Charlottetown-based drug manufacturer BioVectra is being sold to U.S. private equity firm H.I.G. Capital for as much as US$250 million (C$330 million) – more than three times the price it sold for almost six years ago.
BioVectra’s owner, British pharmaceutical company Mallinckrodt plc, issued a statement on Tuesday saying it had agreed to the sale. The price includes both a fixed payment now and a deferred payment that will depend on the company’s performance.
In a separate statement issued by the PEI BioAlliance, BioVectra management said it would continue to develop its plants in