Amethis and Phatisa in “advanced discussions” to buy Animal Health

Image Credit: Pixabay

A market update issued by Ascendis Health last week revealed that the JSE-listed company is in advanced discussions with private equity funds managed by Amethis and Phatisa to sell Ascendis Animal Health, the firm’s veterinary medicines unit. Ascendis started soliciting bids for the unit in August last year as part of an overall strategy to dispose of some assets in order to recapitalize itself.

A confidentiality breach by another potential acquirer of the Animal Health business precipitated the issue of the market update. According to the company, the two funds, Amethis Fund II and Phatisa Food Fund II, could pay as much as R790 million (or approximately $55 million) between them for the business should the deal close. No indication has been given as to when that might be.

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