Blackstone Group (lead by Stephen Schwarzman), KKR & Co. (Kohlberg Kravis Roberts) and Carlyle Group (David Rubenstein) are in talks with banks for financing to back their bids for Valeant Pharmaceutical International Inc.’s Australian drug unit iNova, source told Bloomberg.
The Buyout firms were submitted bids for iNova Pharmaceuticals this month. The sale may fetch about A$1 billion ($773 million), the people told Bloomberg.
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Based in Canada, Laval, Quebec, Valeant bought iNova in 2011 from private equity firm Archer Capital for A$625 million upfront, with the agreement to pay an additional A$75 million when certain milestones were hit.
According to its website iNova sells and distributes prescription and over-the-counter products including Nyal cough medicine and Difflam sore throat treatments.
Valeant is selling iNova after a tumultuous period when its stock price slumped 90 percent over 15 months amid outrage…
Read the full story at Bloomberg, by Mariko Ishikawa