Private equity firm Astorg is one of a small group of potential buyers that are lining up financing to acquire German drug business CordenPharma GmbH, according to people familiar with the matter.
In anticipation of a final decision, the bidders approached lenders for debt packages that range that could end up at close to 1.4 billion euros ($1.52 billion), depending on how a deal to supply biotech firm Moderna Inc.’s components for its Covid vaccine impacts earnings, they said, declining to be identified because they aren’t authorized to speak publicly about the matter.
Either way, the financing will likely be about seven times Ebitda, which depending on how it is measured, ranges between 150 million euros to 300 million euros, they added. Advent International Corp and Apax Partners LLP are among private-equity firms that were looking at both public and private credit options, they said, although it’s unclear if they are still in the running.
Read more: BNN bloomberg
