News: Exclusive: AbbVie in talks to sell $5 billion women’s drugs portfolio – sources.
(Reuters) – US drug maker AbbVie Inc is in talks to sell approximately $ 5 billion worth of a portfolio of medicines for women, which was boosted last year through its $ 63 billion purchase of botox maker Allergan Plc. Dollar was acquired.
The move revives a process to sell the business that makes Lo Loestrin Fe the birth control pill. Allergan began waiving in 2018 just five months before AbbVie’s acquisition in 2019.
AbbVie is working with investment bank Morgan Stanley on an auction process that has piqued the interest of private equity firms like CVC Capital Partners, on condition of anonymity, the sources said.
The portfolio has 12 months earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $ 500 million.
AbbVie and CVC declined to comment, while Morgan Stanley was not immediately available for comment.
AbbVie has relied heavily on its blockbuster psoriasis and rheumatoid arthritis drug Humira to grow sales and beat sales projections.
With Humira’s U.S. patent protection expiring in 2023, AbbVie will have to repay approximately $ 143.7 billion in debt accumulated from the Allergan purchase to focus on new investments.
According to the sources, CVC could use the AbbVie division to build its portfolio company Theramex, which was founded in 2018 by acquiring the international health assets for women from Israeli drug maker Teva Pharmaceutical Industries Ltd. Founded.
London-based Theramex, headed by Robert Stewart, makes Zoely and Seasonique contraceptive pills and the osteoporosis drug Actonel.
Reporting by Pamela Barbaglia in London and Arno Schuetze in Frankfurt, additional reporting by Rebecca Spalding; Adaptation by Richard Chang
Original Source © Reuters