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Apax to sell Qualitest Pharmaceuticals to Endo Pharmaceuticals for USD1.2bn

Endo Pharmaceuticals has entered into a definitive agreement to acquire Apax Partners’ portfolio company Qualitest Pharmaceuticals for approximately USD1.2bn in cash.

Qualitest, a portfolio company of Apax since 2007, is the sixth largest generic pharmaceutical company in the US.

Buddy Gumina, partner and co-head of global healthcare at Apax, says: "We have been proud to work with the management team at Qualitest Pharmaceuticals over the past three years as they have built one of the leading generics businesses in the US by supplying high-quality, cost-effective pharmaceuticals. Qualitest, and now Endo, represents an important part of the solution to the challenges faced by the US healthcare system."

Marvin Samson, chairman and chief executive officer of Qualitest Pharmaceuticals, adds: “Apax has been an exceptional partner for the Qualitest team since 2007, and we thank them for their contributions as we grew the company while maintaining our unwavering dedication to compliance. Today’s announcement brings together two highly successful businesses that I believe are an excellent fit.”

The transaction is subject to regulatory review, including clearance by the relevant antitrust authorities, and is expected to close late in the fourth quarter of 2010 or early in the first quarter of 2011. 

J.P. Morgan Securities is acting as exclusive financial adviser to Qualitest Pharmaceuticals and Kirkland & Ellis is acting as Qualitest Pharmaceuticals’ legal counsel.  

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