BRUSSELS (Reuters) - Belgian pharmaceutical group UCB (BR:UCB) said on Friday that it agreed to sell its specialty generics business Kremers Urban to private equity groups Advent International and Avista Capital Partners for $1.525 billion (964 million British pounds) in cash.
The proceeds of the deal, which is expected to close in the first quarter of 2015, will allow the group to lower its debt and give it funds for investment, it said.
UCB lowered its 2014 outlook to account for the sale, guiding for 3.15 to 3.25 billion euros ($3.90 billion to $4.02 billion) of revenues, recurring core profit of 590 to 620 million euros and core earnings per share of 1.40 to 1.55 euros.
UCB said Lazard was acting as its lead financial advisor while BNP Paribas was an additional financial advisor and Covington & Burling LLP took up the role of its legal counsel.
(1 US dollar = 0.8080 euro)
(1 British pound = 1.5824 US dollar)
(Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)