Australian private equity firms Archer Capital and Ironbridge Capital are selling INova Pharmaceuticals for $624 million, The Wall Street Journal reports. Canada’s Valeant Pharmaceuticals International has agreed to purchase INova, adds Reuters.
The transaction comprises an additional $74.04 million in potential milestone payment. Before the plan to offload the business in September, private equity firms were considering an initial public offering (IPO) of the drugs company but put it off because of weak markets.
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