Ceva Sante Animale nears fundraising at 9 billion euro value

[LONDON] French animal health firm Ceva Sante Animale is close to completing its latest funding round that would value the company at nine billion euros (S$13.2 billion) or more, according to people familiar with the matter.

Tethys Invest, the investment company of the billionaire Bettencourt Meyers family behind L’Oreal, and the Merieux family are poised to increase their stakes, the people said. French healthcare 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 will also participate, the people said. Ceva Sante management, led by chief executive officer Marc Prikazsky, is set to retain the majority of voting rights at the firm, the people added.

Lazard and Rothschild & Co advised Ceva Sante 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 Sante, Tethys, Institut Merieux 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 US$1 billion in equity from investors in the private market for Hub International, in a potential deal valuing the insurance brokerage at US$30 billion, Bloomberg News reported earlier this month. 

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Ceva Sante makes pharmaceutical products and vaccines for livestock and pets. Based in Libourne in south-western 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 euros of revenue last year. Bloomberg News reported in May 2024 that Ceva Sante has been working with advisers on a new fundraising round.

Last year, Tethys Invest bought a 13 per cent stake in French software supplier Septeo, as well as a minority stake in The Row, the US fashion label started by the Olsen twins. 

The Merieux family is investing through its healthcare holding company Institut Merieux, which is also partly owned by the billionaire Agnelli clan’s Exor. Its portfolio includes diagnostics solutions provider Biomerieux. BLOOMBERG