EQT introduces the EQT Healthcare Growth Strategy, a dedicated healthcare buyout strategy, with the acquisition of life sciences tools company Mabtech

eqt
  • The new EQT Healthcare Growth Strategy builds on EQT’s 30-year healthcare track record and will focus on scaling innovative, fast-growing healthcare companies to help deliver positive outcomes across the value chain
  • By helping companies build commercial muscle and expand their global reach, the Strategy aims to enable the development of medical research, diagnostics, tools and treatments to deliver more effective, efficient and accessible healthcare
  • Mabtech is a leading provider of high-quality antibody tools and kits, used predominantly for vaccine, infectious diseases, and oncology research, based in Sweden. EQT Healthcare Growth will support Mabtech as it expands its product portfolio and reach, especially in the US

EQT is excited to introduce the EQT Healthcare Growth Strategy(or the “strategy”) and announce its first investment, Mabtech, which is being acquired from the IK Small Cap II Fund.

Introducing the EQT Healthcare Growth Strategy
Long-term trends – such as growing, aging, and less healthy populations, significant unmet medical needs, and rising healthcare costs – are leading to a greater need for better, more efficient, and accessible healthcare. At the same time, scientific breakthroughs and advancements in technology and data are accelerating healthcare innovation. This is increasing the opportunity to invest in innovative and differentiated products and services that seek to deliver positive outcomes across the value chain. The opportunity is particularly compelling in Europe, where there are a growing number of companies in need of capital, expertise, and global reach to help them scale and unlock their full growth potential.

Against this backdrop, EQT is introducing the EQT Healthcare Growth Strategy. The buyout strategy will apply EQT’s active ownership approach and invest in the same healthcare subsectors that the firm has invested in for 30 years. The dedicated Advisory Team is led by Maarten de Jong, who joined EQT earlier this year from Moelis & Company, where he led the expansion of its healthcare franchise. The EQT Healthcare Growth Advisory Team includes three further partners: Geraldine O’Keeffe, joining from EQT Life Sciences, Isabel de Paoli, joining from EQT Private Equity and previously Chief Strategy Officer at Merck KG, and Mark Braganza, who recently joined from Sun European Partners and was previously at GHO and TPG, where he focused on healthcare investing.

Maarten de Jong said: I’m delighted to have joined EQT to establish and lead the EQT Healthcare Growth Strategy, alongside a fantastic team. The new strategy will invest in innovative, fast-growing, proven healthcare companies, predominantly based in Europe. Applying EQT’s proven approach and leveraging its global network, we will help these companies build their commercial muscle and expand their global reach. In doing so, we seek to generate attractive risk-adjusted returns for clients while scaling positive outcomes across the healthcare value chain.”

Mabtech becomes the EQT Healthcare Growth Strategy’s first investment
Mabtech is a category leading provider of tests and kits for studying immune responses predominantly in vaccine, infectious diseases, and oncology research. Based in Sweden, it has over 900 customers in more than 60 countries. Its products and services are focused on critical and often irreplaceable techniques used in antibody-based immunology research processes, particularly ELISpot and FluoroSpot kits. The market for these kits is accelerating, on top of the broader oncology, immunology and vaccines-related research market that is also growing.

Commenting on the acquisition of Mabtech, responsible Partner Isabel de Paoli said: “This is a high-quality player with deep technical and scientific expertise in a growing niche market, that we have been following for many years. By offering ‘must-haves’ along the drug development value chain and building on its leading position in Europe, Mabtech is well-placed to expand its scale and reach, especially in the US. This is an ideal example of the kind of company that the EQT Healthcare Growth Strategy seeks to continue investing in: it’s a fast-growing European champion with innovative, proven solutions that drive positive healthcare outcomes. We look forward to working with Jan Wahlström and team to help Mabtech reach its full growth potential.”

The EQT Healthcare Growth Strategy builds on EQT’s 30-year track record
The strategy is fully integrated into and benefits from the broader EQT Private Capital platform and global healthcare sector vertical. Combining the deep scientific expertise and ability to identify emerging trends of EQT Life Sciences with EQT Private Equity’s value creation playbook and prior experience in high-growth, mid-market buyouts, the strategy is well placed to identify and support healthcare companies on their mission to scale rapidly and deliver positive healthcare outcomes.

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare Sector Team, added: “The introduction of the EQT Healthcare Growth Strategy builds on EQT’s three decades of healthcare experience. To date, we have invested over EUR 23 billion in more than 200 companies, from early-stage to buyout. Today, we have a healthcare team of more than 120 dedicated investment professionals across 20 countries supported by a network of approximately 150 advisors. With EQT Healthcare Growth, we’re adding the final piece to the puzzle so that we can support healthcare companies in every stage of their development. This market segment requires a unique combination of skills, and we are very proud of the caliber of team we have assembled to meet this opportunity.”

The acquisition of Mabtech is subject to customary conditions and approvals. It is expected to close in Q1 2024.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Mabtech
Mabtech is a Swedish biotech company developing immunoassays for life science research. Since 1986, Mabtech’s mission has been to aid research by providing the global scientific community with innovative tools. To that end, the company generates and produces a wide range of monoclonal antibodies, kits, peptide pools, and instruments for in vitro applications.

For more information, visit https://www.mabtech.com/    


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Montagu announces the carve-out of Cook Biotech and its acquisition by RTI Surgical

Montagu

RTI Surgical, an industry leading contract development and manufacturing organization (CDMO), serving the regenerative medicine industry, announced today that it has signed a definitive agreement to acquire Cook Biotech Incorporated, a leader in advanced tissue-repair products from biomaterials, headquartered in West Lafayette, Indiana.

With the acquisition of Cook Biotech, RTI Surgical is taking another landmark step to reinforce its position as a unique CDMO in regenerative medicine. The combined entity will provide customers and surgeons access to new clinical segments and offer leading-edge expertise, scale and flexibility across end-to-end services including design, development, regulatory support, verification and validation, manufacturing and supply chain management. The acquisition will also reinforce RTI’s strategic focus on soft tissue clinical segments and enable its customers to leverage a clinically-proven portfolio of naturally-occurring bioresorbable materials designed to improve patients’ lives and outcomes.

Cook Biotech discovered the regenerative properties of porcine small intestinal submucosa (SIS) and pioneered the development of SIS tissue into a proven, regenerative biomaterial that is used in a variety of clinical applications. With the support of Cook Group, Cook Biotech has remained at the forefront of innovation in biomaterials and contributed to progressing science and solving unmet patient needs in fields such as nerve repair, cardiovascular, and drug delivery.

Olivier Visa, RTI Surgical President and Chief Executive Officer, said: “We are uniquely positioned to become a leading CDMO in regenerative medicine as an innovator of differentiated allograft and xenograft biomaterials, and we look forward to welcoming the Cook Biotech team and leveraging their world-class talents and capabilities in xenograft development and processing to better address patient needs together.”

We look forward to welcoming the Cook Biotech team and leveraging their world-class talents and capabilities in xenograft development and processing to better address patient needs together.

Olivier Visa, RTI Surgical President and Chief Executive Officer

RTI’s acquisition of Cook Biotech is backed by its main shareholder Montagu, who is increasing its investment in the group and contributing its carve-out experience and capabilities to the transaction.

Adrien Sassi, Partner at Montagu, said: “We are committed to supporting both companies in reaching their full potential by leveraging proven technologies to create a platform for innovation that enables surgeons to better address the unique needs of their patients. We are excited to extend our support to RTI’s development and proud that Cook Group are trusting us for Cook Biotech’s next phase of development.”

We are excited to extend our support to RTI’s development and proud that Cook Group are trusting us for Cook Biotech’s next phase of development.

Adrien Sassi, Partner, Montagu

The transaction is expected to close in Q1 2024.

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7NXT acquires wellbeing app 7Mind to create the leading platform for physical and mental fitness

Oakley

Oakley Capital, the leading pan-European private equity investor, is pleased to announce that portfolio company 7NXT, which owns and operates fitness platform Gymondo, is acquiring 7Mind to create an all-encompassing consumer digital platform for physical and mental fitness and wellbeing with >650,000 paying subscribers.

Gymondo is the leading D2C online fitness platform in the DACH region, offering high-quality workout videos, customised fitness programmes and personalised nutrition plans to more than 500,000 paying subscribers.

Oakley invested in the business in 2020, partnering with founder and CEO Markan Karajica to accelerate Gymondo’s growth in the online fitness market.

7 Mind

Headquartered in Berlin, 7Mind is a leading player in the German digital healthcare sector with a focus on promoting digital mental wellbeing and offering mindfulness and meditation content to its c.150,000 subscribers.

The business caters to both individual users (B2C) as well as corporates (B2B), collaborating closely with health insurers. Founded in 2015, 7Mind has expanded quickly, generating double-digit revenue growth and strong margins between 2020-2022.

Adding 7Mind will enable 7NXT to expand its product offering to include mindfulness and meditation content, providing users an all-encompassing mental and physical health and wellbeing solution, while also diversifying its customer base. The combined business will create an expanded platform with the critical mass to participate in further M&A opportunities in a wellness market that is expanding in DACH as well as internationally.

Quote Markan Karajica

This is a transformational deal for 7NXT and Gymondo, which will help to diversify our business, increasing our B2B customer base while adding valuable mindfulness content for our existing and new customers. It’s a win-win combination and we are pleased to welcome 7Mind on our journey to build an international market leader for physical and mental wellbeing.

Markan Karajica

Founder & CEO — Gymondo

Quote Peter Dubens

Markan and his team have successfully leveraged the power of social media and influencers to build a powerful online fitness brand. Adding 7Mind will transform Gymondo into one of the leading one-stop-shops for fitness and wellbeing, catering to consumers and corporates alike. It also demonstrates Oakley’s ability to nurture digital-first businesses as well as support portfolio companies with strategic acquisitions.

Peter Dubens

Founder and Managing Partner — Oakley Capital

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EQT Private Equity to acquire Zeus, a global leader in advanced polymer components used in life-saving medical procedures

eqt
  • EQT Private Equity to acquire Zeus, a leading supplier of custom polymer components to the world’s most innovative medical device and industrial companies
  • Transaction highlights EQT’s commitment to partnering with leading, purpose-driven companies that deliver inherently critical services to society. Zeus uses its material science expertise to develop advanced components for medical devices used in minimally invasive, life-saving procedures
  • EQT will support Zeus through investments in additional production capacity, R&D, and operational excellence

The EQT X fund (“EQT”) and Zeus Company, Inc., today jointly announced that they have entered into an agreement for EQT to acquire Zeus Company Inc (“Zeus” or the “Company”) from the Tourville family. Founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications. EQT also announced that John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction.

For more than 50 years, Zeus has delivered innovative and mission-critical components that improve the efficacy and performance of highly complex catheters, which are used in life saving, minimally invasive medical procedures, among other applications. The Company is headquartered in Orangeburg, South Carolina, with eight facilities across the United States and one in Letterkenny, Ireland. Zeus employs approximately 2,400 people globally and serves over 300 customers in more than 100 countries, including leading medical device manufacturers, contract device manufacturing organizations, academic institutions, and industrial customers across aerospace, semiconductors, and automotive, among other industries.

Zeus’ components enable the delivery of minimally invasive interventional procedures, which drive significantly better health outcomes than traditional open surgeries, including faster patient recovery and reduced pain, at lower cost. Zeus has experienced substantial growth as a leading innovator in polymer-based solutions. As populations age and chronic conditions become more prevalent, increasing demand for precision, high-performance catheters to support therapeutic areas including structural heart, peripheral and neurovascular interventions, is expected to continue fueling Zeus’ growth.

EQT will support Zeus with investments in additional capacity, R&D, and operational excellence, to support the rapidly growing medical fields that leverage minimally invasive technologies. These investments will enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next generation technologies.

Ethan Waxman, Partner within EQT Private Equity’s Advisory Team, said: “EQT has tracked the medical device component industry closely for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to its unmatched material science and process expertise. We are excited to partner with the Company and invest in its next phase of growth, its employees, and the communities it serves, while maintaining Frank Tourville Sr.’s values and commitment to excellence, which are shared by EQT.”

Steve Peterson, President and CEO of Zeus, added: “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”

John Groetelaars said: “I am thrilled to embark on this journey with Zeus and EQT to build upon the Company’s impressive legacy and best-in-class, differentiated product portfolio. We are committed to strengthening the partnerships with the customers that Zeus serves and expanding capacity through investments, operational upgrades, and growth from new product innovations. In the near-term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we’re excited to maintain our status as a key employer in the communities where we operate.”

“As one of the world’s leading healthcare investors, EQT invests in innovative companies that are addressing some of the most significant challenges in healthcare today, ranging from life science startups to scaled global businesses,” said Eric Liu, Partner, Head of North American Private Equity and Co-Head of Global Healthcare. “This acquisition represents a highly thematic investment for EQT, given our longtime focus on the medical technology industry and our experience partnering with family-founded businesses. With EQT’s deep expertise and broad network of advisors in the healthcare sector, we look forward to continuing our track record of creating differentiated value for all stakeholders.”

The transaction is expected to close in Q1 2024, subject to regulatory approvals and customary closing conditions.

Piper Sandler Companies acted as financial advisor to EQT Private Equity and Simpson Thacher & Bartlett LLP provided legal counsel. Goldman Sachs & Co. LLC acted as financial advisor to Zeus and Freshfields Bruckhaus Deringer LLP provided legal counsel. The Private Credit business within Goldman Sachs Asset Management will serve as the Administrative Agent and lead lender in the Senior Secured financing to support the transaction.

With this transaction, EQT X (target fund size of EUR 20.0 billion and a hard cap of EUR 21.5 billion) is expected to be 25-30 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT: Mathilde Milch, Director, Communications, Mathilde.milch@eqtpartners.com, +1 917 510 6626
Zeus: Jennifer McQuesten, VP of Corporate Communications, jmcquesten@zeusinc.com, +1 480 200 5488

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Zeus
Zeus, headquartered in Orangeburg, South Carolina, is the world’s leading polymer extrusion and catheter design manufacturer. With over 55 years of experience in medical, aerospace, energy, automotive, fiber optics, and other leading industries, Zeus’ mission is to provide solutions, enable innovation, and enhance lives. The company employs over 2,400 people worldwide with facilities in Aiken, Columbia, Gaston, Orangeburg, and St. Matthews, South Carolina; Branchburg, New Jersey; Chattanooga, Tennessee; San Jose, California; Arden Hills, Minnesota; Guangzhou, China; and Letterkenny, Ireland. For more information, visit www.zeusinc.com.

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Eurazeo enters into exclusive discussions with Carl Zeiss Meditec AG to sell its stake in DORC

Eurazeo

Eurazeo and its affiliates have entered into exclusive discussions to sell DORC (“Dutch Ophthalmic Research Center”) to Carl Zeiss Meditec AG for an enterprise value of approximately €1bn. The Eurazeo Mid-large buyout team1 has been supporting the company as a majority shareholder since 2019 and under its ownership, DORC has become one of the world-leading ophthalmic surgery platforms leading the growth game in the Vitreoretinal (“VR”) and Cataract market.

Under the terms of this agreement, the transaction is expected to yield over 2.6x gross cash on cash and 24% gross internal rate of return (IRR) on its original investment, including proceeds of the refinancing closed in December 2021. Upon closing of the transaction, c.€385m of gross proceed would be returned to Eurazeo balance sheet. Closing of the transaction remains subject to completion of the relevant information and consultation process with the employee representative body of the company and applicable regulatory approvals.

Established in 1983, and headquartered in the Netherlands, DORC is a world-leading and high growth ophthalmic surgery platform benefiting from a strong global market position as #2 player in VR packs2 and #1 player in dyes. The company has developed a high-quality and innovative product offering which includes EVA Nexus™, the most advanced dual-function system. In 2023, the Company is expected to deliver €200m net sales with an installed base of over 2,100 systems placed worldwide supported by an organization of over 750 FTEs.

As part of our conviction-driven and sector-focused investment strategy, we identified DORC as a compelling investment opportunity and highly resilient business, with a recurring razor-razor blade revenue model and strong potential for value creation leveraging the Eurazeo’s playbook.

Over the last four years, the company has achieved strong growth underpinned by a bolstered management team strengthening DORC’s sectorial expertise and scale, intensified international expansion strategy with the setup of Chinese operations and approval and launch of EVA Nexus™ in 2022. DORC continued to invest in innovation and R&D driving market leading vitality index3 over 25% and successful completed two strategic acquisitions in Germany and the US. As a result, DORC has increased its strategic value and attracted the interest from a variety of strategic buyers including Carl Zeiss Meditec AG.

Carl Zeiss Meditec AG is one of the world’s leading medical technology companies, headquartered in Germany with a focus on ophthalmology and microsurgery. The company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The acquisition of DORC will enhance and complement Zeiss’ broad ophthalmic portfolio and expand its position in the VR surgery segment, further strengthening its position as the fastest growing manufacturer of ophthalmic devices globally.

 

Pierre Billardon, DORC CEO stated:

“ In the year when DORC celebrates 40 years of surgeon-inspired innovation in ophthalmic surgery, we enter a new phase of exciting potential for growth and advancing the future of ophthalmic surgery. I am personally proud and immensely grateful to all of the team at DORC for their expertise and commitment to help patients see again. “

 

Francesco Orsi, Managing Director – Mid-large buyout commented:

” We are proud of our partnership with Pierre Billardon and the DORC team to deliver on a shared vision to establish DORC as a world-leading and high growth ophthalmic surgery platform spearheading the fast-growing Dual market segment with the recently launched state-of-the art EVA Nexus™. Over the past four years, the Company has not only delivered on its innovation DNA but has significantly scaled internationally, including in the US and Asia, and unlocked further strategic value through two highly synergistic acquisitions. “

 

Dr. Markus Weber, President and CEO of Carl Zeiss Meditec AG said:

” With the acquisition of DORC, we’ll bring together two highly innovative ophthalmic powerhouses to accelerate Zeiss’s position in the vitreoretinal surgery segment and extend our leadership in the ophthalmic medical devices market. “

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(1) Part of the Eurazeo Mid Cap company
(2) Excluding China
(3) Share of DORC’s sales originating from new products

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CVC Asia V acquires 100% of Sogo Medical Group Co., Ltd from Polaris Private Equity Fund V and other shareholders

CVC Capital Partners

CVC Asia V has reached agreement to acquire 100% of outstanding shares of Sogo Medical Group Co., Ltd. (“Sogo”) in mid-Feb 2024 from Polaris Private Equity Fund V (“Polaris Fund V”), managed by Polaris Capital Group Co., Ltd. (“Polaris”), and other shareholders.

Established in 1978 with the founding philosophy: “To contribute to the community and society through supporting quality medical care”, Sogo provides a comprehensive range of services relating to the management of medical practices, including consulting for medical institutions, Doctor-to-Doctor services such as career change support and assistance in launching independent practices, leasing and rental of medical equipment, operation of in-hospital restaurants/kiosks and temporary staffing. Over the years, Sogo has also developed an extensive network of approximately 740 pharmacies nationwide, including the medical malls developed and operated by Sogo to better address local healthcare provision issues. Following Polaris’s management buyout and delisting of Sogo in 2020, the company has fostered its distinctive business model through M&A and launch of Digital business and achieved sustainable growth with a long-term goal of supporting the creation of healthcare systems that enable the public to efficiently access high-quality healthcare. With the transfer of ownership to CVC Asia V, Sogo will continue to focus on key initiatives to provide high value-added functions and services to both medical institutions and patients, while further integrating the two pillars of medical support business and dispensing pharmacy business with digital business.

Yuji Kimura, Founder, President and CEO of Polaris, added: “Polaris has been fully dedicated to enhancing the corporate value of Sogo by leveraging knowledge and experience gained through numerous past investments in the healthcare sector. Over the past 4 years, Polaris has undertaken the pivotal decision to delist Sogo, successfully navigating the unprecedented challenges posed by Covid-19 pandemic and implementing various reforms to propel the company to new heights, unburdened by any constraints. I would like to express my sincere gratitude to everyone at Sogo for their tireless efforts to date and extend my best wishes to all as they embark on the next stage of growth.”

Quotes

We are looking forward to working together with Sogo as one to continue its development and expansion, while making sure we uphold the company’s long-term philosophy.

Atsushi AkaikeManaging Partner and Co-Head of CVC Japan

Atsushi Akaike, Managing Partner and Co-Head of CVC Japan, commented: “We believe that under Polaris’s ownership, Sogo has strengthened its existing businesses and achieved substantial growth. At CVC we have extensive experience of supporting healthcare businesses to achieve their growth ambitions and we are looking forward to working together with Sogo as one to continue its development and expansion, while making sure we uphold the company’s long-term philosophy.”

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Ajax Health Establishes Cortex, A Comprehensive AFib Ablation Technology Company, With $90 Million Investment Led By KKR And Hellman & Friedman

KKR

Cortexs fully integrated solution will include advanced diagnostic and therapeutic pulsed field ablation catheters supported by innovative mapping technology.

MENLO PARK, Calif.Dec. 7, 2023 /PRNewswire/ — Ajax Health announced today the formation and funding of Cortex, a medical technology company developing an integrated mapping and ablation solution suite for the treatment of atrial fibrillation (AFib), the most common heart rhythm disorder, affecting more than 30 million patients worldwide. Cortex has raised $90 million in funding commitments led by KKR and Hellman & Friedman (H&F) with participation by other investors including AI Life Sciences, an affiliate of Access Industries.

Cortex brings together expert teams with complementary innovations in electrophysiology to accelerate the continued development and clinical validation of next-generation ablation solutions and differentiated AFib mapping technology. The fully integrated solution suite is designed to enable more precise therapy planning and delivery and optimize clinical outcomes and safety for AFib patients, while simplifying workflows and improving procedural efficiency.

“Cortex’s vision is to enable more intelligent AFib treatment,” said Duke Rohlen, CEO of Ajax Health and CEO of Cortex. “We are developing solutions that prioritize precision, simplicity, and efficiency to simultaneously improve patient outcomes and lower procedural cost.”

Cortex is focused on developing diagnostic and pulsed field ablation catheters with a comprehensive mapping and navigation solution powered by Ablacon‘s innovative Electrographic Flow® (EGF) mapping technology. EGF mapping allows physicians to detect AFib sources and is designed to support personalized ablation therapy to potentially improve outcomes. The recently completed randomized, controlled FLOW-AF trial (NCT04473963) showed that EGF-guided treatment of AFib sources in persistent AFib patients improved freedom from AFib at one year post-ablation by 51% on an absolute basis compared with patients randomized to control, who received conventional pulmonary vein isolation therapy only. Ablacon’s latest Ablamap® X mapping system is 510(k) cleared. Following on the favorable results of FLOW-AF, the company has launched the RESOLVE-AF trial (NCT05883631), a large, international, multi-center clinical trial to further evaluate benefits in AFib patients and support CE mark application.

“Duke Rohlen and the Ajax team have cultivated an exceptional ecosystem of engineers and clinical experts with a clear plan to bring impactful new technology to clinical settings,” said Ali Satvat, Partner, Co-Head of Americas Health Care and Global Head of Health Care Strategic Growth at KKR. “We are pleased to continue our long-standing strategic partnership with Duke and join with a strong investor group to support Cortex as it pursues improved outcomes for cardiac arrhythmia patients.”

KKR and H&F are investing in Cortex through the Cordis Accelerator, Cordis-X, which was established in 2021 as part of their investment in Cordis, a leading provider of cardiovascular and endovascular medical devices. KKR is investing additional capital in Cortex through its Health Care Strategic Growth Fund II.

About Cortex
Cortex (CortexEP.com) is developing an advanced, seamlessly integrated, comprehensive platform for evaluating and treating AFib. The company has assembled a proven team of highly skilled and experienced engineers and clinical experts focused on bringing this innovative suite of technologies to market.

About Ajax Health
Ajax Health is a turnkey growth solution for commercial-stage medtech companies. The Ajax team draws on decades of experience as entrepreneurs, operators, and investors to create value for its strategic partners by developing product portfolios through novel business models and creative deal structures. Ajax Health is headquartered in Menlo Park, CA with offices in New York CityLos Angeles, and Austin.

SOURCE Cortex

 

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Verlinvest Acquires Majority Stake in Faceland, Enabling the Leading Dutch Medical Aesthetics Brand to Accelerate Pan-European Growth

Verlinvest

BRUSSELS AND ROTTERDAM – 4th December 2023 – Faceland, a leading chain of branded medical aesthetics clinics in the Netherlands, Belgium, Germany, and Switzerland, has reached an agreement with Verlinvest, the Belgian-based, family-backed evergreen investment company, for it to acquire a majority stake in the business. This new partnership will enable Faceland to accelerate its expansion within the fast-growing European medical aesthetics market and execute upon its mission of improving access to high-quality cosmetic medicine for all patients.

Founded in 2013 in The Netherlands, Faceland stands apart from competition with its unique model, which offers clinically proven aesthetics treatments at accessible price points. Faceland’s services are all delivered by qualified medical professionals that are trained in-house through the company’s proprietary training academy. Faceland’s team of plastic surgeons, doctors, and nurses complies with the highest regulatory standards in each operating region and now performs over 130,000 treatments annually across its four core markets.

With co-founders Dr. Stijn Bauland and Ruud van de Handel at the helm, Faceland has grown to become one of the first regional platforms in Europe, building on its position as market leader in the Netherlands, to own 31 clinics across Benelux and have a growing presence in Germany and Switzerland. Dr. Bauland and Mr. Van den Handel have also set up an independent foundation in the Netherlands, which aims to professionalise and broaden access to cosmetic medicine by training nurses looking to move into the field, by offering free accredited seminars and courses for any health professional interested in the discipline of aesthetics. It also publishes medical and academic research papers, including in leading international scientific journals in cooperation with the Universities of Amsterdam and Groningen.

Faceland has achieved record growth in recent years, with sales up 25%+ over the last twelve months to reach c.€40m in FY23A, and +20 clinics opening between January 2020 and today.

Ruud van den Handel, Chief Operating Officer and Co-founder of Faceland said, “Stijn and I are proud that over the last few years, Faceland’s brand has reached a critical mass where we are recognised thought leaders in the field of cosmetic medicine and both our patients and practitioners love working with us. We are thrilled to take this growth to the next level with Verlinvest’s experienced team by our side, as we scale into new markets, unlock Faceland’s potential for even greater innovation, and realise our vision of improving access to high-quality aesthetic medicine for all.”

Faceland will work together with Verlinvest’s team, many of whom are based on-the-ground in Benelux, to grow both its network of clinics and its much-loved consumer brand over the coming years. They will draw on Verlinvest’s experience of building successful branded healthcare platforms across Europe, including current and past investments in Nesto (vet care), Bludental (dental services), Sinomedica (medical acupuncture), and Armonea (senior care). The company’s ambitious plan is focused on rolling out a large number of new clinics using Greenfield and M&A strategies, thereby bringing Faceland’s high quality of medical care to as many patients as possible at affordable prices, as well as becoming the go-to employer for talented doctors and nurses.

Julius Hugelshofer, Senior Principal at Verlinvest said, “Stijn, Ruud and the team at Faceland are revolutionising and professionalising the fragmented medical aesthetics industry, which is growing rapidly and becoming a new norm in terms of personal health. The market is ready for a branded player to raise the overall standard of care at a price point that’s accessible for customers.” Roberto Italia, CEO at Verlinvest added, “Our vision for the aesthetics field sees top-quality care and operational excellence as essential levers to engage patient-customers in innovation-driven and sustainable long-term relationships. The approach that Stijn and Ruud have managed to develop consistently with Faceland over time is fully aligned and we look forward to partnering with them to build the company into a truly pan-European platform.”

The transaction will be subject to approval from the relevant regulatory bodies and stakeholder groups. It is expected to close in Q4 2023.

+++

About Faceland

Faceland was founded in 2013 in the Netherlands with the mission of improving access to cosmetic medicine and transforming it from a niche industry into mainstream medical care. A no-nonsense team of young executives, doctors and nurses set out on this mission, ensuring Faceland’s approach was focused on quality, customer satisfaction, accessibility, and value-for-money from the start. This strategy translated into sustained growth in the Netherlands, Belgium, Switzerland and Germany, and Faceland now has 31 clinics in its network. Further international expansion remains an essential part of their vision. True to Faceland’s mission, co-founders Dr. Stijn Bauland and Ruud van de Handel have set up a Foundation which provides free courses on cosmetic medicine to health professionals and publishes research papers in peer-reviewed scientific journals.

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KKR, Hologic And Ajax Health Create New Platform To Accelerate Medical Device Innovation

KKR

Platform Will Focus on Technologies to Detect Lung Cancer, the Leading Cause of Cancer Deaths

NEW YORK & MARLBOROUGH, Mass.–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced a new platform established with investments from KKR and Hologic, Inc. (Nasdaq: HOLX), a global leader in women’s health and medical technology innovator. The new platform, named Maverix Medical, will be managed by Ajax Health under the leadership of Duke Rohlen.

Maverix will develop and acquire innovative technologies and commercial operations within the lung cancer disease category. Lung cancer is the leading cause of cancer deaths worldwide. Each year, more people die of lung cancer than of colon, breast and prostate cancers combined.1

KKR and Ajax Health will contribute existing portfolio company Serpex Medical to the platform. Serpex Medical develops innovative steerable technology that can precisely target lung tissue for biopsy or delivery of therapy.

“We have long admired the life-changing technologies pioneered by Hologic and are delighted to combine our collective resources to establish this new platform led by our long-time executive partner Duke Rohlen,” said Ali Satvat, Partner, Co-Head of Americas Health Care and Global Head of Health Care Strategic Growth at KKR. “This unique strategic partnership has enormous potential to develop, advance and bring to market differentiated devices and diagnostics and enable meaningful treatments for lung cancer patients.”

“This strategic partnership strongly aligns with our leadership in diagnostic innovation and early cancer detection,” said Steve MacMillan, Chairman, President and Chief Executive Officer of Hologic. “Together with Ajax and KKR, we are excited to partner on a platform that leverages our strengths and expertise to target new disease categories, such as lung cancer, and that will allow us to continue to enable healthier lives everywhere, every day.”

“This is an ideal strategic collaboration for developing winning medical technologies that drive transformational growth and deliver patient impact. The Ajax team is eager to contribute our successful experience building portfolios of innovative products to Hologic’s world-class commercial and strategic capabilities and KKR’s approach to scaling companies and supporting growth together to create value and improve patient outcomes,” said Duke Rohlen.

KKR is investing in Maverix through its Health Care Strategic Growth strategy. Additional terms of the transaction were not disclosed.

About Ajax Health

Ajax builds growth engines that generate innovative product portfolios to catalyze value creation for larger, commercial-stage MedTech companies. Backed by premier global private equity firms including KKR, the Ajax team draws on 20+ years of experience as entrepreneurs, operators and investors. Ajax Health is headquartered in Menlo Park, CA with offices in New York City, Los Angeles and Austin. For more information, please visit www.ajaxhealth.com.

About Hologic, Inc.

Hologic, Inc. is a global medical technology innovator focused on improving the health and well-being of women, their families and communities through early detection and treatment. Its advancements include invention of the world’s first commercial 3D mammography system to find breast cancer earlier; leadership in testing for cervical cancer, sexually transmitted infections and respiratory illnesses; minimally invasive surgical technologies for uterine fibroids and abnormal uterine bleeding; and advanced vessel sealing and dissection devices. For more information about Hologic, visit www.hologic.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.

Forward-Looking Statements

This news release may contain forward-looking information that involves risks and uncertainties, including statements about the use of Hologic products. There can be no assurance these products will achieve the benefits described herein or that such benefits will be replicated in any particular manner with respect to an individual patient, as the actual effect of the use of the products can only be determined on a case-by-case basis. In addition, there can be no assurance that these products will be commercially successful or achieve any expected level of sales. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements presented herein to reflect any change in expectations or any change in events, conditions or circumstances on which any such data or statements are based.

Hologic and The Science of Sure are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.

World Health Organization. Cancer. https://www.who.int/news-room/fact-sheets/detail/cancer Last accessed November 12, 2023.

Hologic Investors:
Ryan Simon
Vice President, Investor Relations
+1 858.410.8514
ryan.simon@hologic.com

Hologic Media:
Bridget Perry
Director, Corporate Communications
+1 508.263.8654
bridget.perry@hologic.com

KKR:
Miles Radcliffe-Trenner
+1 212.750.8300
media@kkr.com

Source: KKR

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EQT Life Sciences co-leads Vectory’s €129 million ($138 million)

eqt
  • Round co-led by EQT Life Sciences and Forbion
  • Series A financing will support clinical development of the lead program in amyotrophic lateral sclerosis (ALS) and preclinical development of pipeline programs based on VectorY’s broad technology platform

Amsterdam, the Netherlands, November 14, 2023 – EQT Life Sciences is pleased to announce its investment in the €129 million ($138 million) Series A financing round of VectorY Therapeutics, a Dutch biotech company developing innovative vectorized antibody therapies for the treatment of neurodegenerative diseases. The round was co-led by EQT Life Sciences and the Forbion Growth Opportunities Fund.

 

New and existing investors also participated in the financing, including MRL Ventures Fund, a corporate venture arm of Merck & Co., Inc., Rahway, NJ USA, Insight Partners, ALS Investment Fund, Forbion Ventures, BioGeneration Ventures (BGV) and another known investor.

 

VectorY will use the proceeds to support the clinical development of VTx-002, its lead vectorized antibody program targeting TDP-43 for the treatment of ALS. The Company will also accelerate the development of its vectorized antibody platform and additional pipeline programs targeting proteinopathies causing other neurodegenerative diseases.

 

Arno de Wilde, MD, PhD, MBA, Director at EQT Life Sciences, commented: “We are very impressed with VectorY’s unique capabilities to combine gene and antibody therapy drug development with deep neuroscience expertise. The Company’s technology allows for targeted protein degradation while restoring or preserving normal protein function, with applications across multiple neurodegenerative diseases. EQT Life Sciences will invest from the LSP Dementia Fund, led by Prof. Philip Scheltens, leveraging its specific expertise and network and joining VectorY in its mission to develop much needed treatments for neurodegenerative diseases.”

 

In connection with the financing Arno de Wilde, MD, PhD, MBA will join VectorY’s board of directors and Prof. Philip Scheltens, MD, PhD will join as board observer. The company’s full press release can be found here.

About EQT Life Sciences

EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 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 started in 2020 and has a dedicated neuroscience team that combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek.

About VectorY Therapeutics

VectorY is on a mission to provide patients with neurodegenerative diseases a longer, better life by creating transformative vectorized antibody treatments. Our platform combines the promise of precise therapeutic antibodies with one-time AAV-based delivery to the CNS. Unique in-house expertise in antibodies, AAV vectors, protein degradation, manufacturing and neuroscience drives the rapid development of much needed disease-modifying therapies for neurodegenerative diseases such as ALS and Huntington’s disease. For more information, see vectorytx.com.

Contacts
EQT Press Office, press@eqtpartners.com
Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund, Philip.scheltens@eqtpartners.com

 

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