...+ On April 17, 2018, Advent International and Sanofi announced that they had entered into exclusive negotiations under which Advent would acquire Sanofi's European generics business, Zentiva, via a parent company AI Sirona (Luxembourg) Acquisition Sarl for an enterprise value of 1.92 billion. + The company benefits from well-entrenched market positions in major European markets supported by a very diverse product portfolio, highly competitive costs of manufacturing, and a track record of winning tenders, balanced against its medium size, which increases its exposure to specific end markets. + We estimate leverage will remain be at 7.5x-8.0x in 2018, decreasing to 7.0x-7.5x in 2019 and 6.5x-7.0x in 2020, supported by our expectations of positive FOCF of at least 60 million per year. + We are assigning our preliminary 'B' issuer credit rating to AI Sirona. + The stable outlook reflects our view that the company will seamlessly separate from Sanofi, while generating positive revenue growth...
