PORTFOLIO NEWS: Capital One Closes $350MM Senior Credit Facility for Covis Pharma
December 17, 2018
Capital One announced that it served as administrative agent and lead arranger for a $350 million senior credit facility for Covis Pharma B.V. (Covis). The facility consists of a $25 million revolver and a $325 million term loan that Covis used to acquire the worldwide rights for medicines Alvesco, Omnaris, and Zetonna.
“This is an exciting milestone for Covis, as we continue to execute on our strategy of building a global respiratory and allergy franchise,” said Michael Porter, Covis Pharma’s CEO. “Thanks to their track record and expertise in the pharmaceutical industry, Capital One was able to provide us with the required certainty of execution to help complete this transformational transaction,” said Alexander Mironov, Covis’ EVP of Business Development and M&A.
“Due to our knowledge of the space and the working relationship that we have developed over time with the Covis management team, we were able to exceed the company’s expectations in a relatively compressed time frame,” said Jason Cohen, Managing Director, Capital One Healthcare.
Founded in 2011 by Cerberus Capital and Management, Covis Pharma is a specialty pharmaceutical company that focuses on acquiring high-quality, established branded pharmaceuticals and improving performance through optimizing positioning and supply chains supported by targeted product development initiatives. Covis is based in Zug Switzerland. Additional information can be found at covispharma.com.
Bourne Partners has been an investor in Covis Pharma since 2011. To view the original article, please click here.