Endo International plc will sell Mexico City-based Grupo Farmacéutico SOMAR for close to $124 million to Advent International.
Endo International plc (NASDAQ:ENDP) will divest Mexico City-based Grupo Farmacéutico SOMAR for close to $124 million to Advent International.
As quoted in the press release:
“Earlier this year, we disclosed our intention to divest non-core assets, including SOMAR, in order to re-direct our resources to our core areas of growth. Today, we are pleased to announce our agreement with Advent to divest SOMAR,” said Paul Campanelli, President and CEO of Endo. “SOMAR has a talented team and I want to thank them for the contributions they have made to our Company.”
“SOMAR is a leading player in the large, growing Mexican private generics market,” said Juan Pablo Zucchini, a Managing Partner and Head of the Latin American Healthcare practice at Advent International. “This investment aligns well with our healthcare sector focus in the region.” Enrique Pani, a Managing Director in Advent’s Mexico City office, added, “We look forward to working with SOMAR’s talented management team to continue growing all of the company’s business lines.”