Big pharma, Partnering, Pharma

Aspen big pharma deals Merck for API business in $1 billion asset purchase

Posted on 28 June 2013

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Aspen has entered big pharma deals with Merck and Co for an asset purchase agreement in which Aspen will by Merck's API business.

The Aspen Group signed a pharma deals agreement with MSD (known as Merck in the United States and Canada) for the asset purchase of an active pharmaceutical ingredient manufacturing business which manufactures for MSD and the market generally and which is located in the Netherlands with a satellite facility and sales office in the US ("the API Business").

The Aspen Group also reached a pharma deals agreement on an option to acquire a portfolio of 11 branded finished dose form molecules from MSD, covering a diverse range of therapeutic areas and including products that use APIs manufactured by the API Business.

Aspen Holdings will acquire the shares, as part of the pharma deals, of a new Dutch company containing the API Business for a consideration of approximately €36 million and Dutch Newco will simultaneously acquire inventory with an expected value of approximately €300 million.

In respect of the Products involved in the pharma deals: Aspen Global Incorporated, a wholly owned subsidiary of Aspen Holdings, has the option to acquire the Products by way of the exercise of a call option with a resulting asset purchase for a consideration of US$600 million.

The effective date of the API Business acquisition is expected to be 1 October 2013 while the expected effective date of the Products acquisition through the exercise of the option is 31 December 2013.

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