Carter-Wallace sold for $408 million

A group of health care executives, backed by two leading private equityfirms, says it has completed the $408-million acquisition of the USA's Carter-Wallace, and has issued a statement saying that "a new pharma company is born," which will be renamed MedPointe.

This acquisition was led by a syndicate of private equity firms headed by The Carlyle Group and The Cypress Group, as well as including Frazier & Co and Ferrer Freeman Thompson & Co. The deal covers Carter-Wallace and its two principal health care businesses, Wallace Pharmaceuticals and Wampole Laboratories, its medical diagnostics division.

The acquisition was funded with more than $500 million in equity and debt commitments, including more than $280 million from the equity investors. Bear, Stearns & Co led the deal, which was co-arranged by Lehman Brothers.