Private equity firm to buy Endo's Mexican subsidiary

Ireland-incorporated Endo International (Nasdaq: ENDP) has entered into a definitive agreement to sell Mexico City based Grupo Farmacéutico SOMAR to private equity firm Advent International for around $124 million subject to customary adjustments for cash, debt and working capital.

"Earlier this year, we disclosed our intention to divest non-core assets, including SOMAR, in order to re-direct our resources to our core areas of growth. Today, we are pleased to announce our agreement with Advent to divest SOMAR," said Paul Campanelli, president and chief executive of Endo.

"SOMAR is a leading player in the large, growing Mexican private generics market," said Juan Pablo Zucchini, a managing partner and head of the Latin American Healthcare practice at Advent International, adding: "This investment aligns well with our healthcare sector focus in the region."