French drugmaker Ethypharm attracts takeover bids

Independent French specialty pharmaceutical company Ethypharm has attracted bids from private equity firms PAI and Bain Capital as well as from European peer Mundipharma, Reuters today reported, citing people familiar with the matter.

In October last year, French private-equity firm Astorg Partners hired financial advisory firm Rothschild to prepare the sale of Ethypharm, which could fetch more than €700 million ($799 million).

Astorg had acquired Ethypharm in 2007 for about €300 million.

Founded in 1977, Ethypharm specialises in the treatment of pain and addictions, gastroenterology and cardiovascular diseases.

The company generated revenues €186 million last year, with 44 per cent of it coming from France and the rest spread across the rest of Europe, China, North America and the rest of the world.

In March, Bloomberg reported that Chinese drugmaker and health-care provider Luye Pharma Group Ltd, is among bidders for Ethypharm.