Biotoscana Agrees To Acquire United Medical To Expand Commercial Presence In Brazil And Create A Leading Regional Specialty Pharmaceutical Company In South America
1/13/2014 10:17:35 AM
January 13, 2014 01:15 AM Eastern Standard Time -- BOGOTÁ, Colombia & SÃO PAULO--(BUSINESS WIRE)--Grupo Biotoscana SL, a pharmaceutical company based in Bogotá, Colombia, and majority owned by Advent International and Essex Woodlands, today announced that it has signed an agreement to acquire United Medical, a group of pharmaceutical companies based in São Paulo, Brazil, to create a leading specialty pharmaceutical company with commercialization capabilities throughout South America. The acquisition will broaden Biotoscana’s portfolio of innovative licensed products as well as its geographic sales and marketing capabilities by expanding into the $28 billion Brazilian pharmaceutical market.
United Medical is focused on the critical care market in Brazil and is partner to several large biotechnology and pharmaceutical companies, including Gilead Sciences Inc. The combined company will focus on critical and specialty care, oncology, hematology, hospital-based products, orphan drugs, pain and gastroenterology, and will have a deep commercial presence in Brazil, Colombia, Argentina, Chile, Peru and Ecuador. Pro forma for the acquisition, the enlarged group will have a sales force of over 225 representatives and revenue of approximately US$200 million.
“The acquisition of United Medical solidifies our position as a pan-Latin American pharmaceutical company focused on commercializing innovative products that serve significant unmet needs,” said Juan Camilo Palacio, Chief Executive Officer of Biotoscana. “United Medical has a strong commercial presence in the Brazilian specialty pharmaceutical market and a complementary product portfolio, which will strengthen our position in the region.”
“We are delighted to be joining forces with Biotoscana in Latin America,” commented Roberto Guttman, Chief Executive Officer of United Medical. “We believe this combination will further strengthen our commitment to patients in Latin America and look forward to working with the Biotoscana management team to advance this mission.”
The Latin American pharmaceutical market is one of the fastest growing markets of its kind in the world. With a combined population of more than 600 million, a rapidly growing middle class and universal health care coverage in most countries, the 2013 pharmaceutical market of nearly US$70 billion is expected to experience double-digit growth over the next decade. Biotoscana seeks to pursue this significant opportunity by broadening its existing commercial portfolio through partnerships with leading pharmaceutical and biotechnology companies for differentiated value-add products in its core therapeutic areas.
The transaction, which is subject to customary closing conditions, including Brazilian antitrust regulatory approval, is expected to close in the first quarter of 2014. Financial terms of the transaction were not disclosed.
Biotoscana was advised on the transaction by Lobo de Rizzo Advogados and Bonn Steichen & Partners. United Medical was advised by Apeiron Partners LLC (Boston, MA) and Schivartche Advogados (São Paulo, Brazil).
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 280 buyout transactions in 39 countries, achieving over 230 full or partial exits. Today, Advent has $31.6 billion in assets under management. The firm focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms.
Since entering Latin America in 1996, Advent has invested nearly US$4 billion in 49 companies, including three in Colombia and 16 in Brazil, and realized its positions in 38 of those businesses. In addition to Biotoscana and United Medical, its current Colombian and Brazilian portfolio includes Alianza Fiduciaria, Oleoducto Central S.A. (Ocensa), International Meal Company, Quero-Quero, Dudalina and Terminal de Contêineres de Paranaguá (TCP). Advent’s previous investments in Brazil include Kroton Educacional, Cetip, Paraná Banco, CSU CardSystem and Brasif, now part of Dufry. For more information, visit www.adventinternational.com
About Essex Woodlands
With $2.5 billion under management, Essex Woodlands is one of the largest and oldest growth equity and venture capital firms pursuing investments in pharmaceuticals, biotechnology, medical devices, health care services, and health information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing, and/or management of over 150 healthcare companies ranging across all sectors, stages and geography. The team is comprised of 20 senior investment professionals with offices in Palo Alto, Houston, New York, London and Shanghai.
This release includes forward-looking statements concerning a transaction between Biotoscana and United Medical, including expectations with regard to the applicability of predictions to the development and commercialization of future products. Biotoscana, United Medical, Advent International and Essex Woodlands disclaim any obligation to update any forward-looking statement, except as required by applicable law.
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