Ascendis hints it may be able to hold onto crown jewel Remedica
Health group Ascendis, which is dealing with a debt pile about 20 times its market capitalisation, may be able to hold on to its prized Remedica business after two private equity firms offered an alternative to disposal, reported BusinesLIVE (25 January 2021).
“The group said part of its consortium of lenders, holding more than a third of loans outstanding in its debt vehicle, had indicated they would prefer a recapitalisation of Ascendis. The company, which has businesses in the consumer health, pharmaceutical and animal health categories, is battling with debt after a series of offshore acquisitions. Net debt of R7.96-bn as of the end of June compares unfavourably with its R382-million market capitalisation.”