(Bloomberg) -- Investment firms Intermediate Capital Group and Merieux Equity Partners have agreed to acquire Italian generics drugmaker Doc Generici from CVC Capital Partners for an undisclosed amount.

The pharmaceutical company may have been valued at about 1.1 billion euros ($1.2 billion), people familiar with the matter said previously.

The takeover will be among the biggest announced for a European health-care company this year, according to data compiled by Bloomberg. While the global volume of deals in pharmaceuticals, biotechnology and health products and services is up 15 percent this year, takeovers of European firms in the industry have dropped 82 percent, the data show. Bidders are holding back on deals in Europe generally this year amid fears about the continent’s economic outlook and the ripple effects of Brexit.

Read more about Europe’s dire first quarter for M&A here.

CVC bought Milan-based Doc Generici in 2016. The company counts a wide portfolio of generic drugs in areas such as cardiovascular and gastrointestinal and metabolic conditions, according to its website.

To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.net

To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, John Lauerman

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