Buyout firm Cinven secures a deal to acquire BioAgilytix in a transaction valuing the drug-research services company at more than $2.5 billion, according to people familiar with the matter.
Cinven beat out a number of other private equity firms in the highly competitive bidding process, the people said. The deal values BioAgilytix at more than 30 times its estimated earnings before interest, taxes, depreciation and amortization, the people said. The company generates roughly $75 million of annual profit on that basis, they said.
BioAgilytix provides large molecule bioanalytical testing services, with locations in Durham, North Carolina as well as Boston and Hamburg, according to its website. Its customers include Gilead Sciences Inc., Novartis AG and Biogen Inc.
Read more/Source: Bloomberg
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