3i Group plc (“3i”) today announces that Cirtec Medical (“Cirtec”), a strategic outsourcing partner for complex medical devices in which 3i invested in August 2017, is acquiring Metrigraphics, a leading manufacturer of ultra-high precision, custom micron-scale circuits and components for the medical devices industry and other critical applications.

Metrigraphics combines core technologies of thin film sensor substrate manufacturing with their proprietary processes to provide ultra-miniature components that increase the performance, accuracy, and reliability of state-of-the-art medical and wearable devices.  The Company serves a number of fast growing medical device segments, including continuous glucose monitoring, advanced drug delivery, active medication management and life science instruments. The acquisition also further strengthens Cirtec’s relationship with market leading and pioneering OEMs serving these device segments.

Metrigraphics has approximately 175 employees. The company is ISO 9001 certified and is based in a 46,000 sq. ft. facility in Lowell, Massachusetts.

Brian Highley, CEO, Cirtec, commented:

“This is a significant acquisition that fits perfectly with Cirtec’s focus on active implantables and aligns well with our strategy of expanding our capabilities serving minimally invasive interventional therapeutic products.  We plan to continue to enhance our capabilities to support our core customers, including those in the neuromodulation and active implantable markets, and to increase our investment in wearables and other biomedical applications.”

Richard Relyea, Partner, 3i Private Equity, added:

“The acquisition of Metrigraphics builds upon the recent acquisition of Cactus Semiconductor and further expands the company’s product portfolio of cutting edge and technically challenging medical device components.  Metrigraphics also diversifies the company’s device exposures with additional therapeutic markets poised for long-term growth.  We are excited to partner with an organisation that has such strong capabilities and relationships with innovative OEMs.”

This transaction represents Cirtec’s fourth completed acquisition since 3i’s investment, and will be funded from the company’s own resources.

-Ends-

Download this press release   

For further information, contact: 

3i Group plc

Utrecht (The Netherlands), Boston (United States) – Ablative Solutions, Inc. (Kalamazoo, Michigan), a medtech company pioneering new approaches for the treatment of hypertension, today announced the first close of its USD 77 million Series D funding round. The round was led by Gilde Healthcare and co-led by existing investor BioStar Ventures and an undisclosed new strategic corporate investor. Existing investors, including Michigan Accelerator Fund, Novus Biotechnology and other individual investors rounded out the financing.

Funds from the round will be used to complete clinical trials in support of U.S. and European regulatory submissions for the company’s minimally invasive renal denervation technology designed to help reduce blood pressure for people with uncontrolled hypertension.

Ablative Solutions’ alcohol-mediated renal denervation procedure is performed using the investigational Peregrine System Kit™, which is engineered to target nerves known to influence the body’s regulation of blood pressure. The Peregrine Kit delivers dehydrated alcohol in small doses directly to the space outside of the renal artery to block the overactive signaling of the sympathetic nerves. This targeted treatment is designed to be performed in a rapid, straightforward procedure with minimal pain or discomfort for the patient.

Drug therapy and lifestyle changes are the most common treatments for hypertension. Medication non-adherence remains a serious and underappreciated limitation of drug therapy. More than half of those treated do not achieve their target blood pressure, highlighting the need for improved therapeutic options.

About the Peregrine System Infusion Catheter
The Peregrine System Infusion Catheter has 510(k) clearance for the infusion of diagnostic and therapeutic agents into the perivascular area of the peripheral vasculature. The Peregrine System Infusion Catheter is CE marked for the infusion of a neurolytic agent to achieve a reduction in systemic blood pressure in hypertensive patients.

About Ablative Solutions
Ablative Solutions, Inc., based in Kalamazoo, Mich., and San Jose, Calif., was founded in 2011 with a vision to address the unmet need of hypertension. Ablative Solutions’ approach targets the overactive sympathetic nervous system, which may play a role in hypertension, heart failure, kidney disease, metabolic syndrome and sleep apnea. The Peregrine System Infusion Catheter provides physicians with a way to infuse diagnostic and therapeutic agents into the area surrounding the renal artery, where sympathetic nerves are located. The Peregrine System Kit is currently being investigated as a treatment for hypertension in conjunction with antihypertensive medications. For more information visit ablativesolutions.com.

About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing EUR 1 billion across two business lines: a venture & growth capital fund and a private equity fund. Gilde Healthcare’s venture & growth capital fund invests in therapeutics, medtech and digital health. The portfolio companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable lower mid-market European healthcare services companies with a focus on the Benelux and DACH region. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market. The venture & growth fund is currently investing out of Gilde Healthcare IV which is financed, in part, by the European Recovery Program-European Investment Fund Facility. For more information, visit the company’s website at gildehealthcare.com.

Equity Round led by Bain Capital Life Sciences
Redwood City, CA – January 3, 2019 – Gynesonics, a women’s healthcare company and the
developer of the Sonata System and other advanced, incision-free solutions for the treatment of
uterine conditions, today announced that it has completed a $75 million equity financing. The
financing was led by Bain Capital Life Sciences and included all of the Company’s existing
investors, including Abingworth, Advanced Technology Ventures (ATV), Endeavour Vision,
HealthCrest, InterWest Partners, HBM Partners, Correlation Ventures and Hercules Technology
Growth Capital.

The Sonata (Sonography-Guided Transcervical Fibroid Ablation) System is intended for the
diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids,
including those associated with heavy menstrual bleeding. The system combines a novel
integrated technology — the first and only intrauterine ultrasound system — with a proprietary
radiofrequency ablation device, providing a transcervical, incision-free, uterus-preserving
treatment for uterine fibroids. This breakthrough technology platform provides access to a wide
range of fibroid types, many of which cannot be treated with current operative hysteroscopy
methods.

Concurrent with the financing, Jeffrey Schwartz, a Managing Director of Bain Capital Life
Sciences, will join the Gynesonics Board of Directors.
“We are impressed by the quality and promise of the Sonata System and the caliber of the
Gynesonics team,” said Schwartz. “We believe there is a strong clinical need for an incision-free
option for women who are suffering from symptomatic fibroids. I look forward to joining the
board and working closely with the team on this important platform technology as well as other
advances in the company pipeline.”
“The Sonata System is poised to make a significant impact in the way women are treated for this
incapacitating disease,” stated Ken Haas, Partner, Abingworth. “As a founding investor in
Gynesonics, we are excited to help pioneer this new approach and to continue working with the
management team on its path toward successful commercialization.”
“We are confident that Gynesonics is well-positioned to meet the needs of women who suffer
from this debilitating disease. The robust and impressive clinical data will enable the Sonata
System to make a significant impact in the multi-billion worldwide market for the treatment of
uterine fibroids,” stated existing investor and Board Member, Mike Carusi, General Partner,
Advanced Technology Ventures.

Gynesonics will use the proceeds from the financing to launch the global commercialization of
the Sonata System. The Sonata System has a CE Mark for marketing in the European Union and
received U.S. Food and Drug Administration (FDA) 510(k) clearance in August.
The company will also use proceeds to further develop the Sonata technology platform, and for
additional clinical research initiatives to support reimbursement and market development
objectives.

“On behalf of all of the stakeholders in Gynesonics, I welcome Bain Capital as a new investor
and Jeff as a new member of our board,” said Christopher M. Owens, President and CEO of
Gynesonics. “Gynesonics has developed a breakthrough treatment option for symptomatic
uterine fibroids that is designed to preserve the uterus. We are proud to offer physicians and the
women under their care a new treatment choice for this disease. This financing will provide the
capital to successfully commercialize the Sonata System and continue the clinical research
essential to our market development objectives.”

According to medical literature, about 70-80 percent of women in the U.S. will develop uterine
fibroids by age 50 with a significant proportion of the fibroids causing symptoms. In addition,
according to the New England Journal of Medicine, approximately 200,000 hysterectomies are
performed in the U.S. each year because of uterine fibroids.
With an estimated volume of more than 1 million annual global fibroid procedures, Gynesonics
projects a $3 billion-$4 billion global market opportunity for its Sonata System, including a
market opportunity of more than $1 billion in the U.S. alone.

About Bain Capital Life Sciences
Bain Capital Life Sciences pursues investments in biopharmaceutical, specialty pharmaceutical,
medical device, diagnostics and enabling life science technology companies globally. The team
focuses on companies that both drive medical innovation across the value chain and enable that
innovation to improve the lives of patients with unmet medical needs. Through its private equity
business, the firm has significant experience working with companies focused on women’s
health issues including through its prior ownership of Warner Chilcott.

About Sonata System
The Sonata System, the next generation of Gynesonics’ technology platform (the previous
generation referred to as VizAblate), uses radiofrequency energy to ablate fibroids under
intrauterine sonography guidance. The Sonata System, including the SMART Guide, enables the
operator to target fibroids and optimize ablations within them. Sonata System’s design provides a
straightforward, transcervical access for a uterus preserving, incision-free fibroid treatment. This
intrauterine approach is designed to treat a wide range of fibroid types while avoiding the
peritoneal cavity.

About Gynesonics
Gynesonics is a women’s healthcare company focused on advancing women’s health, by
developing minimally invasive, transcervical, uterus-preserving, incision-free technologies for
diagnostic and therapeutic applications. Gynesonics has developed the Sonata System for
diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids. The
Sonata System is CE marked. Sonata is approved for sale in the European Union and the United
States. Gynesonics is a privately held company with headquarters in Redwood City, CA. For
more information, go to www.gynesonics.com.

CONTACT:
Chris Owens, Gynesonics President and CEO
+1.650.216.3860
www.gynesonics.com

New Delhi, Delhi, India

• Newly listed combined entity of Max Healthcare and Radiant with an equity valuation of INR 7,242 crs will be promoted by Abhay Soi and co-promoted by global investment firm KKR
• Max India to demerge its non-healthcare businesses into a new listed entity

Radiant Life Care Private Limited (“Radiant”), a leading Indian hospital management company promoted by Abhay Soi and backed by global investment firm KKR, announced today that it has entered into a transaction whereby its shareholders will eventually acquire a majority stake in Max Healthcare Institute Limited (“Max Healthcare”) from Max India Limited (“Max India”). The acquisition will be undertaken through a series of transactions, including Radiant’s purchase of a 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in an all cash deal, followed by demerger of Radiant’s healthcare assets into Max Healthcare which will result in KKR and Radiant promoter Abhay Soi together acquiring a majority stake in Max Healthcare.

The combination of Radiant and Max Healthcare will create the largest hospital network in North India, which will become among the top three hospital networks in India by revenue and the fourth largest in India in terms of operating beds. The merged entity will operate over 3,200 beds throughout 16 hospitals across India, including tertiary and quaternary care facilities offering high end critical and super speciality care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital. The combined business is expected to provide significant growth potential and compelling business synergies. By providing best-in-class patient care, the combined business plans to address India’s growing demand for quality medical treatment.

Upon closing, Abhay Soi will lead the combined company as its Chairman, supported by a strong leadership team.

Abhay Soi, Chairman and Managing Director of Radiant, said, “Radiant has achieved significant growth and expansion during a time of rapid industry consolidation, and the proposed acquisition of a majority stake in Max Healthcare marks an exciting step forward in our strategy to increase scale by merging with a leading and complementary hospital network. We are fortunate to have strong support from KKR as we continue our mission of providing superior medical services in India.”

Analjit Singh, Founder & Chairman Emeritus of Max Group, said, “Max Healthcare has been an integral part of my entrepreneurial journey and I can’t think of better partners than Radiant, backed by KKR, to carry forward this legacy. Over the years, the business has come to be known for its consistently high level of service and clinical excellence across 14 world class facilities, and to this day, it continues to set new benchmarks in clinical quality. The merger offers significant growth potential with revenue and cost efficiencies to be extracted. Both Max and Radiant possess complementary sets of capabilities in running healthcare establishments and KKR brings with it extensive global experience and expertise in healthcare investments as well as capabilities in prudent financial management and efficient capital allocation.”

Sanjay Nayar, Member & CEO of KKR India, said, “We are excited to back Radiant’s efforts towards consolidation in the healthcare sector by helping them create an effective platform in India for the highest-quality healthcare service providers, best in class infrastructure, practices, doctors and management teams. The country’s private hospital market has grown rapidly in recent years, and we expect demand for quality healthcare to outpace overall economic growth as Indians demand better quality care. The combined business will enjoy a leadership position amongst the attractive metros of Delhi and Mumbai.”

Transaction Details
As per the Composite Scheme announced today by Max India, the transaction will be completed through the following steps:

1. Prior to the merger transaction involving Radiant and Max Healthcare, Max India will demerge its non- healthcare businesses (comprising of Max Bupa and Antara Senior Living) into a new wholly owned subsidiary of Max India whose shares will be listed separately on both BSE Limited and National Stock Exchange of India Limited.
2. This new company will be spun off, and shareholders of Max India will receive one share of INR 10/- each of the new company for every five shares of Rs 2/- each that they hold in existing Max India.
3. Following the demerger and the spin-off, Radiant’s healthcare assets will be demerged into Max Healthcare which will then undertake a reverse merger with Max India to create Merged Max Healthcare (“Combined Entity” or “Merged Entity”). As a result of the reverse merger, shareholders of Max India will receive 99 shares of the Merged Entity of INR 10/- each for every 100 share of INR 2/- each that they hold in Max India.
4. Post-merger, Max India will get dissolved without being wound up and subsequently the equity shares of the Merged Entity will get listed on both BSE Limited and National Stock Exchange of India Limited.
5. Based on the share exchange ratio recommended in the valuation report issued by S.R. Batliboi & Co LLP and B.S.R Associates LLP, the resultant shareholding of the Combined Entity will be 51.9%, 23.2% and 7.0% (post sale of 4.99% as mentioned below) held by KKR, Abhay Soi and Max Promoters respectively, with the balance being held by public and other shareholders.

A record date will be fixed in due course by the Board of Max India in conjunction with the Board of Radiant.
The Combined Entity will be promoted by Abhay Soi and co-promoted by KKR. Max India’s current promoters (“Max Promoters”) will subsequently step down through the process of de-promoterisation after completion of the merger. KKR will also acquire an additional stake of 4.99% in the Merged Entity from Max Promoters, funded primarily from KKR Asian Fund III. The transaction is subject to regulatory approvals and other customary closing conditions.
The merged entity will continue to use the current brand name Max Healthcare, with appropriate adjustments to its logo.

Rationale
Consolidation of the healthcare business of Radiant with Max Healthcare in a single listed entity can create significant value for all stakeholders:

• One of the top three hospital chains in India
• Attractively positioned in two large healthcare markets
• Well recognized local brands
• Promoter led strong leadership team
• Balanced vintage mix of hospitals
• Track record of robust financial performance
• Significant potential to extract cost savings, realize synergies and improve margins
• Strong platform to consolidate through acquisitions of attractive healthcare assets

About Radiant Life Care

Radiant is promoted by Abhay Soi and is in the business of developing/redeveloping hospitals to provide high end quaternary care. Presently, Radiant has two iconic facilities in its portfolio namely: BLK Super Specialty Hospital, Delhi and Nanavati Super Specialty Hospital, Mumbai.

Radiant forayed into healthcare in 2010 with the re-development and commissioning of BLK, a 650-bed hospital, one of the largest private sector hospitals in Delhi and NCR. Besides this flagship hospital, Radiant collaborated with the Nanavati Hospital Trust in 2014 to take over the operations of Nanavati, a 350-bed multi-specialty hospital. Over the next four years, Radiant plans to transform Nanavati into an 800 bed state-of-the-art quaternary care institute and expand BLK by another 200 beds. For additional information, visit the company’s website at www.radiantlifecare.com

About Max India

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. The Company owns and actively manages a 49.70% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For additional information, visit the company’s website at www.maxindia.com

About Max Healthcare

Max Healthcare (MHC) is the Country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 14 facilities in North India, offering services in over 30 medical disciplines. Of this, 11 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Vaishali, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura, Noida & Greater Noida and an out-patient facility and speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Max Healthcare has a base of over 3,000 doctors, 10,000 employees and over 2.2 million patients from over 80 countries, across its network of 14 hospitals. For additional information, visit the company’s website at www.maxhealthcare.in

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Disclaimer
The information in this release has been included in good faith and is meant for general purposes only. Such information is based on the perception of business, market conditions and overall growth potential by the relevant parties. This information is disseminated generally and not addressed to any person or party or for any purpose specific or otherwise. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this release shall constitute an invitation to invest in any of the entities referenced in this announcement or their affiliates. None of the parties referenced in this announcement (including their affiliates) or their officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of opportunity, profit, indirect, incidental or consequential loss or any actions undertaken in contemplation of the proposed Transaction.

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, non – completion of conditions agreed between parties to the transaction, approval for the merger not being obtained, ability to recognize the anticipated benefits of the merger including potential growth and business synergies, fluctuations in earnings, dependency on good monsoons and other climatic conditions, fluctuations in foreign currencies, ability of each of the relevant parties to manage growth, intense competition in the business any other business and corporate actions. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a direct or indirect, express or implied, representation or warranty of any nature whatsoever by any of the relevant parties, or any other person, that the objective and plans envisaged by the parties hereto will be achieved. All forward looking statements made herein are based on information presently available to the managements of the relevant entities set out herein and they do not undertake or are in anyway obliged to update any forward-looking statement that may be made from time to time by or on behalf of the each of the entities or the proposed transaction.