Charterhouse to sell Italian generic drugs firm Doc Generici to CVC Capital

European private equity firm Charterhouse Capital Partners yesterday struck a deal to sell Italian generic drugs firm Doc Generici to peer CVC Capital Partners.

The two firms did not disclose the financial terms of the deal, but Reuters had earlier reported that Doc Generici could be valued at between €650 million ($725 million) and €700 million.

Charterhouse had acquired Doc Generici in 2013 from three pharma companies Canada's Apotex and Italian drugmakers Chiesi Farmaceutici and Zambon for a reported €300 million.

Founded in 1996 by Apotex, Chiesi Farmaceutici and Zambon following regulatory changes allowing the introduction of generic pharmaceuticals in Italy, Doc Generici is Italy's largest independent generic pharmaceutical company.

It has a portfolio of approximately 140 generic drug molecules covering predominantly prescription products which are sold via pharmacies.

It sells anti-infective, anti-neoplastic, cardiovascular, dermatological, gastrointestinal and metabolic, genitourinary, hematological, musculoskeletal, neurological, respiratory, and sensory organ drugs, as well as systemic hormonal preparations.

The Milan-based company, which holds a 15 per cent market share, competes with international pharmaceutical companies like Teva and Sandoz, subsidiary of Swiss drugmaker Novartis.