UPDATE 1-Carlyle to sell portfolio firm Ambio targeting $1 bln valuation

·1 min read

(Adds Jefferies response)

By Kane Wu and Julie Zhu

HONG KONG, July 7 (Reuters) - Global private equity firm Carlyle Group is selling its stake in portfolio firm AmbioPharm Inc, targeting a valuation of $1 billion in a potential deal, two people familiar with the situation told Reuters.

Carlyle has hired Jefferies to advise on the sale and has held talks with a number of interested parties including potential private equity and strategic buyers, said one of the two and three separate sources close to the situation.

Carlyle and Jefferies declined to comment. Ambio did not immediately respond to a request for comment.

All the sources declined to be identified as the information is confidential.

Carlyle bought Ambio, a peptide active pharmaceutical ingredient contract development and manufacturing organisation, from specialist healthcare fund MVM Partners in 2018 for an undisclosed amount.

Founded in 2007 by scientist and entrepreneur Dr Chris Bai, Ambio is headquartered in North Augusta, South Carolina, United States and also has peptide manufacturing and purification facilities in Shanghai, China.

The firm provides services for drugs approved by the U.S. Food and Drug Administration, the European Medicines Agency and the China National Medical Products Administration and has a pipeline of pre-clinical and clinical programmes.

It has been expanding in both the United States and China, its website says. (Reporting by Kane Wu and Julie Zhu; editing by David Evans and Barbara Lewis)