The field’s narrowing for private equity-owned Australian medicine and healthcare products company iNova Pharmaceuticals.Street Talk understands Swedish investment group EQT has dropped out of the race, as has its European rival Partners Group.
Sources said both had withdrawn ahead of the auction’s second round, which got underway last week. Bidders shortlisted for the second stage included private equity firms Bain Capital, Blackstone and TPG. Bain Capital’s understood to have tapped Goldman Sachs for help with advice and funding, while Blackstone has Morgan Stanley’s bankers in its corner.
Goldman Sachs’ appearance in the auction comes as little surprise; the Wall Street giant’s bankers sold iNova in 2017, on behalf of then owner Valeant Pharmaceuticals. The business fetched a $US930 million valuation at the time. Earnings are said to have increased to about $150 million a year at the EBITDA line, fuelling expectations of a $2 billion to $3 billion deal this time around.
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