Mexico‘s Federal Economic Competition Commission (Cofece) granted Procaps Group antitrust regulatory approval for the acquisition of Grupo Somar and Pearl Mexico.
Cofece’s approval allows Procaps Group six months to close the transaction, with the option to extend that period for an additional six months upon justified request.
Founded in 1977 by the Minski family, Procaps Group is a leading international integrated pharmaceutical and healthcare company that develops pharmaceutical and nutraceutical solutions, medicines and hospital supplies.
According to its own description, Procaps Group has customers in more than 50 countries, on six of the seven continents, and has a direct presence in 13 countries in the Americas and more than 4,900 employees.
In particular, the company develops, manufactures and markets OTC and Rx pharmaceuticals, nutritional supplements and clinical solutions.
In addition, the acquisition includes Química y Farmacia, and Gelcaps and related entities of Advent International (Advent), one of the world’s largest private equity investors.
Grupo Somar generated approximately US$184 million in net revenues (on an expected combined basis).
Procaps Group
On May 20, 2022, Triana Capital, Procaps Group and Al Global Investments (Al Global), together with Triana Capital and Procaps Group, notified Cofece of their intention to enter into a concentration.
The transaction consists of the acquisition, directly or indirectly, by Procaps Group, of certain issued and outstanding shares of various companies.
These include: AI Soar (The Netherlands), PDM Acondifarma, Química y Farmacia Holding, Química y Farmacia, Laboratorios DIBA, Gelcaps Exportadora de México, Grupo Farmacéutico Somar, Laboratorios Serral, Lakeside Salud Humana, Somar Humana, Serral and Pharma Inmobiliaria.
The Federal Economic Competition Commission (Cofece) is an autonomous constitutional agency.
Its function is to promote, protect and guarantee free competition to ensure the efficient functioning of markets.
In order to fulfill this mandate, Cofece enjoys independence in its decisions, operations and use of resources.
However, it is subject to financial, budgetary and performance audits, in order to verify that its spending and institutional operations comply with the current regulatory framework.