Nycomed seeks financing for Solvay buy

More confirmation that Nycomed is serious about buying Solvay Pharmaceuticals: Its private equity owners are out raising the financing. Nordic Capital and Credit Suisse's DLJ Merchant Banking are negotiating for more than €2.5 billion ($3.5 billion) in debt to acquire Solvay's drugs unit, sources tell Financial News. A syndicate of banks including JP Morgan, Goldman Sachs and Credit Suisse are among those in talks to provide financing.

As you know, Solvay has been shopping its pharmaceuticals business for some months now, and after a somewhat disappointing first round of bids, Nycomed is among the second-round shoppers. An unnamed Japanese drugmaker reportedly was the sole competitor remaining in the game, though Dow Jones now reports that Nycomed is the only known bidder.

The €2.5 billion in debt would go toward a €5 billion deal ($7 billion). Sources close to the deal have said that Nycomed would buy Solvay in preparation for an IPO sometime in the near term.

- read the Financial News piece
- check out the post at DealBook

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