(Bloomberg) -- The private equity firm led by Benetton family scion Alessandro Benetton is considering a sale of Italian eye-care firm Sifi after backing the business for almost a decade, people with knowledge of the matter said.
21 Invest is working with Mediobanca SpA and Evercore Inc. as it prepares to gauge interest in the company, which was founded in 1935 by two pharmacists in Sicily, the people said. It is considering launching a sale process after the summer, targeting larger health-care companies as well as private equity firms, according to the people.
A deal could value Sifi at as much as €500 million ($542 million), according to the people. Deliberations are ongoing and there’s no certainty they will lead to a deal, the people said, asking not to be identified because the information is private.
Representatives for 21 Invest, Mediobanca and Evercore declined to comment.
Sifi provides a range of therapies and medical devices that are used to treat eye diseases such as glaucoma and cataracts. 21 Invest bought it in 2015 and has since grown the business overseas, building a direct presence in countries including Spain, France, Mexico and Turkey.
The company is hoping to soon start clinical trials for its new orphan drug Akantior that treats fungal keratitis after the Committee for Orphan Medicinal Products of the European Medicine Agency issued a positive opinion on July 22.
The global ophthalmic market is poised for robust growth in the coming years given the increasing needs of an aging population. Last year, Novartis AG sold a portfolio of ophthalmology assets to Bausch + Lomb Corp. for as much as $2.5 billion.
(Adds details of Sifi’s new orphan drug in sixth paragraph.)
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