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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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Wellington announces a new investment in SciRhom

Wellington

SciRhom Secures EUR 63 Million Series A Financing Round to Accelerate iRhom2-targeting Therapies in Autoimmune Diseases.

The upsized and oversubscribed Series A financing round will be used to drive the lead development program toward clinical proof-of-concept and to broaden the therapeutic value of the proprietary iRhom2 strategy.

Munich, Germany, July 9, 2024 – SciRhom GmbH, a biopharmaceutical company pioneering the development of first-in-class therapeutic iRhom2 antibodies, announced today the closing of a EUR 63 million (USD 70 million) Series A financing round. The round was co-led by Andera Partners, Kurma Partners, Hadean Ventures, MIG Capital, and Wellington Partners, with participation from new investor Bayern Kapital and existing investors including High-Tech Gründerfonds (HTGF) and PhiFund Ventures from New York, USA. The new funds will be used to accelerate and broaden the impact of the company’s innovative therapeutic strategy in autoimmune disorders. The first clinical study evaluating SR-878, a highly specific monoclonal antibody for iRhom2, is expected to start dosing in the second half of 2024.

SciRhom was founded with the mission to provide a new treatment paradigm for autoimmune diseases and potentially other indications by selectively addressing TACE/ADAM17, a master switch for various autoimmune disease-relevant signaling pathways, via iRhom2. The SciRhom team collaborated closely with co-founders Prof. Carl Blobel and Hospital for Special Surgery (HSS), the world’s leading academic medical center specialized in Rheumatology and musculoskeletal health, where Prof. Blobel serves as Director of the Arthritis and Tissue Degeneration Program. He has made seminal contributions to the understanding of how iRhom2 controls the activity of TACE/ADAM17 in inflammation and autoimmune diseases. SciRhom designed its most advanced development candidate SR-878 to simultaneously block several pro-inflammatory and disease-driving pathways, including TNF-alpha, IL-6R, and EGFR signaling, while preserving other vital functions dependent on TACE/ADAM17.

This unique ability to attack multiple cytokines and to potentially promote immune tolerance through restoring beneficial TNFR2 signaling, and regulatory T-cell expansion promises tohave a transformative effect in patients across a wide range of autoimmune diseases. Moreover, the selective targeting of iRhom2 is expected to have a favorable safety profile.

„Since its foundation, SciRhom has applied rigorous science to establish a leading position in iRhom2-targeting biopharmaceuticals including a comprehensive IND/CTA-enabling data and CMC package and strong patent protection. Now is the time to shift gears and accelerate our novel and potentially groundbreaking therapeutic strategy toward clinical proof-of-concept and beyond to reach patients in need of better autoimmune treatments,” commented co-founder Dr. Jens Ruhe, Managing Director & COO of SciRhom.

Based on positive preclinical data sets generated in vitro and in established animal models of rheumatoid arthritis (RA) and inflammatory bowel disease (IBD), SciRhom has advanced its first program to a Phase 1-ready stage. As announced on June 12th, 2024, the first CTA approval was achieved paving the way for initiating a first clinical study in Austria in the second half of 2024. The study aims to evaluate safety in healthy volunteers and provide initial evidence of clinical activity in the second part of the study.

Dr. Jan Poth, Managing Director & CEO of SciRhom added: “We are excited to have attracted such a high-caliber international consortium of investors and appreciate our existing shareholders backing SciRhom in this crucial period of its development. We look forward to collaborating with our new as well as existing partners and board members to bring a differentiated therapeutic option to patients and address the unmet medical need for much more effective and safe treatments for autoimmune disorders.”

“We are delighted to have supported SciRhom from its inception all the way to CTA approval and are now looking forward to working with the new investors to take SciRhom‘s lead antibody into the clinic,” commented Hans-Ulrich Rabe, current Chairman of the Advisory Board and one of the four founding investors who jointly invest in biotech start-ups via their investment platform Ventura Ace.

In conjunction with this investment, Dr. Olivier Litzka from Andera Partners, Dr. Peter Neubeck from Kurma Partners, Dr. Georgina Askeland from Hadean Ventures, Dr. Fei Tian from MIG Capital and Dr. Varun Gupta from Wellington Partners will join SciRhom’s Board of Directors.

They together stated “iRhom2 is a key driver of inflammation and SR-878 offers a first-in-class opportunity for multi-pathway inhibition as well as promoting immune and tissue homeostasis. This approach has a transformative potential for patients with autoimmune diseases that are currently difficult to treat with existing drugs. SciRhom is led by a highly experienced and dedicated team of people who we strongly believe will be able to drive SR-878 to clinical validation.”

The team of SNP Schlawien Partnerschaft led by Dr. Thomas Schmid acted as legal advisor to SciRhom in the transaction.

About iRhom2
TACE (TNF-alpha converting enzyme, also known as ADAM17) controls several major signaling pathways, including TNF-alpha, IL-6R, and EGFR signaling. TACE is therefore widely accepted as a potential target to block pro-inflammatory pathways, but direct inhibition of TACE causes severe side effects. The more recent discovery that iRhom2 (inactive Rhomboid 2, RHBDF2) simultaneously and very specifically regulates the TACE-dependent release of TNF-alpha and other pro-inflammatory molecules from immune cells provides the exciting opportunity to target the disease-driving activities of TACE while preserving its other vital functions. Given the pivotal role of iRhom2, numerous new research studies have recently highlighted the therapeutic potential of targeting iRhom2 to treat immunological and inflammatory diseases and beyond, including oncological, infectious, and metabolic diseases.

About SciRhom GmbH
At SciRhom, we are translating world-leading expertise in the TACE/ADAM17 pathway and its central role in autoimmunity and other indications into breakthrough biopharmaceuticals. We are developing proprietary and first-in-class iRhom2-targeting therapies and are accelerating our lead antibody program SR-878 into and through clinical development. With strong support from international lead investors Andera Partners, Kurma Partners, Hadean Ventures, MIG Capital, Wellington Partners, as well as Bayern Kapital and current shareholders, SciRhom aims to push the boundaries in autoimmune medicine.

For further information, please visit www.SciRhom.com

Contact
SciRhom GmbH
Dr. Jan Poth
Email: info@SciRhom.com

Valency Communications
Mario Brkulj
Email: mbrkulj@valencycomms.eu

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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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Platinum Equity to Acquire Sunrise Medical

Investment in Germany-based maker of wheelchairs and mobility solutions adds to momentum of Platinum’s European investment team

LOS ANGELES (June 5, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire Sunrise Medical, a world leader in advanced assistive mobility solutions, from Nordic Capital.

Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024, subject to customary regulatory approvals.

Sunrise Medical, a global market leader for assistive mobility solutions, is active in the development, design, manufacturing, and distribution of assistive mobility products and solutions such as manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, seating and positioning systems as well as daily living aids and other home medical equipment. Products are marketed under the Quickie, RGK, Magic, JAY, Zippie, Leckey, Breezy, Sterling and other proprietary brands and are sold through a network of homecare medical product dealers or distributors in over 130 countries.

Headquartered in Malsch, Germany with North American headquarters in Fresno, California, the company has manufacturing facilities in the United States, Mexico, Germany, United Kingdom, Spain, and China.

“Sunrise Medical is an innovative, global company that has been a pioneer in mobility solutions for more than 40 years,” said Platinum Equity Co-President Louis Samson. “We believe strongly in the company’s core mission and are committed to partnering with the management team to continue investing in development of advanced clinical solutions tailored to the individual needs of people who depend on them.”

Thomas Babacan, President and CEO of Sunrise Medical, will continue leading the company following the transition to new ownership.

“We are a purpose-driven company with the ability to positively impact people’s lives,” said Babacan. “As we continue to innovate and grow, we have the opportunity to be impactful on an even larger scale. Platinum has a lot of experience supporting complex, global businesses and the firm’s financial resources and operational expertise will be especially valuable to our mission. We are excited about the opportunities ahead.”

The acquisition is being led by Platinum Equity’s European investment team based in London.

“Sunrise Medical has established an impressive global network serving the mobility needs of people around the world,” said Platinum Equity Managing Director Igor Chacartegui. “We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company’s product line, provide new technological capabilities, or further extend the company’s geographic reach.”

JP Morgan is serving as financial advisor to Platinum Equity on the acquisition of Sunrise Medical. Willkie Farr & Gallagher LLP is providing legal counsel and Latham & Watkins LLP is providing regulatory counsel to Platinum Equity on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Sunrise Medical

Committed to improving people’s lives, Sunrise Medical is a global leader in the development, design, manufacturing, and distribution of innovative, high-quality assistive mobility devices and services. Distributed in more than 130 countries under its own 18 proprietary brands, the key products include manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, daily living aids and more. Operating in 23 countries, Sunrise Medical Group is headquartered in Malsch, Germany and employs over 2,800 associates worldwide. For further information, please visit: https://sunrisemedical-group.com/.

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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

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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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Kühne Holding acquires Pharma Contract Manufacturer Aenova from BC Partners

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Kühne Holding AG has entered into a definitive agreement to acquire pharma contract development and manufacturing organization Aenova Group from leading international investment firm BC Partners. As part of the transaction, BC Partners’ advised funds will reinvest alongside Kühne Holding AG and continue to support Aenova as a minority shareholder. Financial terms were not disclosed.

The Aenova Group is one of the world’s leading CDMOs (Contract Development and Manufacturing Organizations) in the pharmaceutical and healthcare industry. Headquartered in Starnberg, near Munich, and with approximately 4,000 employees in 14 manufacturing sites worldwide, the company is a one-stop service provider for the development, manufacturing, and packaging of drug products for pharma companies around the globe. Under the ownership of BC Partners, the Aenova Group has developed into one of the ten largest CDMOs in the world. In 2023 Aenova has delivered record results with pro-forma revenue of €832m, an increase of 17% on prior year.

The Kühne Holding AG, based in Schindellegi (Switzerland), combines Klaus-Michael Kühne’s business interests. With an entrepreneurial focus, it holds a majority stake in Kühne+Nagel International AG and is the largest single shareholder of Hapag-Lloyd AG, Deutsche Lufthansa AG and Brenntag SE.

Dominik de Daniel, CEO at Kühne Holding AG, said: “With this investment, we are taking an important strategic step to enlarge our investment portfolio to include healthcare and pharmaceutical assets with a strong financial base and long-term growth prospects. Aenova is on a great performance track, and we are excited to accelerate it even further under our ownership.”

BC Partners used both the deep origination network of its Hamburg office and its healthcare sector expertise to source the opportunity to invest in Aenova and acquired the Company outside of an auction process. Healthcare is a core sector of focus for BC Partners and its dedicated healthcare investment team has deployed more than €6 billion since inception across 21 healthcare partnerships.

BC Partners’ Chairman, Raymond Svider, added: “It has been a pleasure to partner with Jan and the entire Aenova team on this journey. Together, we have positioned the business as a global leader in contract manufacturing and built solid foundations for future growth, with the company now benefiting from strong sales momentum, a record order book, and supportive sector tailwinds. We’re pleased to see such an important German healthcare business continue its growth trajectory under the strategic ownership of Kühne Holding AG. As a firm, we have a long and successful history of partnering with families and founders across Europe, and we look forward to working closely with Kühne Holding AG and Aenova in this next chapter for the business.”

This transaction presents another opportunity for BC Partners’ funds to return significant capital to investors. BC Partners has signed or completed nine liquidity events in the last 12 months which have realised €8bn of value for BC Partners’ advised funds and co-investors, including the exits of portfolio companies Presidio, Forno d’Asolo Group, IMA, and PetSmart in the past six months alone.

“With the new ownership structure, we will continue to implement our strategy of making Aenova the go-to CDMO with market-leading capabilities and innovative specialty technologies in Europe. With its long-term investment horizon, Kühne Holding AG is a perfect fit for the business to support this strategy. It allows us to continue down the path of operational excellence in the conventional manufacturing business, while building highly sought-after technology platforms and development services to satisfy the customer demand of the future”, emphasizes Jan Kengelbach, CEO at Aenova since 2018.

E3X Partners (“E3X”), in close partnership with Kühne Holding AG, drove the structuring and execution of the proposed acquisition. Martin Mix, Managing Partner at E3X, an investment and advisory firm, comments: “Our partnership with Kühne Holding AG underscores our strategic commitment to bringing together the right long-term partners for driving growth at Aenova.” Jan-Felix Stolz, Managing Partner at E3X, adds: “Aenova has high strategic relevance for a growing European pharma market, and we are enthusiastic about its prospects.”

BC Partners and Aenova have been advised by Jefferies, Kirkland & Ellis, L.E.K. and PwC. Kühne Holding AG and E3X Partners have been advised by Allen & Overy and EY. The transaction is subject to customary closing conditions and approvals of the competent merger control authorities.

-Ends-

About the Aenova Group

The Aenova Group is a leading global contract manufacturer and development service provider for the pharmaceutical and healthcare industry. As a one-stop shop, Aenova develops, produces and packages all common dosage forms, product groups and active ingredient classes from pharmaceuticals to food supplements for human and animal health: solid, semi-solid and liquid, sterile and non-sterile, high and low dosage, OEB 1 to 5 (Occupational Exposure Band). Around 4,000 employees at 14 locations in Europe and the USA contribute to the company’s success. Further information can be found at www.aenova-group.com.

About BC Partners

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 127 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, visit www.bcpartners.com.

About E3X Partners

E3X Partners is an investment and advisory firm, specializing in long-term partnerships with investment holdings, family offices, and business owners. We offer tailored capital solutions and strategic guidance across both public and private markets, with a focus on Europe. Our bespoke services span investment origination, transaction execution, portfolio management, operational value creation, and board roles. Founded by Martin Mix and Jan-Felix Stolz, E3X Partners leverages expertise from private equity, financial markets, and strategic advisory realms. We forge lasting partnerships built on trust, collaboration, and excellence to drive sustainable growth and deliver enduring value for our partners.

For additional information about E3X Partners, please visit www.e3xpartners.com.

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