HONG KONG (Reuters) – Singapore-based iNova Pharmaceuticals will buy a range of consumer healthcare brands from Sackler’s Mundipharma International for a $540 million project, a company spokesperson said on Monday.
The spokesperson said the transaction will significantly expand iNova’s consumer health product portfolio and add significant new sales in high-growth markets.
The spokesperson said the deal will give iNova, which markets and sells a broad range of pharmaceuticals and consumer healthcare products, greater exposure in Asia, particularly in Japan and Indonesia.
Following the transaction, iNova’s consumer health product portfolio will account for more than 80% of its total product sales, and Asia will be the largest region in terms of sales, accounting for about 35% of the company’s revenue, the company said.
It said its iNova portfolio also has sales in Europe, the Middle East, South Africa and Canada.
“This acquisition transforms the size of iNova and accelerates our market expansion into high-growth markets in Asia and the Middle East,” Dan Spira, iNova CEO, said in a statement Monday.
iNova said Betadine, a brand of antiseptic first aid products, accounts for about 90% of product portfolio sales earned.
Innova, which dates back to 1846 according to its website, primarily sells cough, cold, and throat medicines, skin care, astringents, and natural health products.
Private equity fund TPG Capital Asia invested in the company in October for an undisclosed sum, becoming its majority shareholder.
Mundipharma is based in Cambridge, UK and is owned by members of the Sackler family.
Sacklers has agreed to pay $6 billion in compensation to another drugmaker, Purdue Pharma LP, to resolve sprawling lawsuits over opioids in the United States.
Purdue, which makes OxyContin, filed for bankruptcy in September 2019 in the face of nearly 3,000 lawsuits accusing the company of fueling the national opioid crisis through misleading marketing.
iNova said all proceeds from the iNova acquisition will be held in escrow and will be used to alleviate the opioid crisis in connection with resolving legal claims.
iNova said Deutsche Bank advised Mundipharma on the sale.
(Reporting by Ken Wu; Editing by Louise Heavens)
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