Business & Tech
Bridgewater Pharma Sets $500 Million IPO
Company plans to reduce debt, gain capital from planned offering.
Corporate Way-based pharmaceutical company Aptalis announced plans to make an initial public stock offering, the company announced Thursday.
The IPO, which is expected to net about $500 million for the company developing cystic fibrosis and gastrointestinal disorder treatments, will be used to reduce debt and buildup capital for the company, according to the Wall Street Journal.
The company was formed in 2011 by the combination of Axcan and Eurand, following Axcan's buyout by a private equity company, TPG Inc., for about $1.3 billion in 2008. According to the WSJ, the company is looking to payback part of its $1.25 billion in outstanding debt with the IPO.
Find out what's happening in Bridgewaterfor free with the latest updates from Patch.
Aptalis reported profits of $86.9 million at its Sept. 30 fiscal year-end, with revenue of $687.9 million.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
