FRANKFURT Nov 25 The bidding for German skin
patch maker LTS Lohmann has turned into a two-way race between
buyout firms Wendel and Nordic Capital, valuing the target at
about 1.2 billion euros ($1.6 billion), two people familiar with
the matter said.
Nordic Capital may be looking to combine LTS with another
skin patch maker it agreed to buy last month. Nordic at the time
teamed up with Avista Capital Partners to acquire Swiss generic
drugmaker Acino, which makes a contraceptive skin patch
The sources added that private equity house EQT and Japan's
Hisamitsu Pharmaceutical are no longer being considered
as suitors by LTS Lohmann's owners, which include drug major
The interest from Blackstone, which had been looking
to combine LTS with its drug contract manufacturing subsidiary
Catalent, has cooled, the sources also said. KKR, which
had been seeking to complement its hard capsules maker Capsugel,
has also lost interest, they said.
Wendel of France, Nordic Capital of Sweden, EQT, KKR,
Hisamitsu and Blackstone declined to comment.
Officials at Novartis were not immediately available for