European private equity firm Ardian has clinched a deal to buy Italian drug firm Biofarma Group for about 1.1 billion euros ($1.26 billion) – its second pharmaceutical deal in less than a year, two sources with knowledge of the matter told Reuters.
The transaction, which could be announced as early as Monday, will see Ardian expand in the lucrative dietary supplement market, an industry that has exploded during the COVID-19 pandemic as people turn to multivitamin products to strengthen their immunity.
According to US consulting firm Grand View Research, the global nutrition market is worth $454 billion by 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9% in 2020. 2030, according to the US consulting firm Grand View Research.
The deal values Biofarma at 20 times its core earnings of 50 million euros, sources say.
Read more/Source: Reuters
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