Archer Capital and Ironbridge are weighing the sale of their INova Pharmaceuticals business for between $714.7 million and $877.69 million, The Wall Street Journal reports. The Australian private equity firms were initially considering an initial public offering of the drugs company but chose to pursue a sale after receiving interest in the asset from overseas companies and private equity firms. Greenhill Caliburn has been hired to advise on the sales process. Once the equity markets improve, the firms may still consider listing the asset in 2012 in case a sale does not go through.
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