Tag Archives: healthcare

IK Partners to invest in Defibrion

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Defibrion B.V. (“Defibrion” or “the Company”), a leading Dutch distributor of automated external defibrillators (“AEDs”) and related products. IK is investing from its dedicated pool of Development Capital and acquiring its stake from existing shareholders, including Holland Capital, Co-Founder and current CEO Joshua Valkenier and the management team. Both Joshua and the management team will be reinvesting in the Company alongside IK. Financial terms of the transaction are not disclosed.

Based in Groningen, Netherlands, Defibrion was founded in 2008. As an expert in the field of AEDs and workplace safety, Defibrion offers a wide range of products and related services, acting as a one-stop shop for emergency response needs to more than 6,400 customers globally. These include over 900 resellers in Europe and North America, with the remainder being end-users such as offices, sports clubs and government institutions.

With the support of IK, the Company aims to scale the existing platform on the back of a growing market and increased product awareness, diversifying the offering to directly serve end-customers in new markets and cross-sell to its existing network. Additionally, the Company plans to identify buy-and-build opportunities to accelerate its expansion and drive consolidation in what is currently a fragmented market.

Joshua Valkenier, Co-Founder and CEO of Defibrion, said: “This is an important next step for Defibrion as we seek to further strengthen our position as a global player in the AED market and target continued growth in a marketplace that is constantly evolving. With the support of the team at IK, who has proven experience investing in the Healthcare sector across various European jurisdictions, we are confident that we can deliver success and growth for all our customers and other stakeholders.”

Frances Houweling, Partner at IK Partners and Advisor to IK SC III Fund, added: “We are very excited about the prospect of partnering with Joshua and his team. Defibrion has established itself as a market leader for AEDs in Europe. This market is predicted to continue growing across Europe at an impressive rate year-on-year, largely due to increased awareness of the need for these products, given the rising risk of cardiac arrest. It is also a sector in which the broader IK team has considerable experience and we look forward to bringing this into our partnership with the Company.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About Defibrion

Defibrion was founded in 2008 and offers a wide range of AEDs and emergency response equipment in Europe. In the Benelux they are the exclusive importer of HeartSine AEDs and offer a full-service concept, including installation, advice, maintenance and training. In addition, Defibrion has developed its own AED cabinet series, operating under the name ARKY, which is sold in over 30 countries worldwide. For more information, visit defibrion.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in over 190 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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EQT Life Sciences invests in Asceneuron, a neurodegeneration therapeutics company, as part of USD 100 million Series C financing round

EQT Life Science
  • EQT Life Sciences has invested in Asceneuron’s oversubscribed Series C and Prof. Philip Scheltens will join the Asceneuron Board of Directors
  • Asceneuron – which is developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease – will use the funds to progress its lead asset ASN51 into Phase 2 clinical development for the treatment of Alzheimer’s disease

EQT Life Sciences is pleased to share that the LSP Dementia Fund has invested in Asceneuron SA (“Asceneuron” or “the Company”), a clinical stage biotech company developing small molecules, targeting tau protein aggregation, a root cause of neurodegenerative disease. New investors in the oversubscribed USD 100 million Series C also include Novo Holdings – which led the round – OrbiMed and SR One. Existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited and Johnson & Johnson Innovation also participated. Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund, will join the Asceneuron Board of Directors, and Dr. Arno de Wilde, Director at the Fund will join as board observer.

The financing will be used to advance the clinical development of Asceneuron’s clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases. Primarily, Asceneuron plans to take its lead asset, known as ASN51, into Phase 2 clinical development for the treatment of Alzheimer’s disease. ASN51 is an oral small molecule drug designed to inhibit OGA, an enzyme implicated in protein aggregation. By preventing the aggregation of tau proteins, ASN51 aims to slow the progression of Alzheimer’s disease. OGA inhibition has also shown promise in the prevention of other neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis.

Asceneuron has completed five early-stage clinical trials, showing that their treatment effectively reaches the brain and targets the OGA enzyme. Asceneuron plans to initiate its first Phase 2 clinical study later this year.

Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron, said: “This high caliber life sciences investor syndicate further validates the potential of our OGA inhibitor pipeline and leadership in the field of tauopathies. We are excited to be working with the LSP Dementia Fund given their outstanding track record in the field of Alzheimer’s disease as we advance our lead asset ASN51 into Phase 2 clinical development, recognizing its potential to significantly expand treatment options for patients with Alzheimer’s disease”.

New Asceneuron Board Member and Head of the LSP Dementia Fund Prof. Philip Scheltens added: “Dementia and other neurodegenerative diseases are some of the greatest healthcare challenges of our time. With our LSP Dementia Fund, EQT Life Sciences can invest in innovative companies across the neurodegenerative spectrum. Asceneuron is exactly this kind of company. Its clinical pipeline has breakthrough potential to change patients’ lives for the better and we’re delighted to be joining Asceneuron on its journey.”

Contact
EQT Press Office, press@eqtpartners.com 

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The LSP Dementia Fund (USD 297Million) started in 2020 and has a dedicated team of neurologists and neuroscientists focused on investing in therapeutics targeting neurodegenerative diseases.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/      

About Asceneuron
Asceneuron is a clinical stage biotech company focused on the development of orally bioavailable therapeutics for debilitating neurodegenerative disorders with high unmet medical need. The company’s pipeline reflects its ambition and commitment to developing treatments for a wide range of neurodegenerative diseases. Asceneuron has two clinical-stage small molecule OGA inhibitors in development: ASN90 (licensed to Ferrer Pharmaceuticals) for the treatment of progressive supranuclear palsy (PSP) and a potential best-in-class molecule, ASN51, for Alzheimer’s disease. The company is also planning to advance its pre-clinical development pipeline in Parkinson’s disease, amyotrophic lateral sclerosis (ALS) and other neurodegenerative indications. Asceneuron is backed by a renowned syndicate of investors consisting of Alzheimer’s Drug Discovery Foundation (ADDF), LSP Dementia Fund, GSK Equities Investments Limited, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Kurma Partners, M Ventures, Novo Holdings, OrbiMed, Sofinnova Partners and SR One. For more information, please visit www.asceneuron.com 

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IMV Technologies Group acquires Medivet Scandinavian AB

Montagu

Medivet are a leading provider of Veterinary DR X-Ray systems and other veterinary imaging modalities, based in Angelholm, Sweden with a reach throughout Scandinavia. Under the leadership of Torbjörn Hallenheim the business has developed into one of Scandinavia’s leading providers of veterinary imaging solutions.

Torbjörn comments that “we are totally thrilled to be joining the IMV Technologies group to provide us with the resources and market knowledge that will help us take our business to the next level, IMV Technologies provides us with a natural partnership in this exciting and growing market.”

IMV Technologies provides us with a natural partnership in this exciting and growing market.

Torbjörn Hallenheim, Owner & CEO, Medivet Scandinavian AB

Alain de Lambilly; CEO of IMV Technologies, adds that “Medivet is a fabulous business, and we are delighted to welcome Torbjörn and his team to IMV Technologies. We have been very impressed by the dedication shown to outstanding customer service by the Medivet team in providing the very best products and services to their clients across Scandinavia. At IMV one of our core values is Excellence and we see an amazing commitment at Medivet to ensuring their clients have the tools and knowledge to provide the best possible animal care. Medivet will join our growing and successful Companion Animal Imaging business, bringing additional experience and products – in particular their MERS Equine X-Ray technologies to our comprehensive product offering.”

Medivet is a fabulous business, and we are delighted to welcome Torbjörn and his team to IMV Technologies.

Alain de Lambilly, CEO, IMV Technologies Group

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KKR To Acquire Healthium From Apax Funds

KKR

MUMBAI, India–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of definitive agreements under which funds managed by KKR will acquire Healthium Medtech Ltd. (“Healthium”), a leading Indian medical devices company, from an affiliate of Funds advised by Apax Partners LLP (“Apax”), a leading global private equity advisory firm. The acquisition will be made by a special purpose vehicle owned by KKR-managed funds which will acquire a controlling interest in Healthium group, including Healthium.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240505117673/en/

Founded in India in 1992, Healthium is a medical devices company that develops, manufactures and sells a broad range of surgical products globally. Its comprehensive, high-quality portfolio caters to a wide spectrum of surgeons’ needs, offering wound closure, arthroscopy, and advanced wound closure products.

The Apax Funds acquired Healthium in 2018 and transformed the company from a domestic suture player into a global medical devices leader. With the support of the Apax Funds, the company bolstered its management team to add deep industry experience with the appointment of Anish Bafna as CEO and Vishal Maheshwari as CFO, positioning Healthium for growth. Healthium strengthened its existing portfolio of wound closure devices and consumables and invested in new franchises such as arthroscopy and advanced wound care through in-house R&D and M&A. During this period, Healthium expanded its presence from 50 countries to more than 90 today.

Akshay Tanna, Partner and Head of India Private Equity at KKR, said: “Under the leadership of Anish and his talented management team, Healthium has established itself as a leading homegrown producer of medical devices with a strong track record of delivering quality products and a wide distribution network both in India and globally. We look forward to leveraging our global network and healthcare expertise to accelerate its growth in this fast-growing sector and further scale its global business through organic and inorganic growth strategies.”

Steven Dyson, Partner at Apax, commented: “Thanks to our long experience partnering with medical devices companies, we saw the opportunity to leverage Healthium’s strong existing portfolio to create a global diversified MedTech platform. We are proud to have supported Healthium on its growth journey to become the leading medical technology player in India through investments in innovation, manufacturing capacity, and portfolio expansion. We would like to thank Anish, Vishal and the team, and wish them every success for the future.”

Anish Bafna, Chief Executive Officer of Healthium, said: “Over the last five years, with the support and partnership of Apax, Healthium has tremendously accelerated its growth. Our products are now used in one-in-five surgeries globally and we have nearly doubled the markets we’re present in. On behalf of the whole management team, I would like to thank the Apax team for their expertise, hard work, and dedication. As we look to further strengthen and expand our market position, we are delighted to welcome an investor of KKR’s calibre, who brings deep global healthcare expertise and knowledge of the Indian market. We look forward to our next phase of growth with their support, being able to leverage their global platform, as well as strong investment and operational expertise.”

KKR makes its investment from its Asian Fund IV. Healthium marks KKR’s latest investment in the healthcare sector in India and Asia Pacific, which includes but is not limited to, JB, a leading branded formulations pharmaceutical company in India; Max Healthcare, one of India’s largest hospital networks; Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company; PHC, a leading provider of medical equipment and clinical healthcare IT systems in Japan; Bushu Pharma, a leading pure-play contract development and manufacturing company in Japan; and Metro Pacific Hospitals, the largest private hospital chain in the Philippines.

The transaction is subject to receipt of certain regulatory approvals and is expected to close in the third quarter of 2024. Financial details were not disclosed.

Apax Partners and Healthium were advised by Jefferies LLC as financial advisor and Kirkland & Ellis LLP as legal counsel. KKR was advised by Moelis & Company as financial advisor and Simpson Thacher & Bartlett and AZB & Partners as legal counsel.

About Healthium

Healthium is a global medical devices company focused on products used in surgical, post-surgical and chronic care. Fuelled by its vision to provide “Access to precision medtech for every patient, globally,” it is present across 90 countries. 1 in 5 surgeries conducted globally uses a Healthium product.

www.healthiummedtech.com

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $77 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For further information, please visit www.apax.com.

Media Inquiries
For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Apax
Kat Sallerfors
+44 20 7872 6300
Katarina.sallerfors@apax.com

Source: KKR

 

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Healthcare Realty Trust Announces Strategic Joint Venture With KKR

KKR

Contributes seed portfolio valued at $383 million to the JV, resulting in proceeds of approximately $300 million
Additional KKR capital commitment of up to $600 million to increase the potential value of the JV to more than $1 billion

NASHVILLE, Tenn., May 06, 2024 (GLOBE NEWSWIRE) — Healthcare Realty Trust Incorporated (NYSE:HR) today announced that it has entered into a strategic joint venture (JV) relationship with KKR to jointly own and invest in quality medical outpatient buildings. Healthcare Realty expects to receive approximately $300 million in proceeds for the contribution of a seed portfolio to the JV and will partner with KKR to explore additional acquisitions, including the potential contribution of more Healthcare Realty properties to the JV.

Under the terms of the agreement, Healthcare Realty will contribute 12 of its existing properties to seed the JV at a value of $382.5 million, representing a cap rate of approximately 6.6%. KKR will make an equity contribution to the JV equal to 80% of the value of the properties. Healthcare Realty will retain a 20% interest and will manage the JV, as well as continue to oversee day-to-day operations and leasing of the properties. KKR has also committed up to $600 million to the JV to pursue additional acquisitions or contributions of high-quality stabilized assets that are a match for its long-term capital base.

“Healthcare Realty is pleased to announce the formation of a strategic relationship with KKR, a leading global investment firm,” stated Todd Meredith, President and CEO. “We look forward to collaborating with KKR to strategically invest in the medical outpatient sector. In the near term, our capital allocation priority is to repurchase stock on a leverage neutral basis. Looking ahead, we may contribute additional Healthcare Realty properties to the JV or pursue acquisitions, depending on market conditions.”

“Healthcare Realty is a leading owner and operator of medical outpatient buildings in the U.S. with a strong focus on quality properties and serving tenants through best-in-class management,” said Peter Sundheim, Managing Director at KKR. “This high-quality portfolio is a great match for our long-term capital. We look forward to collaborating on new investments at an opportune moment when the current deleveraging cycle is impacting all types of real estate, including in favored sectors with excellent long-term fundamentals and demand drivers.”

The 12 properties to be contributed to the joint venture are medical outpatient buildings in seven top markets located predominantly on or adjacent to leading hospital campuses. The properties comprise a total of 762,399 square feet and are 98% occupied. The contribution of the properties is expected to occur throughout May and June upon satisfaction of customary closing conditions.

Eastdil Secured LLC and BlackBirch Capital served as Healthcare Realty’s financial advisors. Latham & Watkins LLP served as Healthcare Realty’s legal advisor.

Newmark’s Healthcare Capital Markets Group served as financial advisor and Simpson Thacher & Barlett LLP served as legal advisor to KKR. KKR is making this investment through capital accounts advised by KKR.

About Healthcare Realty

Healthcare Realty is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes nearly 700 properties totaling over 40 million square feet concentrated in 15 growth markets. Additional information regarding the Company can be found at www.healthcarerealty.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290

In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty, including its Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors,” and in its Quarterly Reports filed thereafter and in the Company’s other SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.

 

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PAI Partners to acquire majority stake in Vamed’s European rehabilitation business

PAI Partners

PAI Partners (“PAI”), a pre-eminent private equity firm, and Fresenius SE & Co. KGaA (“Fresenius”), a global healthcare company, today announced a strategic partnership for Vamed’s leading pan-European rehabilitation unit, currently a fully consolidated subsidiary of Fresenius. PAI – through its fund dedicated to mid-market opportunities, PAI Mid-Market Fund (“PAI MMF”) – will hold a 67% stake and Fresenius will hold a 33% stake upon completion.

Vamed’s rehabilitation business operates 67 clinics and care centres across Germany, Austria, Switzerland, the Czech Republic and the UK, serving more than 100,000 patients annually. Supported by around 10,000 highly-skilled staff, the unit provides a comprehensive range of inpatient and outpatient rehabilitation services, as well as specialist acute care. The business follows a multidisciplinary approach to patient care, with areas of expertise including neurology, orthopaedics, psychosomatics, and cardiology.

As a standalone business, the rehabilitation business will be well positioned to focus on operational excellence to better meet the needs of its patients. Additionally, this will allow for greater investments in the team, attracting further industry talent to strengthen the business’ rehabilitation services.

PAI will draw on its significant experience in the Healthcare sector – including past investments, such as DomusVi, a leading player in the European residential elderly care sector, an adjacent space to rehabilitation – to support Vamed’s rehabilitation business going forward. PAI will also leverage its strong track record in carve-outs – this transaction will be the firm’s twentieth carve-out and follows PAI MMF’s carve-out and joint venture with Nestlé on European Pizza Group last year.

Stefano Drago, a Founding Partner of PAI Mid-Market Fund, said: “Vamed’s rehabilitation business is a European leader, providing essential rehabilitation services with a strong reputation for delivering quality care. Working closely with our partner Fresenius, we will draw on our mutual industry expertise to strengthen our new healthcare business, placing service, patient experience and medical outcomes at the forefront.”

Closing is expected in the second half of 2024, subject to regulatory approval and other customary closing conditions. Approval of the transaction by a Vamed General Meeting where Fresenius holds a requisite 77% majority is expected shortly.

Media contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €24 billion in proceeds from 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond.

PAI Mid-Market Fund, PAI’s first vehicle fully dedicated to investing in mid-market companies across Europe, draws on PAI’s core investment DNA and capabilities, leveraging the firm’s European expertise, its local market presence, and its specialist sector knowledge to create an extension of the firm’s platform across the mid-market. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

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Cotiviti Completes Recapitalization With KKR And Long-Standing Owner Veritas

KKR

SALT LAKE CITY–(BUSINESS WIRE)–Cotiviti, a leading healthcare data analytics and technology business, announced today the close of its business recapitalization with two premier firms, affiliates of its long-standing partner Veritas Capital (Veritas) and investment funds managed by KKR. KKR and Veritas are now co-sponsors with equal ownership stakes in Cotiviti.

Cotiviti’s mission is to improve the healthcare system through its combination of advanced technology, data analytics, and specialized expertise. Its dynamic, integrated SaaS solutions enable health plans to solve their biggest challenges by closing care gaps, helping to ensure claims are appropriately reimbursed, capturing population risk accurately, and engaging consumers through highly tailored, multichannel approaches.

“This is a significant milestone for Cotiviti and one that positions us for continued growth across the healthcare ecosystem as we leverage our deep expertise and infrastructure,” said Emad Rizk, M.D., Chairman, President, and CEO of Cotiviti. “In Veritas and KKR, we have two world-class investment firms joining forces because of their belief in our mission. With their support, we have additional capital to accelerate innovation and fund growth investments in commercial expansion, new product development, and technology-related opportunities. As we enter this next chapter, we remain committed to providing greater value through our differentiated scalable service model, accelerating meaningful innovation across our platform, and delivering deep expertise as a trusted partner to our customers.”

“Veritas partners with businesses like Cotiviti whose products and services drive industry transformation and where our investment can help strengthen those solutions for the benefit of customers,” said Ramzi Musallam, CEO and Managing Partner of Veritas. “Over the course of our investment, Veritas supported a series of organic and inorganic initiatives that drove sustained, transformative growth. With the close of this transaction and the combined support of Veritas and KKR, Cotiviti is optimally equipped to continue its growth trajectory while driving further advancements to improve the sustainability of the healthcare system and quality of care.”

“We are thrilled to support Cotiviti’s mission to meaningfully improve today’s healthcare system,” said Max Lin, Partner at KKR. “Cotiviti’s portfolio of best-in-class solutions is used and trusted by over two hundred healthcare payers, including some of the largest plans in the United States, to enable accuracy, efficiency, and quality for all stakeholders. We look forward to working alongside the Cotiviti management team and Veritas to further scale the business through strategically investing in innovation, talent, and technology.”

About Cotiviti:

Cotiviti enables healthcare organizations to deliver better care at lower cost through advanced technology and data analytics, helping to ensure the quality and sustainability of how healthcare is delivered in the United States. Cotiviti’s solutions are a critical foundation for healthcare payers in their mission to lower healthcare costs and improve quality through higher performing payment accuracy, quality improvement, risk adjustment, and consumer engagement programs. The company also supports the retail industry with data management and recovery audit services that improve business outcomes. For more information, visit www.cotiviti.com.

About KKR:

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Veritas Capital:

Veritas is a longstanding technology investor with approximately $40 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.

Contacts

Cotiviti
Ross Homer
Aria Marketing for Cotiviti
+1 (508) 344-8051
rhomer@ariamarketing.com

KKR
Julia Kosygina or Emily Cummings
+ 1 (212) 750-8300
media@kkr.com

Veritas Capital
Prosek Partners
Pro-Veritas@Prosek.com

 

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Trovo Health Announces $15 Million Seed Funding Round Led by Oak HC/FT

Oak HC FT

Trovo’s specialty-trained AI software and expert care teams deliver new capabilities for patients, improve outcomes and operate with efficiency

Trovo Health announced today that it is launching with a $15 million fundraise led by Oak HC/FT. Trovo uses an AI-powered platform backed by a multidisciplinary care team to help providers extend their capabilities. As part of the news, Andrew Adams, co-founder and managing partner at Oak HC/FT, will join the board of directors at Trovo Health.

The company was co-founded by Niren Gandra, M.D., and Aditya Pandyaram and is based in New York City. Trovo’s platform helps physician groups add new capabilities, including those that involve complex tasks requiring specialty-specific expertise. Providers can use the platform to improve outcomes, deliver a better patient experience and improve their own operations.

“Adding new practice capabilities, both internal and patient facing, has always been a challenge for practices,” says Niren Gandra, M.D., CEO and co-founder of Trovo Health. “By combining specialty-specific AI with expert clinical team members, we can help providers tackle historically difficult problems with a click of a button.”

The company has built a team of clinicians and technologists to deliver on its vision. It plans to use the funding to further build out its technology platform, clinical operations and leadership team.

“Trovo’s platform introduces an innovative solution for the most challenging problems in care delivery and operations,” says Andrew Adams, co-founder and managing partner at Oak HC/FT. “We are proud to partner with Niren, Aditya and the Trovo team on their journey to making healthcare services more straightforward for patients and physicians alike.”

“Trovo’s approach is exciting because they are combining cutting edge technology with the expertise of a medical group,” says Vig Chandramouli, partner at Oak HC/FT. “Trovo has the ability to support customers across multiple use cases with a singular platform and completely handle complicated workflows, rather than offer a piecemeal solution.”

About Trovo Health

Trovo Health uses an AI-powered platform backed by a multidisciplinary care team to allow health care providers to extend their capabilities seamlessly. Leveraging specialty-specific AI workflow technology and expert care team members, providers can deliver new capabilities for patients, improve outcomes and operate more efficiently. Co-founded by Niren Gandra, M.D. and Aditya Pandyaram in 2024 to transform patient care, the company is headquartered in New York, NY. Learn more at www.trovohealth.com.

About Oak HC/FT

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare, two sectors that consistently evolve and carry extensive responsibility to serve a multitude of populations. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact on these two vital industries. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on Twitter and LinkedIn and learn more at https://www.oakhcft.com/.

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Ascend acquires GMP manufacturing capacity in Alachua, Florida from Beacon Therapeutics

Abingworth

London, United Kingdom, 9 April 2024 – Ascend Advanced Therapies (Ascend), an end-to-end gene therapy development partner, has acquired the Chemistry, Manufacturing and Controls (CMC) team and site in Alachua, Florida from Beacon Therapeutics (Beacon). The transaction brings an operational good manufacturing practice (GMP) facility, process and analytical development capabilities, and additional experts to the Ascend team. It also includes a long-term partnership with Beacon to continue manufacturing its products for clinical and commercial use, securing product supply for Beacon, and enabling it to focus on clinical development.

“Ascend was founded with a unique science and technology-driven strategy. As we continue building the most flexible adeno-associated virus (AAV) platform across serotypes on the market, we also understand the critical value of our experienced employees,” Mike Stella, CEO at Ascend offered. “This acquisition allows us to now support customers from research through to commercialization and adds to one of the most experienced gene therapy teams in the market. Every day we are working together to grow the company with a long-term mindset of quality first to appropriately balance quality and yield for the life of each product.”

“We are excited to enter this strategic arrangement with Ascend to advance our sight saving therapies toward approval. This alignment is critical to securing GMP drug product supply for our late-stage clinical asset AGTC-501 for the treatment of X-Linked Retinitis Pigmentosa,” David Fellows, CEO at Beacon Therapeutics continued. “The Ascend team brings significant experience in gene therapy manufacturing and a strong commitment to building capabilities to support future Beacon pipeline programs.”

The Beacon Therapeutics portfolio currently includes three ocular gene therapy products utilizing AAV to deliver gene constructs that address retinal disorders. The proteins expressed from the transduced constructs compensate for deficiencies in the patient cells, or otherwise intervene in pathological processes, potentially restoring vision or preventing disease progression.

Alachua is a leading biotech hub in Florida and continues to attract investments in advanced therapeutic programs. The facility is highly synergistic to a growing global network of Ascend sites that has been built via critical acquisitions. From early-stage R&D at the San Francisco Bay Area site, to process development, optimisation and forthcoming GMP QC release capabilities at the Munich, Germany site and now the GMP facility in Alachua Florida, Ascend has the combined network and product experience to deliver total support for clients at all stages of development.

The transaction was closed on 1st April 2024, and integration efforts began immediately. To learn more about Beacon Therapeutics, please visit: https://www.beacontx.com/. To learn more about Ascend, please visit: www.ascend-adv.com or email business@ascend-adv.com.

About Ascend

Ascend Advanced Therapies (Ascend) is a specialist adeno-associated virus (AAV) development partner working to bring next-generation gene therapy products to market. Using an acqui-building approach, Ascend hit the ground running in 2023 with operational facilities globally, and a team of experts that offer unparalleled insight and collaboration when delivering products from the bench through to commercialization. The flexible platform supports all AAV serotypes across scales with proprietary and partnered technologies and a world-class analytical toolkit. The team continuously aims higher for the long run when collaborating with partners to balance yield and quality of accessible life-saving therapies. Learn more at www.ascend-adv.com.

About Beacon Therapeutics

Beacon Therapeutics is an ophthalmic gene therapy company founded in 2023 to save and restore the vision of patients with a range of prevalent and rare retinal diseases that result in blindness. Beacon has an established scientific foundation that combines a late-stage development candidate to treat X-linked retinitis pigmentosa (XLRP), as well as two preclinical programs, one targeting dry age-related macular degeneration (AMD) and another targeting cone-rod dystrophy (CRD), an inherited retinal disease. The Company is supported by funds from Syncona and additional investors including Oxford Science Enterprises. To learn more, please visit www.beacontx.com.

For media inquiries, please contact:Media team: media@ascend-adv.com

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Miura Partners launches Dent&Co to support Proclinic Group in its new growth phase

Miura Capital
    • Dent&Co has raised over €200 million from international institutional investors.
    • ProClinic Group, a leading dental distributor in Europe, undertakes a new phase of growth and consolidation through acquisitions.

Miura Partners (Miura) has closed Dent&Co fund at over €200 million, to back Proclinic Group (Proclinic), a European leading dental distribution company, in its next phase of growth.

Dent&Co has commitments from institutional investors, including existing and new LPs who further support the project. The Raneda family, together with Manuel Alfonso – CEO of the group, have reinvested and will continue to lead the project.

Founded in 1983 and headquartered in Zaragoza in Spain, Proclinic is a leading pan-European integrated provider of solutions for the dental sector. The company offers a broad product portfolio of dental consumables and equipment, as well as value-added services including after-sales training and technical support, providing a one-stop solution across the value chain to its clients. The company has a strong omnichannel presence in key European markets, with more than 150,000 SKUs and over 42,000 active customers.

Since Miura’s initial investment in 2021, the company has driven important value-generating initiatives, including C-level management reinforcement; four strategic acquisitions to gain market share in key geographies and new business lines: Exotec Dentaire (France), Meditrans (Poland), Montellano (Portugal) and Secret Aligner (Spain); a clear commitment to digitalization and the reinforcement of online sales; investment in leading logistics platforms in Zaragoza (Spain), Kielce (Poland) and Dijon (France); and the implementation of sustainability initiatives such as the installation of photovoltaic panels, the reduction of plastic in packaging or the introduction of ESG clauses in its contracts with suppliers.

All in all, Proclinic reached €256 million in sales in 2023, with an annual growth of 29% since 2020.

The renewed partnership between Miura and Proclinic will further develop its growth plan based on the reinforcement of the commercial strategy, the expansion of products and services, the integration of the latest acquisitions and explore new M&A opportunities in other European countries such as Italy, Germany, Benelux and the Nordics.

Carlos Julià, Managing Partner at Miura Partners:

“We are very excited about strengthening our partnership with Proclinic and backing the Raneda family and the management team in the next phase.  The dental sector has solid market fundamentals given the raising patient demands, the ageing of the population and technological improvements. Proclinic is a well-invested and differentiated platform with a proven ability to execute growth and we will continue to consolidate the market through strategic acquisitions. We would also like to thank the trust of our investors who have committed their capital to Dent&Co.”

Manuel Alfonso, CEO at Proclinic Group:

“Since 2021 Miura has been a strategic partner and we are very pleased to maintain our partnership to continue growing. It is a true display of long-term commitment to carry out the project we started three years ago. I am grateful of the entire team and the Raneda family for their work and dedication, which has allowed us to achieve our current leading position in dental distribution.”

The transaction was advised by Moelis & Company (exclusive financial advisor), Baker & McKenzie and King & Wood Mallesons (Legal), PwC (Due Diligence) and L.E.K. Consulting (Commercial Advisor).

About Miura Partners

Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm specializes in investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability, under its three investment strategies: Buy-outs, Impact, and Agribusiness.

Since 2008, Miura has invested in more than 70 companies, for a total value in excess of €3.0 billion. Currently, the firm has €1.5 billion assets under management.

About Proclinic Group

Proclinic Group is the leading integrated supplier of solutions for the dental sector in Europe with nearly 150,000 product references and presence in 31 countries. With 40 years of history, the group integrates four business lines across the entire value chain. Distribution (through Proclinic, specialized in dental products and services), production (through Exotec Dentaire, manufacturer of high-quality clinic consumables), training (offered by the DEAC dental academy), and supply and technical assistance (thanks to Fadente).

Proclinic has a state-of-the-art automated logistics center of more than 12,000 square meters in Zaragoza (Spain) and has a strong international presence through strategic acquisitions such as Meditrans (Poland) and Montellano (Portugal), as well as a European e-commerce network in France, Italy, Germany and Poland.

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