Skip to content

Industry News

Advent and Essex Woodlands Exit Biotoscana Via Sale to Knight Therapeutics

21 October 2019

Advent International and Essex Woodlands fully exited Brazilian pharmaceutical company Biotoscana through a strategic sale to Canadian pharmaceutical company Knight Therapeutics. Advent and Essex Woodlands ‘s 51% stake was purchased for R$596m.

(Reuters) Knight Therapeutics (GUD.TO) will buy Brazilian pharmaceutical company Biotoscana Investments (GBIO33.SA) in a deal valued at 1.16 billion reais ($281 million) that will create a pharmaceutical platform in fast growing markets in Latin America.

In a securities filing on Monday, Knight said it will acquire a 51% interest in Biotoscana for 596 million reais ($144 million) from controlling shareholders Advent International and Essex Woodlands.

The Canadian company will pay 10.26 reais per share, with an implied 22% premium over 30-day average price of Biotoscana shares.

Knight will launch a mandatory tender offer to acquire the remaining 49% from public shareholders in similar terms.

Shares of Knight rose 5 percent in Toronto trading, while those of Biotoscana were up 5.4% at 10.26 reais in mid-morning trading in Sao Paulo.

Knight Chief Executive Jonathan Ross Goodman said in a statement the “transformational deal,” with Biotoscana’s focus on oncology and onco-hematology. The combined company will operate in 10 countries in the region, the statement said.

Talks between Biotoscana’s shareholders and Knight Therapeutics were reported earlier this month.