Advent International's Zentiva generics business and Bain-backed drugmaker Stada Arzneimittel are evaluating offers for Viatris Inc.'s ( NASDAQ: VTRS ) consumer-health assets, which could see €3billion in a sale.
The European over-the-counter portfolio is attracting possible interest from CVC Capital Partners, according to traders, who cited a Bloomberg report. Viatris ( VTRS ) asked for preliminary bids for the business this month with some buyers only interested in parts of the portfolio.
The latest update comes after Bloomberg reported in November the company's potential plans to sell its consumer-health assets in Europe. Viatris, which was formed following the merger of Mylan and Pfizer's Upjohn unit, engaged investment bank Jefferies for the sale process.
Several companies have been going the route of spinning off their over-the-counter, and other assets to focus on specialist areas. GSK ( GSK ) spun-of f its consumer healthcare business into a company called Haleon. Sanofi ( SNY ) did the same with its active pharmaceutical ingredients unit , EUROAPI. Meanwhile, Novartis ( NVS ) is planning to spin off its generics and biosimilars division Sandoz.
Last month Viatris closed its Oyster Point, Famy acquisitions to establish eye care division.
Also see SA contributor The Value Investor's piece from last month entitled "Viatris: Where Is The Cure?"
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Advent, CVC among bidders for Viatris European consume-health assets - report