A new company named Aptalis Holdings has arisen from the ashes of Axcan Pharma. Aptalis emerges as a beefed-up reincarnation of Axcan; the new company includes a number of smaller pharmas under its umbrella. Private-equity firm TPG Capital took over Axcan in 2007 and has combined it with a number of other companies, most notably Eurand Pharmaceuticals, which TPG snapped up for $583 million back in 2011.
SEC filing today
A filing with the SEC by Aptalis Holdings made public today laid out plans to raise up to $500 million in an IPO. The price and timing of the offering have yet to be announced. The filing noted that Aptalis Holdings first filed confidentially back on November 4.
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Aptalis comes to the market as a mid-tier pharma, in essence. The company boasts a profitable portfolio of drugs in both cystic fibrosis and gastrointestinal diseases, including the ulcer treatment Carafate, ulcerative proctitis drug Canasa, and Zenpep, which treats a pancreatic problem related to cystic fibrosis. Several of these drugs are the No. 1 or No. 2 sellers in their category.
In the IPO prospectus filed with the SEC, Aptalis Holdings reports revenue in the fiscal year ending Sept. 30 increased a solid 12% to $688 million, with a net income of $87 million. Zenpep is the company’s most profitable concern, with the drug growing at a close to 50% rate from fiscal 2011 to 2013.
In full disclosure, the prospectus also notes that both Johnson & Johnson (NYSE:JNJ) and Eli Lilly & Co. (NYSE:LLY) are in clinical trials developing compounds to compete with Aptalis’ suite of pancreatic enzyme products.