Hypermarcas to have up to US$ 646.5 million in investment from BNDES
O Estado de S. Paulo
The National Development Bank (BNDES) undertook on a contract to subscribe the entirety of the issue of debentures in the amount of R$ 1.099 billion (US$ 646.5 million) approved by the Board of the company. The operation will capitalize the company for the payment of the acquisition of the Neo Química laboratory, on December 2009, and keep its shopping appetite. As revealed by "o Estado" in January, the BNDES negotiated since last year a way to capitalize Hypermarcas through its subsidiary in participations, the BNDESPar, as a means of supporting the growth of the company in the pharmaceutical sector, considered strategic by the industrial policy of the Government.
In a press release, Hypermarcas informed the private issue will be of 1,097,450 simple debentures. The acquisition of Neo Química cost Hypermarcas R$ 686.7 million (US$ 348.6 million) and a stock swap that increased the value of the deal to R$ 1.4 billion (US$ 710.7 million). With the capitalization of BNDESPar, the company improves its indebtedness profile and recovers financial strength for new deals.
Concerned with the acquisition of Brazilian pharmaceutical industries by multinational companies, especially in the segment of generics, the BNDES changed its policy to encourage the sector this year. It is trying to become a partner of the companies, most midsize companies and companies of family administration, to stimulate IPOs and consolidation. The goal is to have more robust companies with national capital that stand up to the proposals of multinationals, with capacity to invest in the development of drugs and compete in the foreign market.
With five acquisitions only in 2009, the style of Hypermarcas and its willingness to grow in the pharmaceutical sector ended up getting closer to the goals of the BNDES. With the acquisition of Neo Química, the company achieved the third place among the Brazilian laboratories and put its feet on the profitable segment of generic drugs. In 2008, shortly after going public, Hypermarcas had already acquired the laboratory Farmasa, leading the OTC market.
Besides, Hypermarcas increases its share in the segments of cosmetics, cleaning and foods. In the area of personal hygiene, one of the latest acquisitions of the company was of York, which took place in March, recently formalized for R$ 95 million (US$ 55.9 million). "With the acquisition of Neo Química, Hypermarcas increases its investment capacity, especially in innovation activities", said the BNDES yesterday on a note. The bank stressed out the support to company is provided with instruments and at market conditions.