Ceva Santé Animale Nears Fundraising at €9 Billion Value
(Bloomberg) -- French animal health firm Ceva Santé Animale is close to completing its latest funding round that would value the company at €9 billion ($9.7 billion) or more, according to people familiar with the matter.
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Téthys Invest SAS, the investment company of the billionaire Bettencourt Meyers family behind L'Oréal SA, and the Mérieux family are poised to increase their stakes, the people said. French health-care focused investment firm Archimed is among new backers in the round, the people said, asking not to be identified as the information is private.
Canadian pension fund PSP Investments is going to significantly raise its stake, while other financial investors including Singapore's Temasek Holdings Pte will also participate, the people said. Ceva Santé management, led by Chief Executive Officer Marc Prikazsky, is set to retain the majority of voting rights at the firm, the people added.
Lazard Inc. and Rothschild & Co. advised Ceva Santé on the deal, which could be announced as soon as the coming days, the people said. Deliberations are at an advanced stage but could still be delayed.
Representatives for Archimed, Lazard, PSP Investments and Temasek declined to comment. Spokespeople for Ceva Santé, Téthys, Institut Mérieux and Rothschild didn't immediately respond to requests for comment.
Closely held companies are increasingly staying in private hands for longer, finding alternative ways to bring in fresh capital as they eschew initial public offerings. Hellman & Friedman is looking to raise at least $1 billion in equity from investors in the private market for Hub International Ltd, in a potential deal valuing the insurance brokerage at $30 billion, Bloomberg News reported earlier this month.
Ceva Santé makes pharmaceutical products and vaccines for livestock and pets. Based in Libourne in southwestern France, it is the world's fifth-largest animal health company and has more than 7,000 employees, according to its website. It generated about €1.7 billion of revenue last year. Bloomberg News reported in May 2024 that Ceva Santé has been working with advisers on a new fundraising round.
Last year, Téthys Invest bought a 13% stake in French software supplier Septeo SAS as well as a minority stake in The Row, the US fashion label started by the Olsen twins.
The Mérieux family is investing through its health care holding company Institut Mérieux, which is also partly owned by the billionaire Agnelli clan's Exor NV. Its portfolio includes diagnostics solutions provider Biomérieux.
--With assistance from Dinesh Nair.
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