(Alliance News) - Apax Global Alpha Ltd on Tuesday noted the decision by Apax VIII Fund to sell its stake in Neuraxpharm, a European specialty pharmaceutical company focused on the treatment of central nervous system disorders.
The FTSE 250-listed closed-ended investment company said Apax VII will sell its Neuraxpharm stake to funds advised by global investment firm Permira, adding that the transaction is expected to close in the fourth quarter of 2020.
The Apax VIII investment in Neuraxpharm is expected to deliver 3.5 times the gross multiple of invested capital and a gross internal return rate of 36%. The transaction values Apax Global's look-through investment in Neuraxpharm at around EUR54 million, representing an uplift of around EUR22 million in Apax Global's adjusted net asset value as at June 30.
"Together with the exit of Neuraxpharm, Apax VIII has now fully exited 14 deals at an average uplift of 20% to unaffected valuations," the company said.
Shares in Apax Global Alpha were trading 2.2% higher at 158.60 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Apax Global Alpha (APAX)