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Takeda seals the deal on Nycomed
05-19-2011
by Kelsey Kaustinen  |  Email the author
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OSAKA, Japan, and ZURICH—Takeda Pharmaceutical Company Limited has announced that it will be acquiring privately-owned Nycomed A/S for 9.6 billion euro on a cash-free, debt-free basis, per an agreement with Nycomed's shareholders. Takeda plans to finance a part of the transaction through a loan for approximately 600 billion to 700 billion yen. The transaction was unanimously approved by the boards of directors of both companies, and is expected to be completed within 90 to 120 days, preferably by the end of September. As of December 31, 2010, Nycomed had 13,778,110 shares outstanding.
 
"Takeda is committed to transforming our organization through the acquisition of Nycomed," says Yasuchika Hasegawa, President & CEO of Takeda. "Nycomed enables Takeda to maximize the value of our portfolio and gives us an immediate strong presence in the high-growth emerging markets while doubling Takeda's European sales."  
 
Once the acquisition, which excludes Nycomed's United States dermatology business, is complete, Nycomed will be a wholly owned subsidiary of Takeda, subject to antitrust clearance. The sellers consist of a consortium of private equity funds that are led by Nordic Capital Funds V and VI, including DLJ Merchant Banking Partners (a Credit Suisse affiliate), Collar International Partners IV and V and Avista Capital Partners.  
 
"Nycomed's strength in a geographically wide range of markets and its diverse talent base will be a strong driver to helping us realize our important mission of striving toward better health for patients worldwide through leading innovation in medicine," adds Hasegawa.  
 
The transaction is a strong one for Takeda, as it gains the company Nycomed's established business presence in Europe and emerging markets. It also includes Nycomed's roflumilast franchise (which goes under the trade name of Daxas in Europe), a first-in-class chronic obstructive pulmonary disease (COPD) treatment. Acquiring Nycomed fits well with Takeda's strategic growth strategy, and is a big step in widening the company's global commercial foothold.
 
"The combination of Takeda's successful track record of innovation with Nycomed's efficient commercialization and manufacturing infrastructure will create a global player with a phenomenal ability to bring medicines to patients and healthcare providers around the world," says Hakan Bjorklund, Chief Executive Officer of Nycomed.  
 
Additionally, the more than 2.8 billion euro that Nycomed amasses in annual revenue will also provide Takeda will new cash flow. The acquisition will boost annual revenue for Takeda more than 30 percent, and will increase EPS by 30 percent and operating income by 40 percent. Nycomed's product portfolio consists of established prescription pharmaceutical products, which are responsible for driving the bulk of the company's the revenue, and also over the counter products. Its aggressive growth plan is also helping it to grow quickly within emerging markets that make up over 50 percent of global pharmaceutical growth.
 
"The investment in Nycomed has outperformed even the highest expectations. We are proud to have contributed to Nycomed's development into a world-class pharmaceutical company with a strong market position and product pipeline,"says Kristoffer Melinder, Managing Partner of NC Advisory AB, advisor to the Nordic Capital funds. "I feel confident that Takeda will be able to further build upon Nycomed's potential and create an even stronger company with a global market presence."  

 
SOURCE: Takeda Pharmaceutical Company Limited press release      
 
 
For more information and viewpoints on the transaction, visit our blog here.
 
Code: E05191101

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