Apax Global Alpha sells Neuraxpharm – The Apax VIII Fund, which Apax Global Alpha is invested in as a limited partner, has agreed to sell its stake in Neuraxpharm, a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders, to funds advised by Permira. The transaction is expected to close in Q4 2020 subject to regulatory approvals.
The Apax VIII investment in Neuraxpharm is expected to deliver a total gross MOIC of 3.5x and a gross IRR of 36% 1. The transaction values Apax Global Alpha’s look through investment in Neuraxpharm at approximately €54m. This would represent an uplift of 66% to Neuraxpharm’s valuation and an uplift of about €22m or €0.04 per share in the NAV at 30 June 2020.
Together with the exit of Neuraxpharm, Apax VIII has now fully exited 14 deals at an average uplift of 20%.
The statement says that “Drawing on Apax Partners’ deep knowledge of the healthcare sector, Apax VIII saw the opportunity to create a European champion in CNS specialty pharmaceuticals and in 2016 acquired Invent Farma in Spain and neuraxpharm arzneimittel in Germany, creating the foundations of the pan-European Neuraxpharm group. Since then, and with the support of Apax VIII, Neuraxpharm has experienced rapid international expansion both through greenfield operations and several acquisitions, transitioning from a local player to a leading pan-European specialty company that covers 80% of the European market.”
AGA : Apax Global Alpha sells Neuraxpharm