Ethypharm bought by investment fund

The French pharmaceutical company Ethypharm, which specializes in the development of sophisticated galenic forms for drugmaking, has been acquired by the investment fund Astorg Partners, which was in competition with four other potential purchasers.

The amount paid for the company has not been disclosed but sources close to the operation have said Ethypharm was valued at about 300.0 million euros ($401.1 million) - some 10 times the level of gross operating profits expected this year.

The takeover was delayed by a dispute between the two founders of the company - Gerard Leduc and Patrice Debregeas who each held 42.5% of the equity with the Canadian company Boval holding the balance. Mr Leduc will remain president and will retain almost 29% of the capital.