Hypermarcas buys Mantecorp
Valor Econômico
The Hypermarcas group concluded yesterday the purchase of the national laboratory Mantecorp. The transaction was evaluated at R$ 2.5 billion (US$ 1.47 billion). The payment shall be divided into two parts. The current controllers of Mantecorp, the Mantegazza family, will receive R$ 600 million (US$ 353 million) in cash. The other R$ 1.9 billion (US$ 1.12 million) will be paid off with shares of Hypermarcas, but half of such papers cannot be negotiated in less than six months. With the issue of new shares for the purchase of the laboratory, the block of control of the shareholders of Hypermarcas will be diluted. The company was contacted, but it did not want to comment on the acquisition.
With this acquisition, Hypermarcas will add to its more than 160 brands a list of traditional medicines, such as the anti-flu Coristina, the antiallergenics Polaramine and Celestamine, the analgesic and antipyretic Alivium, the solar protection line Episol and moisturizers Epidrat. Mantecorp also has a small division of generic drugs, Brainfarma, which may receive investments to become stronger in the market after the transaction. Since the end of last year, Hypermarcas has been a heavy player to gain greater participation in the pharmaceutical market, which even prior to such operation was responsible for nearly 40% of its total earnings - estimated at R$ 4 billion (US$ 2.35 billion) for 2010.
At the end of 2009, the company took a right shot with the purchase of Neo Química, beating the American Pfizer, to acquire one of the largest laboratories specialized in generics, installed in Anápolis, in the State of Goiás. In the Goiás complex, the company is doubling the current infrastructure and enlarging the distribution center. At that same place, Hypermarcas is promoting the incorporation of its two other pharmaceutical companies, DMe Farmasa. The latest acquisition of the company in the segment was made in November with the purchase of three brands of medications from the pharmaceutical Medley, controlled by the French Sanofi-Aventis: Digedrat, Peridal and Lopigrel.
With the acquisition of Mantecorp, Hypermarcas shall become the largest national laboratory in revenue, with earnings estimated by the market at nearly R$ 2.2 billion (US$ 1.3 billion) in 2010. Mantecorp has nearly R$ 740 million (US$ 435.3 million) in gross sales and R$ 360 million (US$ 211.8 million) of gross margin, which should generate an expressive extra result for Hypermarcas, since the companies present synergy. The Ebtida to be added by Mantecorp to Hypermarcas should get to R$ 250 million (US$ 147.1 million).