Cinven completes acquisition and financing of Mercury Pharma
European private equity firm, Cinven, today announces the completion of its acquisition of Mercury Pharma ('Mercury' or the 'Company'), the international speciality pharmaceutical company, for an enterprise value of £465 million. 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. Furthermore Mercury provides an attractive opportunity to pursue a 'buy and build' strategy and Cinven has already identified a number of compelling acquisition opportunities. Mercury is performing extremely well in the current year with a strong existing product portfolio and pipeline and provides an excellent platform for further consolidation in the UK and internationally.
The debt financing consists of £235 million of Senior Secured Credit Facilities, including undrawn facilities.