Astorg Partners is nearing a deal to buy contract drug development and manufacturing company CordenPharma for more than 2.5 billion euros ($2.6 billion), according to people familiar with the matter.
Advent International and Apax Partners were among other firms exploring a takeover of the company, Bloomberg News reported previously. Astorg declined to comment while Corden wasn’t immediately available for comment.
Flush with investor cash, buyout firms have been spending big in Europe. The value of private equity deals targeting European companies has nearly doubled this year to about $162 billion, according to data compiled by Bloomberg. Astorg was formed in 1998 and manages about 15 billion euros of assets, according to its website.
The health-care sector has been particularly active for dealmaking. Last month, European investment firm Groupe Bruxelles Lambert SA agreed to buy health-care services firm Affidea, while in March Carlyle Group Inc. and PAI Partners struck a deal to buy women’s health business Theramex from CVC Capital Partners.
Read more: BNN Bloomberg
