Advent International has sold its stake in Viatris, a German pharma company, to Meda, a Swedish drugs business, in a E750m deal.
Meda beat off competition from Permira and Warburg Pincus, as well as trade buyers such as Belgian group UCB and Almirall of Spain. Meda paid E583m for Viatris, assuming E167m in debt.
Advent bought Viatris in May 2002 for E375m via its E2bn Global Private Equity IV fund. The company was sold by Degussa, the German chemicals company.
For Meda, the purchase of Viatris significantly broadens their marketing coverage, with operations in 14 countries. It is also the maker of the patented Novolizer device, an asthma treatment.