The deal will give Advanz an increased presence in the treatment of rare diseases.
Advanz Pharma has announced that it has successfully completed the acquisition of the majority of Intercept’s subsidiaries and operations in Europe, Canada and all other markets outside the US.
The UK-headquartered company has a strategic focus on speciality and hospital pharmaceuticals across Europe. Meanwhile, Intercept is a US-based company focused on developing novel therapeutics to treat progressive non-viral liver diseases.
The acquisition includes the rights to commercialise the orphan drug Ocaliva – also known as obeticholic acid – for primary biliary cholangitis, a progressive autoimmune disease that damages the bile ducts in the liver. The deal will also give Advanz an increased presence in the treatment of rare diseases.
Intercept’s European activities complement Advanz’s footprint across key markets in Western Europe while the move will also result in the majority of Intercept employees outside the US transferring to Advanz. This combination more than doubles Advanz’s existing commercial and medical team.
Advanz plans to build on the transaction by continuing to strengthen its platform for future acquisitions and in-licensing agreements to drive growth, especially in the areas of gastroenterology and hepatology as well as more widely in rare diseases.
“The successful completion of this transaction marks a milestone in the history of Advanz, as it strengthens our position as a partner of choice for the commercialisation of speciality and hospital pharmaceuticals in Europe and Canada,” said Steffen Wagner, chief executive officer at Advanz. “The acquisition unlocks substantial value for our company and enables us to offer an expanded product portfolio for the benefit of patients.”
The transaction was actively supported by Advanz’s owner Nordic Capital, a leading private equity investor with extensive experience in the global healthcare market.