Due diligence in human health for Blackstone to acquire a portfolio of mature products from Aventis

Situation

• Aventis and Blackstone were considering a joint LBO of a €1.5bn portfolio of products along with the associated manufacturing facility
• Aventis had appointed McKinsey to perform a vendor due diligence
• However, Blackstone still required the input of a healthcare specialist to come to a go/no go decision

Bionest Contribution

• Bionest constituted an analytical SWAT team with pharma specialists from the industry
• Bionest performed a fine-grained analysis of over 200 products in 22 countries

1. In particular, Bionest evaluated the generics threat and the de-reimbursement risk

• Bionest also carried out a detailed assessment of potential financial upsides

1. Sales forecast and preliminary valuation

Key Results

• Bionest provided an independent validation of the project rationale with a clear, pragmatic approach
• However, the proposed transaction was later aborted following the Sanofi-Synthelabo acquisition bid for Aventis