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Endo buys portfolio from Aspen for $130

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Staff writer ▼ | May 13, 2015
Endo International plc acquired a broad portfolio of branded and generic injectable and established products focused on pain, anti-infectives, cardiovascular and other specialty therapeutics areas from a subsidiary of Aspen Holdings.
Aspen Holdings
Spreading big   Endo wants to grow International Pharmaceuticals
Aspen supplies branded and generic products in more than 150 countries. The transaction is expected to meaningfully expand Endo's presence in South Africa by adding a product portfolio that generated approximately $28 million of revenue during the fiscal year ended June 30, 2014, as well as a sizeable pipeline of products in various phases

of development that are expected to launch over the next several years. For 2015, Endo anticipates that EBITDA to be generated by the acquired portfolio will translate into a transaction multiple of less than 10 times EBITDA on a post-synergized basis.

This transaction underscores and helps to deliver upon Endo's strategy of building its International Pharmaceuticals business unit through acquisitions. The company's aspiration is to grow its International Pharmaceuticals business to represent 25 percent of Endo's corporate revenues in the longer-term.

The portfolio of products to be acquired from Aspen Holdings will be incorporated into Endo's Litha Healthcare Group portfolio and is expected to increase Litha's pro-forma 2015 revenues by 30 percent and pro-forma pharmaceutical product revenues by 60 percent.

Under the terms of the agreement, Aspen Holdings will receive a one-time payment of approximately $130 million subject to usual and customary closing adjustments. Endo expects the transaction to close in third quarter 2015 and to be immediately accretive to earnings.