MONT-SAINT-HILAIRE, QUEBEC--(Marketwire - Nov. 29, 2007) - Axcan Pharma Inc. ("Axcan") (TSX:AXP)(NASDAQ:AXCA), a leading pharmaceutical company focused on the treatment of gastrointestinal disorders, today announced that it has entered into an agreement for Axcan to be acquired by TPG Capital and its affiliates in an all-cash transaction with a total value of approximately US$1.3 billion.
Under the terms of the transaction, TPG Capital and its affiliates will acquire all of the common shares of Axcan for an offer price of US$23.35 per common share. The purchase price represents a 28 percent premium over the average trading price of Axcan's common shares on November 28, 2007, the last trading day on the NASDAQ prior to this announcement. Axcan anticipates that the transaction will be completed in the first calendar quarter of 2008.
The board of directors of Axcan has unanimously approved the agreement and recommends that shareholders vote to accept the offer.
"This transaction provides compelling value and certainty to our shareholders. Our Board of Directors believes that this is the best way to maximize value while providing the company with long-term partners who share our commitment to patients and employees," said Frank Verwiel, M.D., president and CEO of Axcan. "TPG's investment recognizes the critical contribution that Axcan's professionals have made over the past 25 years. As an independent, private company with strong backing from TPG, we will be able to continue our focus on the development of innovative, high-quality medical products and become an even stronger partner to health professionals in the gastrointestinal arena."
"We are pleased to invest in the leading pharmaceutical company specializing in the treatment of gastrointestinal illnesses. We look forward to supporting this excellent management team and workforce in growing the company's global distribution capabilities and product line. Axcan will be an important addition to TPG Capital's broad healthcare portfolio," said Todd Sisitsky, Partner, TPG Capital.
The transaction will be financed through a combination of equity contributed by TPG Capital and its affiliates and debt financing that has been committed by Bank of America and HSBC. The transaction is not contingent on financing commitments.
Completion of the transaction is subject to the affirmative vote of Axcan shareholders and other customary conditions, including regulatory approvals. The arrangement agreement contains customary provisions including the payment of a break-up fee in the event of termination in certain circumstances. Following the completion of the transaction, the Company's stock will be de-listed and no longer trade publicly. The Company's headquarters will remain in Quebec, Canada.
A proxy circular detailing the rationale for recommending the offer to shareholders will be prepared and mailed to shareholders in the month of December. Shareholders are urged to read the proxy circular once it is available. Shareholders will be asked to vote on the transaction at a special meeting, the details of which will be announced at a later date.
A material change report, which provides more details on the transaction, will be filed with the Canadian securities commissions and with the U.S. Securities and Exchange Commission and will be available at www.sedar.com
and at www.sec.gov
Merrill Lynch & Co. is financial advisor to Axcan. Stikeman Elliott LLP and Latham & Watkins LLP are legal counsel to Axcan. Bank of America is providing financial advice to TPG and Ropes & Gray LLP and Davies Ward Phillips & Vineberg LLP are providing legal advice to TPG.
ABOUT AXCAN PHARMA
Axcan is a leading multinational specialty pharmaceutical company focused on gastroenterology. The Company develops and markets a broad line of prescription products to treat a range of gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, cholestatic liver diseases and complications related to pancreatic insufficiency. Axcan's products are marketed by its own specialized sales forces in North America and Europe. Its common shares are listed on the NASDAQ Global Market under the symbol "AXCA" and on the Toronto Stock Exchange under the symbol "AXP".
ABOUT TPG CAPITAL
TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $35 billion of assets under management and offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Moscow, Mumbai, Beijing, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG Capital seeks to invest in world-class franchises across a range of industries, including healthcare (Biomet, Fenwal, IASIS Healthcare, Oxford Health Plans, Parkway Holdings, Quintiles Transnational, Surgical Care Affiliates), retail/consumer (Debenhams, Ducati, J. Crew, Myer, Neiman Marcus, Petco, TOMY Company), travel (America West, Continental, Hotwire, Sabre), media and communications (Alltel, Avaya, Findexa, Hanaro Telecom, MGM, TIM Hellas), industrials (Altivity Packaging, British Vita, Energy Future Holdings (formerly TXU), Grohe, Kraton Polymers, Texas Genco), technology (Freescale Semiconductor, Lenovo, MEMC, ON Semiconductor, Seagate, SunGard) and financial services (Ariel Reinsurance, Fidelity National Information Services, LPL Financial Services, Shenzhen Development Bank, Taishin Holdings), among others. Please visit www.tpg.com
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the proposed acquisition of Axcan Pharma Inc., including statements regarding the completion of the proposed transaction and other statements that are not historical facts. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.
The completion of the proposed transaction is subject to a number of terms and conditions, including, without limitation: (i) applicable governmental authorities approvals, (ii) required Axcan shareholder approval, (iii) necessary court approvals, and (iv) certain termination rights available to the parties under the Arrangement Agreement. These approvals may not be obtained, the other conditions to the transaction may not be satisfied in accordance with their terms, and/or the parties to the Arrangement Agreement may exercise their termination rights, in which case the proposed transaction could be modified, restructured or terminated, as applicable.
The forward-looking statements contained in this news release are made as of the date of this release. We disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on expectations of, or statements made by, third parties in respect of the proposed transaction. For additional information with respect to certain of these and other assumptions and risks, please refer to the related material change report and the Arrangement Agreement to be filed by Axcan Pharma Inc. with the Canadian securities commissions (available at www.sedar.com
) and with the U.S. Securities and Exchange Commission (available at www.sec.gov
Capgemini will provide enterprises with mobile strategy, application development, vertical industry expertise and managed mobility services
Paris, 9 September 2014 – Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services and VMware (NYSE: VMW), the global leader in virtualization and cloud infrastructure, today announced a strategic partnership in the area of Enterprise Managed Mobility / End-User Computing. This partnership will combine Capgemini’s mobility consulting, application development and system integration expertise with VMware’s industry-leading end-user computing software, including AirWatch Enterprise Mobility Management (EMM) solutions.
AirWatch by VMware will provide organizations with an industry-optimized EMM solution to manage virtually all mobile devices, across all major mobile platforms and for all deployment types – helping to navigate the complexities of securely protecting and segregating data and associated user support for enterprises. It will provide workers with a centralized console to easily access content and applications from any device underpinned by business-aligned mobile and Bring-Your-Own-Device (BYOD) strategies. Readily implemented, the solution will have the ability to innovate, scale and aid customers to move quickly to a productive mobile enterprise.
Capgemini will provide enterprises with end-to-end services including mobile strategy, mobile development, and managed mobility, which can be tailored to specific industry sectors. Capgemini will also enable organizations to build and deploy applications while also leveraging existing investments in systems of record. Base services will include: AirWatch system administration, helpdesk support, mobile platform implementation, mobile application administration and AirWatch deployment. Extended services will include BYOD (including best practices and training), managed mobility strategy (as-a-service per device per month), MDM migrations, customer application development and data analytics. Offered as part of the Capgemini Mobile Solutions portfolio, the client will select an as-a-service package, to align to their specific digital transformation strategy and needs.
Fernando Alvarez, Senior Vice President and Head of the Mobile Solutions Global Service Line at Capgemini said: “We are proud to announce this partnership with VMware. The End-User Computing market is rapidly growing, and enterprise mobility use and concerns around secure content and data management are increasing, as users have access to an ever increasing number of applications and content on their devices. The Capgemini Managed Mobile Services offering powered by VMware, addresses an important demand from CXOs and digital leaders as mobility moves increasingly higher up in terms of technology priorities.”
Sanjay Poonen, Executive Vice President and General Manager, End-User Computing, VMware said: “Enterprises worldwide are looking for innovative ways to enable their users to be able to work at the speed of life – across all devices. We’re excited about our partnership with Capgemini, with their leading brand and presence in the market, they will help us reach enterprise infrastructure customers and scale resources worldwide, but also setup and associated managed services across our Workspace Suite, so that companies can better focus on their core business needs.”
The partnership is an extension of the existing global strategic agreement between Capgemini and VMware. The two companies will collaborate by bundling market leading AirWatch EMM software with Capgemini Mobile Solutions services with industry-ready accelerators to uniquely match client’s business needs including a single monthly capital or operating expense across a multi-year term. The initial go-to-market focus will be on cloud solution models offered as off-premise hosted options or on-premise cloud models for global companies across North America, EMEA, Latin America and APAC. Capgemini will provide enterprise mobility and organizational change management with vertical industry expertise, such as in consumer products, retail, healthcare, utilities and financial services, while VMware/AirWatch will bring its EMM market leading knowledge and capability.
VMware is the leader in virtualization and cloud infrastructure solutions that enable businesses to thrive in the Cloud Era. Customers rely on VMware to help them transform the way they build, deliver and consume Information Technology resources in a manner that is evolutionary and based on their specific needs. With 2013 revenues of $5.21 billion, VMware has more than 500,000 customers and 75,000 partners. The company is headquartered in Silicon Valley with offices throughout the world and can be found online at www.vmware.com. VMware, VMware Horizon Desktop Suite and AirWatch are registered trademarks or trademarks of VMware, Inc. in the United States and/or other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective companies.
About AirWatch by VMware
AirWatch by VMware is the leader in enterprise mobility management, with more than 13,000 global customers. The AirWatch platform includes industry-leading mobile device, email, application, content, and browser management solutions. Organizations can implement these solutions across device types and use cases, including complete EMM for corporate and line of business deployments, and containerized solutions for Bring Your Own Device (BYOD) programs. Acquired by VMware in February 2014, AirWatch is based in Atlanta and can be found online at www.air-watch.com. VMware is headquartered in Silicon Valley and can be found online at www.vmware.com.
With almost 140,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2013 global revenues of EUR 10.1 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.
Capgemini offers end-to-end Mobile Solutions for mobile strategy and services as an Enterprise Mobility Orchestrator. Deploying a framework of harmonized methods, accelerators and industrialized services, the Enterprise Mobility Orchestrator services can help create, implement and support an organization’s mobile strategy. To address all areas of a business going mobile, the service portfolio covers: Strategy; Experience & Design; Development; Testing; Security; and Managed Mobility. Capgemini provides extensive capabilities in strategic consulting, technology excellence, industry solutions and global delivery to help organizations optimize their mobile business potential.
Learn more about us at www.capgemini.com/mobility.
Rightshore® is a trademark belonging to Capgemini