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Madison Dearborn acquisition values Ikaria at $1.6B

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Hampton-based critical health care therapy developer Ikaria will be acquired by Ill.-based private equity firm Madison Dearborn Partners in a transaction valuing Ikaria at $1.6 billion.

According to the announcement, existing Ikaria shareholders, including New Mountain Capital and certain members of the company’s management team, will receive a minority stake in Madison Dearborn. The transaction is expected to be completed in the first quarter of 2014, pending customary closing conditions for transactions of this type. The transaction also includes the separation of certain non-commercial products in the Ikaria pipeline that are focused on outpatient therapies, which will be distributed to Ikaria’s current shareholders. Two near-term critical care therapies in Ikaria’s pipeline will remain with Ikaria, providing future growth opportunities.

Ikaria is being advised on the transaction by Credit Suisse, its lead advisor, and Morgan Stanley. Fried, Frank, Harris, Shriver & Jacobson LLP and Wilmer Cutler Pickering Hale and Dorr LLP serve as legal advisors to Ikaria. Madison Dearborn is being advised by Barclays and Goldman Sachs. Kirkland & Ellis LLP serves as legal advisor to Madison Dearborn. Credit Suisse will lead the debt financing related to the transaction, Madison Dearborn said in a statement.

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