SWITZERLAND

摘要

Biopharmaceuticals group lonza is buying Capsugel, a US maker of capsule products and other drug delivery systems, for US$5.5bn in cash, financed through a combination of new equity and debt financing. The EV/adjusted Ebitda multiple for the transaction is 15.1, based on Ebitda figures for the 12 months to September 2016. The enlarged business will have combined revenues of approximately SFr4.8bn (US$4.6bn) and adjusted Ebitda of SFrl.lbn. The equity raise, expected to total approximately SFr3.3bn, is fully underwritten by Bank of America Merrill Lynch and UBS. The two banks are also providing debt financing. Jefferies is advising Lonza.