Endo is continuing its strategy of selling off its non-core business operations with the sale of its Mexico City subsidiary, writes John George for the Philadelphia Business Journal.
The Dublin-based company with a U.S. headquarters in Malvern recently signed an agreement to sell Grupo Farmacéutico SOMAR to Advent International for $124 million.
“Earlier this year, we disclosed our intention to divest non-core assets, including SOMAR, in order to re-direct our resources to our core areas of growth,” said Paul Campanelli, president and CEO of Endo. “Today, we are pleased to announce our agreement with Advent to divest SOMAR.”
Juan Pablo Zucchini, managing partner and head of the Latin American healthcare practice at Advent International, called SOMAR a leading player in the expanding Mexican private generics market.
“This investment aligns well with our healthcare-sector focus in the region,” he said.
The sale agreement comes hot on the heels of Endo’s sale of its South African operations, Litha Healthcare Group, to Switzerland’s Acino Pharma.
The transaction, which is subject to approval by the Mexican Competition Commission, should close later this year.