German billionaire Dietmar Hopp plans to sell medical skin patch maker LTS Lohmann
07 April 2017
German billionaire Dietmar Hopp, best known for co-founding the software giant SAP, is planning to sell medical skin patch maker LTS Lohmann as part of realigning his investment portfolio, Reuters yesterday reported, citing four people close to the matter.
Hopp's investment firm Dievini has begun approaching potential buyers to gauge their interest in LTS, the report said.
Hopp, Swiss drug maker Novartis, German investment firm BWK were co-owners of LTS, and Hopp acquired their stake in 2014 in a deal that valued the company at €1.2 billion ($1.3 billion) after failing to sell LTS to private equity firms and German chemicals group Evonik Industries.
In 2014, French investment firm Wendel SA and Sweden's Nordic Capital had bid for LTS, and Evonik entered into exclusive talks to buy LTS, but pulled out over disagreement on price.
Based in Andernach, Germany, LTS Lohmann employs more than 1,200 people and annual turnover of € 334 million.
The company manufactures Novartis's Exelon patch, which is used in treating symptoms of Alzheimer's disease. It also makes drug delivery systems for Parkinson's and contraception, neuropathic pain, and chronical Tennis elbow, according to the website.
Its competitors are 3M, Beiersdorf's Tesa Labtec unit, Acino Pharma Gmbh, and generics giant Mylan NV, which has its transdermal patch factory in Vermont, USA.