DKSH Said to Bid for Swiss Drug Distributor Swixx Biopharma
(Bloomberg) — DKSH Holding AG, the Zurich-based distribution firm, is among bidders vying to acquire Swiss drug distribution company Swixx Biopharma SA, according to people familiar with the matter.
Swixx has also attracted interest from SK Capital Partners and Lone Star, the people said. The business could be valued at around €1.5 billion ($1.7 billion) to €2 billion in a deal, they said.
Deliberations are ongoing and there’s no certainty they will result in a transaction, the people said. Other suitors could still emerge, they said. DKSH shares edged 0.7% lower on the news.
Swixx, owned by HBM Healthcare Investments AG and its managers, helps pharmaceutical companies distribute their drugs in smaller countries, where rules for labeling and packaging vary. The Baar-based firm has a presence in 44 countries and posted €900 million in sales in 2023, its website shows.
Asia-focused DKSH, which has a market value of 3.5 billion Swiss francs ($4.4 billion), has a similar business model to Swixx. It also handles distribution, marketing and sales for companies across sectors including health care, consumer goods, materials and technology.
“A takeover of Swixx would give a strong boost to the healthcare business of DKSH, diversify geographically and probably also support group revenue,” said Zürcher Kantonalbank analyst Gian Marco Werro.
A representative of DKSH declined to comment on market speculation. Lone Star and HBM declined to comment. SK Capital didn’t immediately respond to an email seeking comment, Swixx couldn’t be reached for a comment.
The health-care industry has proved to be fertile ground for dealmaking in Europe. Bain Capital and Cinven clinched a €10 billion deal to sell German drugmaker Stada Arzneimittel AG to CapVest Partners in September. Advent also sold generic drugmaker Zentiva to GTCR for $4.8 billion that month, and Warburg Pincus is in exclusive talks to buy a large minority stake in French diagnostics provider Sebia.
On Monday, DKSH, Topcon Healthcare and Medical Saigon Group announced a partnership for eye care services in Vietnam, according to a statement.
–With assistance from Will Davies.
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