Coronavirus helps scuttle $3B Curium Pharma buyout

London-based private equity firm CapVest has postponed a sale of French medical supplier Curium Pharma after prospective buyers lowered their bids due to ongoing market volatility, according to Bloomberg. CapVest was reportedly seeking at least $3 billion for the company, with Nordic Capital, Bain Capital and CVC Capital Partners said to be among its suitors.

CapVest has backed Curium since 2017, when it helped create the company through the merger of IBA Molecular with a unit of Mallinckrodt.

It is the latest potential deal to be upended by the coronavirus pandemic and the upheaval it has caused in the global economy. A recent PitchBook analyst note explored the potential impact of the outbreak on private equity, including how tightened lending markets could make it more difficult for firms to lock down the sort of leverage often used in multibillion-dollar buyouts.

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