Deals
Astorg Among PE Firms Seeking Funds for CordenPharma Buyout
- Private equity companies in talks with lenders to raise cash
- Leverage multiple may be around seven times earnings
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Private equity firm Astorg is one of a small group of potential buyers that are lining up financing to acquire German drug business CordenPharma GmbH, according to people familiar with the matter.
In anticipation of a final decision, the bidders approached lenders for debt packages that range that could end up at close to 1.4 billion euros ($1.52 billion), depending on how a deal to supply biotech firm Moderna Inc.’s components for its Covid vaccine impacts earnings, they said, declining to be identified because they aren’t authorized to speak publicly about the matter.