UCB to sell its U.S. specialty generics business Kremers Urban for US$ 1,525 million
UCB, Advent International and Avista Capital Partners, two private equity firms with a strong healthcare focus, announced they have entered into a definitive agreement providing for the acquisition of UCB’s US specialty generics subsidiary, Kremers Urban Pharmaceuticals Inc. ("KU"), by Advent and Avista. UCB will receive gross cash proceeds of US$ 1,525 million upon closing, subject to regulatory approval and other customary closing conditions. UCB plans to use the proceeds from this divestiture to reduce indebtedness and increase the company's capacity strategic investments, to further accelerate growth and/or to further strengthen its innovative medicines pipeline.
"This is another step for UCB to enhance focus on our core business in neurology and immunology," said Roch Doliveux, CEO of UCB. Jean-Christophe Tellier, CEO-Elect of UCB added: "Our growing core business and UCB's progressing early and late-stage pipeline now allow us to focus even more on providing innovative solutions to patients living with severe diseases."
The purchase price is payable to UCB in cash upon closing. This transaction announced has been unanimously approved by UCB's Board of Directors and is expected to close by the first quarter 2015, subject to the satisfaction of customary closing conditions.
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