Germany's Gerresheimer to acquire Blitz LuxCo for $866 million

(Reuters) -German packaging and medical equipment maker Gerresheimer said on Thursday it signed a purchase agreement for acquiring Blitz LuxCo Sarl, the holding company of the Bormioli Pharma Group, for an enterprise value of 800 million euros ($866.32 million).

The medical equipment maker said the transaction will be financed by a consortium of banks consisting of UniCredit, Commerzbank and LBBW and is expected to close in fourth quarter of 2024.

It will create a new 'moulded glass' business unit after the integration, it said statement.

Injectors of the kind made by Gerresheimer are used to administer Novo Nordisk's Wegovy and Eli Lilly's Zepbound.

First-quarter earnings at Gerresheimer's primary packaging glass division, which makes vials, fell 14.5% versus last year to reach 34.8 million euros. But earnings at its plastics and devices division, which makes syringes and injector pens, jumped 26.5% to 59.3 million euros.

($1 = 0.9234 euros)

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala)