iNova Pharmaceuticals agreed to acquire a consumer health product portfolio of brands from Mundipharma International Ltd. at a valuation of about $540 million, according to an iNova representative. The deal, confirming a Bloomberg News report in April, would make Asia the largest region covered by the combined business, which would also have a presence in the Middle East, Europe and Canada. Over 80% of the combined firm’s revenue would come from over the counter products.
The portfolio primarily consists of the Betadine product franchise. Betadine antiseptics, used by NASA to wipe down the Apollo 11 spacecraft when it landed back on earth in 1969, are widely used in hospitals, surgeries and clinics.
Mundipharma focuses on treatments in pain management, infectious diseases and consumer health care as well as other severe and debilitating diseases. It is owned by the billionaire Sackler family, and is one of the overseas entities slated for sale to help pay for claims against family members and Purdue Pharma LP over their role in the US opioid crisis.
Mundipharma’s beneficial owners and iNova have agreed that the net proceeds of the sale will be held in escrow and deployed toward abating the opioid crisis, in connection with the resolution of legal claims. The sale is subject to regulatory approval.
iNova Pharma owns and distributes a wide range of pharmacy products and prescription medicines addressing weight management, cough and cold, vitamins, dermatology and allergies, among other conditions, according to its website.
The firm traces its roots back to 1846, when William Riker founded Riker Laboratories in Manhattan, manufacturing and selling medicines out of a small store. 3M Pharmaceuticals, which acquired Riker in 1970, sold its branded pharmaceutical interests globally in 2006, and spun off its businesses in Asia Pacific, Australia and Africa as iNova Pharma. TPG Inc. last year acquired a majority stake in iNova Pharma, while existing investor Pacific Equity Partners re-invested as a minority stakeholder.
