Rottapharm bought by Meda, beating valuation in pulled IPO
Rottapharm Madaus, the Italian drug firm that pulled its IPO amid tough markets just three weeks ago, has been acquired by a Swedish peer company at a valuation nearly 20% above the top of the range in the failed IPO. Meda will finance the €2.3bn deal through the debt and equity markets.
Meda will buy Rottapharm for Skr21.2bn (€2.275bn), including net debt of Skr2.8bn. That implies an equity value of Skr18.4bn (€1.975bn).The IPO had been set to value the firm at €1.425bn-€1.7bn. It was pulled on July 10 as markets plunged amid worries about Banco Esp