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Latham & Watkins advises SK Capital in its acquisition of SEQENS
30/08/2021
Five years after its entry into the capital of SEQENS, Eurazeo announces that it has entered into exclusive discussions to sell its stake in SEQENS.
The deal is expected to close by the end of 2021.
Eurazeo today announced that it has entered into exclusive discussions to sell its stake in SEQENS to funds advised by SK Capital Partners (“SK Capital”) and to the company’s existing French shareholders: Mérieux Equity Partners, Ardian and Eximium. Nov Santé Actions Non Cotées (“Nov Santé”), the fund launched at the initiative of the French Insurance Federation (FFA) and Caisse des Dépôts under their sustainable recovery investment program for France (“Assureurs – Caisse des Dépôts Relance Durable France”) and managed by Eurazeo, would also invest in SEQENS.
Bpifrance is currently exploring the possibility of co-investing with SK Capital.
Under Eurazeo’s and its partners’ leadership, since the group’s acquisition in June 2016, SEQENS has confirmed its positioning as an integrated global player in pharmaceutical solutions and specialty ingredients with €1 billion in revenues, 19 industrial sites, 7 R&D centers and nearly 3,000 employees on 3 continents. During this period, SEQENS also expanded its technological and industrial footprint with more than €400 million invested in all its industrial facilities and the completion of three major external growth operations.
The potential entry of SK Capital in the capital of SEQENS would enable the group to accelerate its growth and enhance its position as a leader in the development and production of active pharmaceutical ingredients (“APIs”), pharmaceutical intermediates and specialty ingredients. SEQENS would leverage SK Capital’s knowledge in the pharmaceutical sector and could benefit from a potential merger with Wavelength Pharmaceuticals (“Wavelength”), an API development and manufacturing company owned by SK Capital since 2017. A combination of the two companies’ activities could increase the group’s industrial footprint, its product and technology portfolio, while preserving the know-how and skills of both companies for the benefit of their respective customers.
Latham & Watkins advises SK Capital, with a corporate team led of partner Denis Criton with Sharon Mitz, Michael Colle, Antoine Dufrane, Alexandre Magnier and Morgane Chaloin. Partner Xavier Farde, counsel Carla-Sophie Imperadeiro with Virginie Terzic and Fanny Barrière advise on financing aspects, partners Adrien Giraud and Mathilde Saltiel with Aliénor Estrade and Louis Bouyala advise on antitrust aspects, and Romain Nairi and Agathe Flandre advise on employment aspects.