Dec. 26 (Bloomberg) -- Aptalis Holdings Inc., the pharmaceutical company focused on gastrointestinal diseases and cystic fibrosis, filed to raise $500 million in an initial public offering in the U.S.
The figure is a placeholder used to calculate fees and may change. Aptalis plans to use the proceeds to repay debt, and some of the company’s existing stockholders also plan to sell shares, according to today’s filing. Aptalis’s largest shareholder is buyout firm TPG Capital, which has a 91 percent stake, the filing shows.
Aptalis was called Axcan Pharma Inc. when TPG agreed to acquire the company for $1.3 billion in November 2007. Now based in Bridgewater, New Jersey, the company had sales of $687.9 million in the year through September, up 12 percent from the year before. The company reported a profit of $86.9 million for the year, compared with a loss the year before.
Its largest products by sales were Zenpep, a treatment of exocrine pancreatic insufficiency -- a disease that keeps the body from absorbing nutrients from food -- and Carafate, which is used to treat ulcers.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are managing the sale. The company has applied to have applied to list its stock on the Nasdaq Stock Market under the symbol APTA.