Aptalis Holdings Inc. files for $500M initial public offering in the U.S.

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Pharmaceutical company Aptalis Holdings Inc., which focuses on gastrointestinal diseases and cystic fibrosis, filed for an initial public offering (IPO) in the U.S. to raise $500mn.

The company, formerly known as Axcan Holdings, was acquired by private-equity firm TPG Inc. in 2008 in a $1.3bn deal. The Texas-based TPG continues to own around a 91 percent stake in the pharmaceutical firm, which focuses on making treatments for cystic fibrosis and gastrointestinal disorders.

The company manufactures treatments for ulcer, products for pancreatic enzyme, and a treatment for chronic anal fissure. Its largest products by sales are Zenpep, which is used to treat exocrine pancreatic insufficiency, and Carafate, a treatment of ulcers.

The Bridgewater, New Jersey-based Aptalis reported sales of $687.9mn in the 12 months through September, higher by 12 percent from the previous year. Profit was at $86.9mn for the year, compared with a loss in the previous year.

Aptalis said it has sales and marketing operations in the U.S., Canada, Germany and France, as well as manufacturing operations in North America and Europe. The company plans to use the funds raised to pay part of its $1.25bn debt, while the remaining funds will be allocated as working capital and for general corporate needs.

JPMorgan Chase & Co. and Goldman Sachs Group Inc. were tapped to manage the sale.

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