Firms prepare for Second Round of Astra Tech Sale
A handful of private equity firms are preparing to table their bids in the second round of the Astra Tech sale.
Astra Tech is a division of Astra Zeneca, the UK’s second largest drugs manufacturer, which has a dental implant division and a medical devices division.
It is believed that Bridgepoint, Cinven and PAI Partners will make a second round bid for the medical devices unit and Swedish equity firm, EQT are expected to bid for the entire Astra Tech division. Warburg Pincus, an American private equity company, may also bid in the second round. Experts believe that Swiss companies Nobel Biocare and Straumann have ruled themselves out of the sale.
Executives from Astra Zeneca are working with J P Morgan to conduct a review of the company with a view to selling the Astra Tech division. According to the chief executive, David Brennan, there has been a lot of interest but a final decision will not be taken until the review has been completed.
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