HIG Capital Buys BioVectra

HIG Capital buys BioVectra.
   
HIG Capital buys BioVectra from Mallinckrodt for $250 million.
   
BioVectra is a contract development and manufacturing firm.  Their client base is the top biopharmaceutical companies in the world.  BioVectra’s core growth engines are complex chemistry, biologics, and drug development.  They will continue to supply active pharmaceutical elements that sustain Mallinckrodt’s specialty brands.
   
Mike Gallagher of HIG Capital said: ‘We are excited to support BioVectra's exceptional leadership and highly dedicated employees.  BioVectra demonstrates a tremendous ability to generate robust organic growth and utilizes a broad set of technical capabilities to deliver outstanding service and quality.  They are completing major capital expenditure programs to expand capacity and the company is well-positioned to capitalize on the growing demand for their services.’
  
Oliver Technow of BioVectra said: ‘I expect nothing but positives from this transaction.  We have been fortunate over the last four or five years with Mallinckrodt Pharmaceuticals and their support they have offered us to execute on our plan and execute on our strategic investments and now this is a wonderful new opportunity to continue on this path.’
   
Mark Trudeau of Mallinckrodt said: ‘This transaction continues to advance Mallinckrodt's strategic focus on branded, high-growth biopharmaceuticals by monetizing a non-core business.  While we recognize the longer-term growth potential for BioVectra, we believe that the structure of this deal enables us to take part in the future success of the business, and so we see this sale as the best choice for both Mallinckrodt and BioVectra moving forward.’
   
Wells Fargo Securities served as financial adviser to HIG Capital.  McDermott Will & Emery served as legal adviser.
  
Goldman Sachs served as financial adviser to Mallinckrodt.  Latham & Watkins served as legal adviser.

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