...- Antigua Bidco Ltd., a holding company of U.K.-based off-patent branded pharmaceutical company Atnahs Pharma, is acquiring a portfolio of five cardiovascular drugs from AstraZeneca and a complementary treatment for osteoporosis from another pharmaceutical company. To finance the transactions, the company is raising a 260 million senior secured incremental term loan, along with 138 million of new shareholder equity. - We view these acquisitions positively, as they will bring greater product diversification to Atnahs' portfolio by reducing revenue concentration. However, because the company will almost double in revenue size, we see the possibility of some execution risk related to integration. - We are affirming our 'B-' long-term issuer credit rating on Atnahs, and our 'B-' issue-level rating on the term loan. - The stable outlook indicates that we expect S&P Global Ratings-adjusted leverage to be comfortably at about 5x within 12 months of the transactions closing, allowing the company...
