Wendel Said to Lead in Bidding for Drug-Patch Maker LTS Lohmann
2013-12-13 14:21:38.246 GMT
By Aaron Kirchfeld, Eva von Schaper and Kiel Porter
Dec. 13 (Bloomberg) -- Wendel SA, France’s largest publicly
traded investment firm, is in the lead to buy nicotine-patch
maker LTS Lohmann Therapie-Systeme AG after outbidding Nordic
Capital, three people with knowledge of the matter said.
Wendel is in final negotiations about the price with LTS
Lohmann’s owners, who are seeking about 1.3 billion euros ($1.8
billion), said two of the people, all of whom asked not to be
identified because talks are private. A decision is likely this
month and talks may still fall apart because the Paris-based
company’s offer was slightly below that target, they said.
Nordic Capital is still interested in Andernach, Germany-
based LTS Lohmann, though it doesn’t plan to raise its offer,
said two of the people. The firm may change its mind and
increase the bid at the last moment, one of the people said.
LTS Lohmann employs more than 1,100 people and describes
itself as the global leader in the development and manufacturing
of transdermal systems and oral thin films. The company
manufactures Novartis AG’s Exelon patch, which is used in
treating symptoms of Alzheimer’s disease. LTS Lohmann’s sales
totaled 286 million euros last year, according to the company’s
website.
Spokeswomen for Nordic Capital in London and Wendel in
Paris declined to comment on the bidding process, as did
spokesmen for LTS Lohmann and Basel, Switzerland-based Novartis,
which owns 43 percent of the company.
German billionaire Dietmar Hopp and investment company BWK
also own stakes. Spokesmen for both didn’t immediately return
calls seeking comment.
The owners may struggle to get the price they want because
LTS Lohmann’s business has slowed and management hasn’t given a
clear forecast for future earnings, said one of the people.
For Related News and Information:
Top health news: HTOP <GO>
Mergers and acquisitions analysis: MA <GO>
Bloomberg Industries health-care research: BI <GO>
--With assistance from Francois de Beaupuy in Paris. Editors:
Phil Serafino, Kristen Hallam
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Eva von Schaper in Munich at +49-89-24447-8801 or
evonschaper@bloomberg.net;
Kiel Porter in London at +44-20-3525-2448 or
kporter17@bloomberg.net
To contact the editor responsible for this story:
Phil Serafino at +33-1-5530-6277 or
pserafino@bloomberg.net
2013-12-13 14:21:38.246 GMT
By Aaron Kirchfeld, Eva von Schaper and Kiel Porter
Dec. 13 (Bloomberg) -- Wendel SA, France’s largest publicly
traded investment firm, is in the lead to buy nicotine-patch
maker LTS Lohmann Therapie-Systeme AG after outbidding Nordic
Capital, three people with knowledge of the matter said.
Wendel is in final negotiations about the price with LTS
Lohmann’s owners, who are seeking about 1.3 billion euros ($1.8
billion), said two of the people, all of whom asked not to be
identified because talks are private. A decision is likely this
month and talks may still fall apart because the Paris-based
company’s offer was slightly below that target, they said.
Nordic Capital is still interested in Andernach, Germany-
based LTS Lohmann, though it doesn’t plan to raise its offer,
said two of the people. The firm may change its mind and
increase the bid at the last moment, one of the people said.
LTS Lohmann employs more than 1,100 people and describes
itself as the global leader in the development and manufacturing
of transdermal systems and oral thin films. The company
manufactures Novartis AG’s Exelon patch, which is used in
treating symptoms of Alzheimer’s disease. LTS Lohmann’s sales
totaled 286 million euros last year, according to the company’s
website.
Spokeswomen for Nordic Capital in London and Wendel in
Paris declined to comment on the bidding process, as did
spokesmen for LTS Lohmann and Basel, Switzerland-based Novartis,
which owns 43 percent of the company.
German billionaire Dietmar Hopp and investment company BWK
also own stakes. Spokesmen for both didn’t immediately return
calls seeking comment.
The owners may struggle to get the price they want because
LTS Lohmann’s business has slowed and management hasn’t given a
clear forecast for future earnings, said one of the people.
For Related News and Information:
Top health news: HTOP <GO>
Mergers and acquisitions analysis: MA <GO>
Bloomberg Industries health-care research: BI <GO>
--With assistance from Francois de Beaupuy in Paris. Editors:
Phil Serafino, Kristen Hallam
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Eva von Schaper in Munich at +49-89-24447-8801 or
evonschaper@bloomberg.net;
Kiel Porter in London at +44-20-3525-2448 or
kporter17@bloomberg.net
To contact the editor responsible for this story:
Phil Serafino at +33-1-5530-6277 or
pserafino@bloomberg.net