PE-backed EUSA Pharma has entered into an agreement to be acquired by Jazz Pharmaceuticals (NASDAQ: JAZZ) for $650 million in cash and a contingent payment of $50 million. Headquartered in the U.S. and U.K., EUSA Pharma is a specialty pharmaceutical company focused on oncology, oncology supportive care and critical care products. The company is currently backed by a group of investors, which includes Essex Woodlands and 3i Group, among others.
Since the beginning of 2005, PE investors have successfully exited 42 U.S.-headquartered companies primarily involved in the Pharmaceuticals and Biotechnology industry, according to the PitchBook Platform. Surprisingly, it is 2009 that claims the highest yearly exit count during the time period with nine completed exits—six corporate acquisitions, two IPOs and a secondary buyout. Exit flow held relatively strong over the following two years, and while seeing only one exit completed in the industry so far this year may seem alarming at first glance, of all the years during the observed time period, only in 2005 and 2010 were two deals completed by this point in the year. For the other years, there was only one completed, if any at all.