HBM Considers $1.7 Billion Sale of Swixx Biopharma

(Bloomberg) — HBM Healthcare Investments AG is exploring options for portfolio company Swixx Biopharma SA, including a potential sale that could value the firm at about 1.5 billion Swiss francs ($1.7 billion), people familiar with the matter said. 

The Swiss health-care fund is working with Jefferies Financial Group Inc. and Centerview Partners on the review, according to the people. HBM has started gauging interest from potential buyers, they said.

While HBM is leaning toward a sale of Swixx, it may decide to pursue a listing of the business as an alternative, the people said. Considerations are at an early stage and HBM could also opt to keep Swixx for longer, they said. 

Dealmaking and capital markets activity has started heating up this year, with private equity firms starting multiple sale processes across Europe and seeking to list their portfolio companies after a period of little activity. Large companies are also looking to streamline their operations, with Lonza Group AG preparing a sale of its capsules unit and Nestle SA planning to separate its water business. 

Swixx helps pharmaceutical companies with the distribution of their drugs in smaller countries, where rules for labeling and packaging vary. The Baar-based company has a presence in 44 countries and posted €900 million ($944 million) in sales in 2023, its website shows. 

Representatives for Centerview, HBM and Jefferies declined to comment, while a spokesperson for Swixx couldn’t immediately be reached for comment. 

Swixx has been working with partners in central and eastern Europe and expanded into the Middle East and Latin America in recent years. Mérieux Equity Partners agreed to acquire a minority stake in Swixx in 2021.

Founded in 2001, HBM Healthcare is listed in Switzerland and focuses on private and public health care investments.

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