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Press Room
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SGF invests in TPG Capital's acquisition of Axcan Pharma Inc.
SGF takes part in TPG Capital’s $1.3-billion privatization of Axcan
Montréal, February 26, 2008 – Société générale de financement du Québec (SGF) is investing $60 million in debt and equity towards the acquisition of Axcan Pharma Inc. by TPG Capital. With this investment, SGF is taking part in a $1.3-billion transaction initiated by TPG Capital to take the company private. Axcan employs almost 450 people, including 150 in Québec. It also has offices in the United States and Europe. Axcan’s head office will remain in Mont-Saint-Hilaire, Québec.
Axcan, which was founded in 1982, focuses on the field of gastroenterology where it develops and markets a wide range of branded pharmaceutical products in more than 40 countries. Its main drugs are used to treat exocrine pancreatic insufficiency (ULTRASE, PANZYTRAT and VIOKASE), certain liver diseases (URSO/URSO 250, URSO FORTE/URSO DS and DELURSAN), certain diseases causing intestinal inflammation (SALOFALK and CANASA) and gastric and duodenal ulcers (CARAFATE/SULCRATE).
SGF’s President and General Manager, Pierre Shedleur, said he was delighted with the investment. “This partnership will enable us to invest in the growth plan of an outstanding Québec company with the potential to become the reference gastroenterology specialty pharmaceutical company. We’re also proud to be associated with TPG Capital, one of the most highly regarded and performing private equity firms.”
“We’re very pleased with SGF’s confidence in us,” said Dr. Frank Verwiel, President and Chief Executive Officer of Axcan. “We’re very enthusiastic about being able to oversee the Company’s new growth phase with our investment partners.”
About Axcan Pharma Inc.
Axcan is a leading multinational specialty pharmaceutical company focused on gastroenterology. The company develops and markets a broad line of prescription products to treat a range of gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, cholestatic liver diseases and complications related to pancreatic insufficiency. Axcan's products are marketed by its own specialized sales forces in North America and Europe and through commercial collaborations in many markets around the world. Its common shares are listed on the NASDAQ Global Market under the symbol "AXCA" and on the Toronto Stock Exchange under the symbol "AXP."
About Société générale de financement du Québec
Société générale de financement du Québec (sgfqc.com), an industrial and financial holding company, has a mission to carry out economic development projects, with emphasis on the industrial sector, in co-operation with partners and on standard profitability conditions, in accordance with the economic development policy of the Québec government.
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Source:
Marie-Claude Lemieux
Senior Advisor, Communications and Media Relations
Société générale de financement du Québec
Tel.:
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