European private equity firm Cinven has completed its acquisition of Mercury Pharma, the international speciality pharmaceutical company, for an enterprise value of GBP465m.
The acquisition was supported by debt financing provided by four banks: Jefferies, HSBC, Lloyds Bank and Mizuho.
Cinven’s healthcare team identified niche and branded pharmaceuticals as an attractive market segment given the fragmented nature of the industry and underlying stability of demand for pharmaceuticals.
Cinven says Mercury provides an attractive opportunity to pursue a “buy and build” strategy and it has already identified a number of compelling acquisition opportunities.
The debt financing consists of GBP235m of senior secured credit facilities, including undrawn facilities.
