Advent, Avista to acquire UCB’s US specialty generics subsidiary

BRUSSELS, BELGIUM: UCB, Advent International and Avista Capital Partners, two leading private equity firms with a strong healthcare focus, have entered into a definitive agreement providing for the acquisition of UCB’s US specialty generics subsidiary, Kremers Urban Pharmaceuticals Inc, by Advent and Avista. UCB will receive gross cash proceeds of $1525 million upon closing, subject to regulatory approval and other customary closing conditions. UCB plans to use the proceeds from this divestiture to reduce indebtedness and increase the company's capacity strategic investments, to further accelerate growth and/or to further strengthen its innovative medicines pipeline.

“Kremers Urban has been an important enabler to build UCB’s core business. t’s now the right time from a value perspective to focus on our core business and to offer Kremers Urban further growth opportunities with two strong organizations that are well equipped to help Kremers Urban continue to grow. UCB’s adjusted financial outlook for 2014 is unchanged for the core business; however it is now taking into account the exit of the Kremers Urban business,” said Detlef Thielgen, CFO, UCB.

© Worldofchemicals News