M&A Deal Summary

Horizon Therapeutics Acquires Vidara Therapeutics

On March 19, 2014, Horizon Therapeutics acquired life science company Vidara Therapeutics from DFW Capital Partners and Greyrock Capital Group for 660M USD

Acquisition Highlights
  • This is Horizon Therapeutics’ 2nd transaction in the Life Science sector.
  • This is Horizon Therapeutics’ 4th largest (disclosed) transaction.
  • This is Horizon Therapeutics’ 2nd transaction in the United States.
  • This is Horizon Therapeutics’ 1st transaction in Georgia.

M&A Deal Summary
Date 2014-03-19
Target Vidara Therapeutics
Sector Life Science
Buyer(s) Horizon Therapeutics
Sellers(s) DFW Capital Partners
Greyrock Capital Group
Deal Type Add-on Acquisition
Deal Value 660M USD
Advisor(s) Lazard Ltd. (Financial)
Mayer Brown (Legal)

Target

Vidara Therapeutics

Alpharetta, Georgia, United States
Vidara is a specialty pharmaceutical company focused on acquiring, licensing, developing and marketing specialty pharmaceutical products targeting Orphan disease states, hospital or critical care settings and other niche therapeutic treatment areas. The company’s mission is to serve the critical pharmaceutical treatment needs of targeted, patient populations where other larger companies choose not to focus.

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Buyer(S) 1

Buyer

Horizon Therapeutics

Dublin, Ireland
Category Company
Founded 2005
Sector Life Science
Employees2,100
Revenue 3.2B USD (2021)
DESCRIPTION

Horizon Therapeutics is a biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. The Company markets seven medicines through its orphan, primary care and specialty business units. Horizon Therapeutics was founded in 2005 and is based in Dublin, Ireland.

DEAL STATS #
Overall 2 of 11
Sector (Life Science) 2 of 11
Type (Add-on Acquisition) 1 of 7
State (Georgia) 1 of 1
Country (United States) 2 of 9
Year (2014) 1 of 2
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 AstraZeneca - VIMOVO

United States

AstraZeneca - VIMOVO(R) is approved in the U.S. to relieve the signs and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis and to decrease the risk of stomach (gastric) ulcers in patients at risk of developing stomach ulcers from treatment with NSAIDs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-17 Nuvo Research - PENNSAID

United States

Nuvo Research - PENNSAID 2% is a second generation version of PENNSAID® (diclofenac sodium topical solution) 1.5% w/w (PENNSAID 1.5%).

Buy $45M

Seller(S) 2

SELLER

DFW Capital Partners

New York, New Jersey, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DFW Capital Partners is a private equity firm that invests in high-growth middle-market service companies generating revenues up to $200 million. Specific service areas of interest include business services, industrial services, and healthcare services. Prospective transactions include growth capital financing, acquisition financing, management buyouts, and recapitalization. DFW will not invest in start-ups, real estate, or pure R&D companies. DFW Capital Partners was formed in 1983 and is based in Teaneck, New Jersey.

DEAL STATS #
Overall 14 of 26
Sector (Life Science) 3 of 4
Type (Add-on Acquisition) 7 of 13
State (Georgia) 3 of 3
Country (United States) 14 of 26
Year (2014) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-17 SoftWriters

Allison Park, Pennsylvania, United States

SoftWriters, Inc. is a software solution provider servicing pharmacies that provide care to long term post-acute care patients, assisted living residents, independent living residents, pharmacies servicing group homes, correctional facilities, specialty pharmacies, and pharmacies servicing 340B contracts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-01 Evolution Research Group

New Providence, New Jersey, United States

Evolution Research Group is an independent clinical research site business serving pharmaceutical companies and CROs, with a focus in neuroscience and other special populations. Evolution Research Group was founded in 2014 and is based in New Providence, New Jersey.

Buy -
SELLER

Greyrock Capital Group

Walnut Creek, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Greyrock Capital Group provides mezzanine debt and equity capital to finance buyouts, recapitalizations and growth needs of middle market companies. Greyrock looks to invest between $8 and $40 million of equity and/or junior capital in companies with minimum revenues of $10 million and at least $2 million of EBITDA. Greyrock prefers companies in defensible markets with low cost structures. Greyrock Capital was formed in 2002 and has offices in San Francisco, California; Chicago, Illinois; and Westport, Connecticut.

DEAL STATS #
Overall 18 of 45
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 12 of 23
State (Georgia) 3 of 3
Country (United States) 18 of 45
Year (2014) 1 of 5
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-04 PolyAd Services

Earth City, United States

PolyAd Services, Inc. is a developer and manufacturer of additive solutions for the global plastics market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-04 Hunter s Specialities

Cedar Rapids, Iowa, United States

Hunter's Specialties is a manufacturer of hunting accessories and has been producing quality products.

Sell -
Mergr

Product

Company

Legal