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MOVA’s Merger With Pantheon Rakes In $350 Million Plus ‘Sector Outperformer’ Rating

Pantheon establishes credit with Westernbank


December 9, 2004
Copyright © 2004 CARIBBEAN BUSINESS. All Rights Reserved.

MOVA Pharmaceutical’s $350 million acquisition by Pantheon Inc. received a ‘sector outperformer’ rating from CBIC Worldwide Markets, thanks to MOVA’s exceptional operational profitability and client list, said CBIC analyst Lennox Gibbs.

In addition, Pantheon has established credit with Westernbank Business Credit, a division of Westernbank of Puerto Rico, and Royal Bank of Canada to pay the cash portion of the purchase price, refinance approximately $68 million of Pantheon’s North American debt, and provide a $55 million revolving-credit facility. Pantheon intends to issue an equity offering of approximately $150 million to reduce its debt.

The total purchase price could be $26 million higher if MOVA’s earnings before interest, taxes, depreciation, and amortization (EBITDA, which equals revenue minus expenses) reach $45 million during the first half of 2005. The purchase price includes 12.7 million common shares of Pantheon, the assumption of $125 million in debt, and $144 million in cash upon closing.

Joaquin Viso said he would continue serving as president & CEO of MOVA and overseeing all operations. In addition, he will be the largest single shareholder of Pantheon, with a seat on its board, and chairman of MOVA.

MOVA’s 2004 revenue is expected to reach $173 million, with $39 million in EBITDA. MOVA’s 1,600 employees are spread among three plants–in Caguas, Carolina, and Manati–sharing more than one million square feet.

"Our merger with Pantheon represents an opportunity to ensure MOVA’s continuity and growth, by joining forces and creating one of the largest pharmaceutical contract manufacturers in the world, now able to compete on a global level," said Viso. Pantheon CEO Robert Tedford added, "Global pharmaceutical companies have a long history of manufacturing in Puerto Rico. This transaction significantly increases Pantheon’s ability to serve leading global pharmaceutical companies in the U.S., the world’s largest and fastest-growing pharmaceutical market.

Pantheon has 10 manufacturing facilities in Canada and Europe and one in Cincinnati with 3,800 employees. Its 150 clients include pharmaceutical and biotechnology companies, including 17 of the world’s 20 largest pharmaceutical companies. In 2003, Pantheon reported $407.1 million in revenue with net earnings of $18.6 million.

This Caribbean Business article appears courtesy of Casiano Communications.
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