Probiotec Limited Scheme of Arrangement

Canterbury Partners is pleased to have advised Probiotec Limited (ASX:PBP) in relation to its acquisition by Indonesian-listed company PT Pyridam Farma, by way of scheme of arrangement. The all-cash deal implied an enterprise valuation of approximately $325 million, a 26% premium to the 1-month VWAP.

Probiotec Limited is a manufacturer, packer, and distributor of a range of prescription and over-the-counter (OTC) pharmaceuticals, complementary medicines, consumer health products, and fast-moving consumer goods. The company owns 6 manufacturing facilities in Australia and distributes its products both domestically and internationally. Products are manufactured by Probiotec on behalf of a range of clients, including major international pharmaceutical companies.

Pyridam is a long-standing Indonesian pharmaceutical company listed on the Indonesia Stock Exchange (IDX) which manufactures and distributes medical equipment and dermatological products.

The acquisition provides the opportunity for each of Pyridam and Probiotec to benefit from enhanced scale, a complementary product offering and greater geographic reach, as well as access to potential operational synergies. The combination also presents a compelling opportunity for Pyridam to capitalise on Probiotec’s strengths and positioning in the Australian market, whilst also leveraging Pyridam’s capabilities and expertise in the manufacture and delivery of pharmaceuticals and medical devices.