STOCKHOLM Feb 4 Swedish drug firm Recipharm has
chosen local banks Carnegie and SEB to advise it on a potential
2014 stock market listing that could value it at around 2.5
billion crowns ($383 million) including debt, four people
familiar with the matter said.
Preparations to list companies in Sweden have gathered pace
in recent months. Late last year, the Stockholm stock exchange
received the first two initial public offerings (IPOs) on its
main list after a drought of more than two years.
One of them was the biggest in seven years - bath and toilet
maker Sanitec - which has gained 19 percent since its
debut in a roughly flat broader market.
Recipharm, a contract manufacturer and developer of drugs
for the pharmaceutical industry, had sales of 2.1 billion crowns
in 2012 and earnings before interest, taxes, depreciation and
amortisation (EBITDA) of 281 million. It employs around 1,600
The sources declined to be identified because the plans are
not yet public. Recipharm, Carnegie and SEB all declined to
The plans to list the company come as it seeks access to
financing for further growth and follows an aborted attempt to
sell a stake in the firm last year.
When private equity firm BC Partners in 2012 bought German
drug firm Aenova, whose business is similar to Recipharm's, it
paid between 10 and 11 times EBITDA, according to a person
familiar with that transaction.
Applying a multiple of 10 to Recipharm's 2012 earnings would
value it at 2.8 billion Swedish crowns, including debt.
Recipharm has not yet published figures for 2013.
Much-bigger U.S. peer Catalent, owned by private equity firm
Blackstone, last month filed a registration statement for an IPO
with the U.S. Securities and Exchange Commission.
Recipharm was founded in 1995 and is jointly owned by its
two founders - Chairman Lars Backsell and Chief Executive Thomas
($1 = 6.5313 Swedish crowns)
(Reporting by Sven Nordenstam; Editing by Pravin Char)