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JULY 2013
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129
3I MAKES A REtURn on tHE SALE oF XELLIA
3i Group plc (3i) and funds managed by 3i, announce they have agreed to sell Xellia Pharmaceuticals A?S (Xellia), a specialty pharmaceutical group focusing on the development, manufacturing and global commercialisation of anti-infective therapies, to novo A?S. the enterprise value of the transaction is approximately US$700 million (£460 million). In sterling terms, the total proceeds to 3i and funds represent a 2.3x money multiple on their original investment of US$208 million (£113 million).
Proceeds to 3i Group plc from this transaction will be c. £143 million, representing a 44% uplift against a value of £99 million at 31 March 2013. Xellia was established in April 2008 when 3i bought NYSE-listed Alpharma Inc.’s active pharmaceutical ingredients (API) business with the objective of transforming Xellia from a supplier of niche APIs into a fully integrated specialty pharmaceutical company.
Tomas Ekman, 3i Managing Director and Partner, commented: “Over the last five years, the 3i teams has worked closely with Xellia’s excellent management team to build the Company into a market leader and create a well-diversified product portfolio.”
Carl-Ake Carlsson, Chief Executive and President, said: “3i’s investment and continued support, expertise and commitment has enabled Xellia to successfully grow and transition the business to become leaders in the supply of key anti-infective products. Now, as we focus on the future and the further development of the business, including the launch of our novel antibiotics pipeline, we look forward to working with Novo and benefitting from their immense experience in the life sciences sector.” LM
Xellia Pharma