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CSFB sells Thiemann to Celltech

Celltech, the UK biopharmaceuticals group, has acquired German drug sales and marketing company, Thiemann, for DM97.1 million. CSFB Private Equity is the company’s majority shareholder, through its DLJ Merchant Banking Partners fund. Completion of the deal, expected in October.

In July 2000, DLJ Merchant Banking II (a New York based Donaldson, Lufkin & Jenrette fund) and Global Health Care Partners (another DLJ unit) bought Thiemann from Dutch pharmaceuticals company, Organon. The packaging and distribution assets of Thiemann were then sold to Pharbil Industries, a subsidiary of DLJ’s portfolio company, NextPharma. The Credit Suisse Group subsequently bought Donaldson, Lufkin & Jenrette in November 2000.

The acquisition of Thiemann is part of Celltech’s strategy to build a pan-European sales and marketing structure. The company’s organisation in Germany will not only give Celltech access to the largest pharmaceuticals market in Europe but also the markets in neighbouring Austria and Switzerland. The purchase will be funded from Celltech’s cash reserves, some GBP88.1 million in June.

Celltech Group consists of two businesses, Celltech Chiroscience Discovery (research and development) and Celltech Medeva Pharma (marketing, sales and manufacturing). The group employs 1,150 staff in the UK, Europe and US. Thiemann is based near Dortmund and markets 20 therapeutic products focused on gastrointestinal and cardiovascular problems, rheumatology, coughs/colds and the central nervous system. It employs 130 people and last year recorded sales of DM76.6 million and an operating profit before goodwill amortisation of DM8.4 million. Thiemann has a sales staff of 87 selling products such as Perenterol, Cotazym, Orgaran, and Supertendin to primary physicians, paediatricians, orthopaedists and haematologists.