Originally published at www.seclive.com
Aptalis Holdings Inc., a specialty drugmaker wholly-owned by TPG Capital LP, has filed for a $500M IPO. The size of the offering is likely to change as initial registrations are often used for calculating registration fees. No other specific details are yet available regarding the number of shares and anticipated price range however Barclays, Goldman Sachs, and JPMorgan are among those that have been named to underwrite the offering. Aptalis, formerly known as Axcan, was purchased by TPG in 2008 for $1.3B, and plans to use the proceeds from the offering to pay down part of its $1.25B debt, with the rest being used for general corporate purposes and working capital. Aptalis revenue has grown 12% over the last year to $687.9M while its earnings have swung from a $12.0M net loss to $86.9M in profit during the recently ended fiscal year on September 30th.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.