Cleary Gottlieb represented BTG Pactual US, Bradesco BBI, Itaú BBA, Citigroup and Raymond James as placement agents and co-managers in the Rule 144A/Reg S follow-on offering of Brazil Pharma. Brazil Pharma and the selling shareholders sold 59.8 million common shares (including those issued upon exercise of the over-allotment option) at the price of R$9.25 per share, for a total offering price of approximately R$553 million. The deal closed on June 27, and the over-allotment option closed on July 12.
Brazil Pharma is one of the largest companies in the retail drugstore market in Brazil, with approximately 1,000 owned and franchisee drugstores throughout the country. Brazil Pharma’s owned drugstores are strategically located in the developing regions of Brazil, which present high growth potential and a lower level of competition and saturation than the well-developed, wealthier states of São Paulo and Rio de Janeiro.
