TPG-backed Aptalis, IMS Health file for IPOs UPDATE

• Firm agrees to sell Aptalis to Forest Labs for $2.9 bln

• IMS Health to raise up to $100 mln in an IPO

• IMS could be valued at close to $10 bln

The firm has agreed to sell specialty drugmaker Aptalis Holdings Inc to Forest Laboratories Inc for $2.9 billion. Separately, its IMS Health Holdings Inc portfolio company has filed with U.S. regulators to raise up to $100 million in an IPO.

The sale of Aptalis comes after it had filed to raise up to $500 million in an IPO. Reuters reported last year that TPG Capital had held talks with Forest Labs on a potential sale, but the talks were put on hold after Forest in May said its long-time chief executive Howard Solomon would step down. 

Aptalis has a number of drugs to treat cystic fibrosis and gastrointestinal disorders and is focused on North America and Europe.

Meanwhile, Danbury, Connecticut-based IMS Health Holdings said it appointed JP Morgan, Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch as underwriters for its IPO.

IMS provides prescription data to the pharmaceutical industry, medical device-makers, government agencies and other companies in the healthcare sector. Founded in 1954, the company has over 5,000 clients and operates in more than 100 countries, according to its website.

TPG, Canada Pension Plan Investment Board (CPPIB) and Leonard Green & Partners LP took IMS private in 2010 for $5.2 billion, including debt.

Reuters reported last month that the company hired JP Morgan to lead a proposed IPO that could value the company at close to $10 billion. 

The filing did not reveal how many shares IMS planned to sell or their expected price. The company, which intends to list its common stock on the New York Stock Exchange under the symbol “IMS,” said that net proceeds from the offering would be used for debt refinancing and general corporate purposes.

IMS’s operating income rose to $276 million in the nine months ended Sept. 30, from $173 million a year earlier. Revenue increased 4 percent to $1.87 billion.

Avik Das is a reporter for Reuters News in Bangalore

 (Updates with the news that TPG has agreed to sell Aptalis to Forest Labs)