
Overall 15 of 50
Sector: Life Science 11 of 24
Type: Secondary Buyout 1 of 6
State: New Jersey 2 of 4
Country: United States 13 of 45
Year: 2015 3 of 6
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 TEAM Services Group

San Diego, California, United States

TEAM Services Group provides household employment and home care solutions across the United States. The company promotes self-direction, enabling individuals and families to choose their in-home caregivers while ensuring quality, safety, and independence. TEAM Services Group is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-18 Clover Health

Franklin, Tennessee, United States

Clover Health operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses. Clover Health was founded in 2012 and is based in Franklin, Tennessee.

Buy -

Seller Profile 1

SELLER

Pamplona Capital Management - Private Equity

London, United Kingdom

Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pamplona Capital Management - Private Equity, is the private equity unit of asset manager Pamplona, which also provides hedge funds and hedge fund-of-funds products. Pamplona PE invests in 'market leading' companies in a variety of industry sectors. The Group will consider opportunities throughout North America and Europe. Pamplona PE was established in 2005 and is based in London and New York.


Deal Context for Seller #
Overall 10 of 24
Sector: Life Science 1 of 2
Type: Secondary Buyout 2 of 10
State: New Jersey 1 of 1
Country: United States 1 of 12
Year: 2015 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-08 Spreemo

New York, New York, United States

Spreemo is a provider of transparency of quality and cost, Its connecting payers and providers online with collaborative workflow tools and we are highlighting the value in quality medicine, ultimately enabling better patient care. Spreemo is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 Precyse

Wayne, Pennsylvania, United States

Precyse is a provider of outsourced medical transcription, medical coding, and other document management services to U.S. based hospitals and other healthcare providers. The company also provides healthcare facilities with cutting-edge, outsourced administrative functions. Precyse was founded in 1999 and is based in Wayne, Pennsylvania.

Buy -