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National Vaccines Production

The Dutch State privatizes National Vaccines Production.

American Appraisal is there to advise.

In 2009, the State of the Netherlands decided to divest the production activities and facilities of the National Vaccines Production, known as NVI. Although the NVI produced important vaccines, including polio vaccines for the last phase of the worldwide polio eradication strategy, the economies of scale in the current setting were too small to compete with the global multinational pharmaceutical players. In 2011, American Appraisal was retained to serve as the lead advisor for the potential transaction, working together with the Dutch Ministry of Health and the Ministry of Finance to develop a suitable transaction structure and sales process.

Early in 2012, Netherlands Minister of Health Edith Schippers met with the owner and founder of Serum Institute of India Limited (SII), the world’s largest vaccine manufacturer in number of doses.  SII has the ability to produce large volumes of vaccines at a low cost, and also maintains a strong commitment to keeping vaccines affordable for people of the developing world.  A sale to a company such as SII would enable the NVI to expand its production, taking an important role in the global polio eradication programs of the World Health Organization (WHO) and the Bill & Melinda Gates Foundation.  

American Appraisal organized a public auction, starting with an announcement in The New York Times. After several rounds of the controlled auction process, the ongoing structuring and negotiations did lead to a sale of the business to SII. The Bill & Melinda Gates Foundation, as well as the WHO, was closely involved in the transaction and showed a strong commitment to supporting the anticipated growth of the new private vaccines player. Bill Gates visited SII in Pune on May 31 of this year to discuss, among other things, the impact of the transaction for the global vaccines markets, which are mainly funded by UNICEF and the Bill & Melinda Gates Foundation.  

The transaction closed on July 2, 2012, for €32 million. The NVI’s research and development activities, as well the purchasing, storage and distribution of vaccines for the Netherlands’ national vaccination programs, will remain with the State of the Netherlands. In addition, Minister Schippers indicated that no jobs would be lost as a result of the transaction, and public interests will remain protected. According to the Netherlands Foreign Investment Agency, “All parties involved are convinced that SII will prove to be a powerful, high-quality and sustainable boost for the priority sector Life Sciences and Health in the region.”

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