Forest Laboratories Inc is nearing an agreement to acquire specialty pharmaceutical company Aptalis Holdings Inc from private equity firm TPG Capital LP for about $3 billion, a person familiar with the matter said on Tuesday.
A deal announcement could come as early as Wednesday, the person said, cautioning that negotiations were still being finalized. The source asked not to be identified because the talks are confidential.
Aptalis has a number of drugs that treat cystic fibrosis and gastrointestinal disorders, and sells its products primarily in North America and Europe.
Forest was one of the drug companies that held talks with Aptalis about a possible deal last year as TPG sought an investment exit by riding a wave of dealmaking in specialty pharma, Reuters reported previously, based on people familiar with the matter.
These talks were put on hold when Forest Chief Executive Howard Solomon announced in May that he would retire, according to the sources.
In October, Brenton Saunders, former chief executive of company Bausch & Lomb Holdings Inc, took over as Forest CEO. With top leadership at Forest restored, talks with Aptalis resumed.
TPG was seeking between $3 billion and $4 billion for a sale of Aptalis, the sources previously told Reuters. It had registered the Bridgewater, New Jersey-company for an initial public offering on December 26 in case a deal to sell the company outright did not materialize.
Source: Reuters
