Gimv joins forces with CNP to accelerate the global expansion of Equine Care Group

GIMV
  • European listed private equity investor Gimv and Belgian family-owned investor CNP announce the signing of definitive agreements under which Gimv will acquire an indirect minority stake in Equine Care Group (ECG) from CNP, which will remain ECG’s lead strategic partner.

  • By joining CNP, Bencis, the founders, managers and the veterinarians, Gimv becomes part of a very strong shareholder base united behind one ambition: to accelerate ECG’s development into the world’s leading one-stop partner for high-quality equine medicine, and to reinforce ECG’s position as the global leader for veterinary innovation, welfare, and professional excellence.

Created in 2021 by merging Dr. Tom Mariën’s leading equine clinic EquiTom, Global Medics, and Dr. Frederik Bruyninx’s Ambulatory Care practice, Equine Care Group  has evolved into a leading European provider of high-quality equine care. ECG offers equine hospitals, ambulatory veterinary services, reproductive solutions, nutrition and supplement brands and specialized laboratories. Known for partnering with Olympic teams and leading stud farms, ECG treats over 50,000 horses annually and has grown quickly through organic expansion and 30+ acquisitions.

Following the partnership announcement between CNP and ECG earlier this year, Gimv now joins through a joint entity that will retain majority ownership, with CNP as lead strategic partner. Gimv is committed to further support ECG’s global expansion alongside CNP and CEO Dr. Tom Mariën.  ECG’s vet-led unique holistic model brings together leading veterinarians and other equine healthcare professionals, invests in greenfield hospitals in regions lacking access and focuses on research, education and innovation, all with the clear goal of delivering the best possible medical care and improving horse welfare worldwide.

With the combined support of CNP, Bencis and now Gimv, ECG is well-positioned to cement its leadership in global equine healthcare, leveraging Belgium’s deep equestrian tradition and ECG’s international reputation for excellence and sustainability.

Bart Diels, Managing Partner – Head of Healthcare at Gimv“As a team with a strong track record in doctor-led healthcare growth stories, we see clear parallels between ECG and our previous healthcare success stories. We are excited to support CNP and ECG’s management in accelerating the group’s international expansion and innovation in equine care.

Xavier Le Clef & David Caudron – respectively CEO and CFO at CNP“We are pleased to welcome Gimv as a minority investor, supporting ECG’s international growth. Gimv’s healthcare expertise complements CNP’s ambition and reinforces our shared mission to deliver world-class equine care and make this available all over the world.”

Dr. Tom Mariën & Julie Santens – respectively CEO and Managing Director at ECG“We are delighted to welcome Gimv into our team. We share the same values, the same DNA and the same ambition. This partnership strengthens our foundations, and Gimv’s renowned healthcare expertise will help us to further professionalize our company and our sector.  Together we will raise the standards of equine veterinary care while preserving our veterinarian-led model.

This investment supports Gimv’s ambition to become a leading European private equity investor and makes ECG one of its ten largest holdings.

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CapVest recapitalizes Curium to accelerate its growth strategy, marking the largest transaction in nuclear medicine globally

CVC Capital Partners
  • Curium and CapVest have announced the recapitalization of Curium via a new Continuation Vehicle
  • The transaction values Curium at circa $7 billion, representing the largest transaction in nuclear medicine globally
  • The recapitalization will accelerate Curium’s strategy to launch innovative, life-changing diagnostic and therapeutic solutions for patients with cancer globally

Curium, a leading producer of radiopharmaceuticals, and CapVest Partners LLP (CapVest), a global investment firm, have announced the recapitalization of Curium via a new Continuation Vehicle (CV).  The CV values Curium at circa $7 billion, representing the largest transaction in nuclear medicine globally.

The transaction elicited wide support from existing and new institutional investors across the US, Europe, the Middle East and APAC. This includes lead investors ICG, TPG GP Solutions, CVC Secondary Partners and other investors such as Goldman Sachs Alternatives, Lunate, Pantheon, and Ardian. Curium also secured a minority investment from TPG Life Sciences Innovations, TPG’s life sciences platform focused on innovative companies developing disruptive science to improve outcomes for patients in areas of high unmet medical needs. The high caliber of this investor base represents a strong endorsement of Curium’s track record of growth and innovation, as well as a strong belief in the future trajectory of the company in a market poised for exponential growth in the next 15 years.

Over the last decade, Curium has positioned itself as a global leader in nuclear medicine. Its vertically integrated, global supply chain reliably delivers diagnostic and therapeutic radiopharmaceuticals to more than 14 million patients in over 70 countries across 6 continents every year. Curium boasts a broad portfolio of diagnostic radiopharmaceuticals and has an exciting, late-stage pipeline of Radioligand Therapies (RLTs) targeting neuroendocrine and prostate cancers, the two largest indications in nuclear medicine.

The new CV broadens Curium’s investor base, increasing the financial resources available to support Curium in the next phase of its growth. Going forward, the company will continue to launch innovative, life-changing diagnostic and therapeutic solutions for cancer patients, whilst building its pipeline of “next-generation” radiopharmaceuticals through internal development and strategic acquisitions or partnerships.

The completion of the Transaction is expected in Q1 2026 and is subject to customary regulatory approvals.  CapVest will remain the controlling shareholder of Curium.

Renaud Dehareng, CEO of Curium, said “We are delighted to have successfully agreed this transaction with our partners at CapVest in record time.  We are also proud to have received such strong investor interest, which endorses our unique positioning as the largest independent platform in nuclear medicine, with strong end-to-end capabilities across development, manufacturing, logistics and market access. This transaction positions us to accelerate the roll-out of our ambitious global strategy and drive further product launches, innovation and growth – all true to our passion to deliver life-changing solutions for healthcare professionals and millions of patients around the world.”

Kate Briant, Senior Partner at CapVest, said: “We are proud to continue supporting Curium on what has been a phenomenal journey since 2016. We are grateful to our existing investors for their continued partnership and are also very pleased to welcome new investors into Curium, for what we believe will be a compelling investment opportunity. Building on our successes delivered to date, we are confident that Curium is exceptionally positioned to continue to play a major role in an industry that we expect to double in size over the next 5 years and then double again.”

PJT Partners acted as lead financial advisor on the transaction, with Kirkland & Ellis acting as lead legal advisor.

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Vision Healthcare Acquires Svenskt and New Care, Leading Providers of High-Quality Supplements in Sweden and the Netherlands

Avista Healthcare

NEW YORK, November 20, 2025 — Vision Healthcare (“Vision”), a fast-growing European consumer healthcare platform, recently completed acquisitions of Svenskt Kosttillskott (“Svenskt”), a leading Swedish e-commerce player for health and nutrition products, and New Care Supplements BV (“New Care”), a Dutch health supplement brand. Vision is a portfolio company of Avista Healthcare Partners (“Avista”), a leading middle-market healthcare private equity firm with expertise in building growth-oriented healthcare businesses. The terms of the transactions were not disclosed.

Svenskt is one of Sweden’s leading providers of nutritional supplements, sports nutrition, and health-related products, known for quality, innovation, and strong e-commerce execution. The acquisition strengthens Vision’s presence in the Nordics and broadens Vision’s product offering, while creating opportunities to realize synergies with Vision’s pan-European logistics, marketing and innovation capabilities.

Yvan Vindevogel, Chairman of the Executive Committee of Vision, says, “This acquisition is a strategic step forward for Vision, and our digital-first consolidation of the highest e-commerce penetrated region in Europe. Svenskt’s deep local expertise and digital route-to-market, strong brand equity, and customer-centric approach align perfectly with our vision to further consolidate our position as a leading player in the European Consumer Healthcare space.”

New Care is a Dutch provider of vitamins, minerals, and nutritional supplements with a deep presence in independent health & drugstores. The company focuses on clear formulations, thorough quality control and clean products to support various health needs, from daily multivitamins and beauty supplements to digestion and muscles, bones and joints. The acquisition deepens Vision’s presence in the Netherlands and will accelerate New Care’s growth across digital channels.

Geert Cools, CEO of Vision, says, “We have admired New Care’s comprehensive portfolio of premium, trusted products and look forward to strengthening our partnership with the New Care team. We are excited to leverage our digital expertise to support New Care’s next phase of growth as we continue to make high-quality self-care products more accessible throughout Europe.”

The acquisitions of New Care (closed in June 2025) and Svenskt (closed in July 2025) represent Vision’s seventh and eighth add-on acquisitions since Avista’s initial investment in June 2020.

About Svenskt

Founded in 2005, Svenskt Kosttillskott is a leading Swedish e-commerce provider of high-quality health and nutrition products. The company enjoys a loyal consumer base and is known for offering one of the broadest assortments of supplements in the Swedish market, serving customers nationwide. With a focus on expertise, transparency, and performance, Svenskt Kosttillskott delivers reliably sourced products across supplements, activewear, food, beauty, and wellness. Its products are trusted by everyday consumers as well as professional and national-team athletes.

About New Care

New Care is a trusted Dutch healthcare platform offering comprehensive nutraceutical products and personalized customer service to health-conscious consumers throughout the Netherlands. New Care was founded 25 years ago by Frank Menue and has focused on becoming a beacon of quality in the nutraceuticals space in the Dutch Health & Drug market.

About Avista Healthcare Partners

Avista Healthcare Partners, founded in 2005 by Thompson Dean and David Burgstahler, is a leading New York-based private equity firm with over $10 billion invested in more than 50 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting healthcare product and technology businesses with clear scale potential across four sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, long-term value and sustainable businesses. For more information, visit www.avistahealthcare.com or follow Avista on LinkedIn.

About Vision Healthcare

Vision Healthcare is a fast-growing, pan-European, digital-first omni-channel consumer healthcare platform empowering consumers to enhance their personal health and wellbeing across a proprietary portfolio of VMS, Nutraceuticals, Beauty & Slimming and Personal Care Products. The company is focused on digital and direct-to-consumer marketing & sales channels with a one-stop-shop ecosystem supporting direct-to-consumer and B2B retail orders across brands, channels and geographies. Vision Healthcare is significantly invested in the development of its Digital Hub, an end-to-end shared in-house resource, centralizing all e-commerce and e-marketing activities to support growth across the group. Vision Healthcare is a consolidator in the still deeply fragmented European D2C healthcare space, having completed & integrated 15+ acquisitions, with the capability to effectively support and grow any existing company or standalone brand. For more information, visit https://www.visionhealthcare.eu/.

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Hg agrees sale of Intelerad to GE HealthCare in $2.3 billion transaction

HG Capital

Hg, the leading investor in European and transatlantic software, services, and data businesses, today announced that it has agreed the sale of Intelerad, a global leader in medical imaging software solutions, to GE HealthCare in a transaction valued at approximately $2.3 billion. As a result of the transaction, Hg will fully exit its majority shareholding in Intelerad. TA Associates and Ardan Equity, will also exit minority positions in the business.

Together, GE HealthCare and Intelerad will empower radiologists and clinicians to work more efficiently, by streamlining imaging workflows and enabling greater diagnostic throughput. The combined organisation aims to enhance productivity and patient outcomes through a connected, cloud-enabled offering that unites imaging data across healthcare settings and provides clinicians with actionable insights at the point of care.

As GE HealthCare continues to accelerate its digital transformation, Intelerad will support this, bringing deep expertise in developing and embedding AI within their enterprise imaging solutions. This shared commitment to innovation strengthens GE HealthCare’s position as a digital leader, enhancing operational efficiency and clinical integration across care environments.

Hg partnered on the original Intelerad investment with Ardan Equity. During Hg’s ownership, Intelerad has increased its revenue by over 3.5 times, transforming it into one of the world’s leading enterprise imaging platforms. The business now serves 1,500+ global customers, supports over 230 million exams per year, and manages 8 billion medical images across its network.

Jordan Bazinsky, Chief Executive Officer at Intelerad, said: “This marks an exciting new chapter for Intelerad and our customers. By joining GE HealthCare, we can combine our innovative, cloud-based imaging solutions with GE’s global reach and scale. We’re grateful to Hg for their strategic support over the past five years. Together we’ve made major strides in product innovation, executed eight acquisitions, and expanded into new customer segments. This has given us a strong foundation for this next step in our journey with GE Healthcare as we accelerate our vision for a truly connected ecosystem for clinicians and improve patient care through smarter, faster, and more collaborative technology.”

Hg has also supported Intelerad across product innovation – including the launch of InteleGence, Intelerad’s AI platform; eight strategic acquisitions – substantially broadening its product suite into a comprehensive enterprise imaging platform that includes radiology, cardiology, mammography, image exchange, and image storage; and with investment in Intelerad’s leadership and operational scale – recruiting and strengthening the management team and enabling the company’s next phase of growth.

Hector Guinness and Laura Grattan, Partners at Hg, commented: “Our partnership with Intelerad has been an outstanding journey of innovation, growth, and leadership in healthcare technology. We are incredibly proud of what the team has achieved and are confident that joining GE HealthCare will allow Intelerad to continue expanding its impact on global healthcare delivery.”

Dr Katherine Wiles, Principal at Hg, added: “The digital transformation of healthcare is accelerating, driven by intelligent software that connects clinicians, patients, and data. Intelerad has been at the forefront of this shift, enabling faster, more informed clinical decisions through innovation and integration. I’m delighted to have supported that mission and I’m excited to see how the combination of Intelerad’s imaging software expertise and GE’s commitment to innovation continues to drive improved patient outcomes.”

For GE HealthCare, Evercore is serving as financial advisor and Sidley Austin LLP as deal counsel. For Intelerad, UBS Investment Bank is serving as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as deal counsel.


For further information, please contact:

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
Brunswick, Hg@brunswickgroup.com

About Intelerad

Intelerad is one of the leading medical imaging software platforms for the healthcare industry. More than 1,500 healthcare organizations around the world rely on Intelerad products to manage patient data, improve imaging efficiency and quality, and elevate patient outcomes. For more information on Intelerad and its leading technology solutions, visit intelerad.com or follow the company on LinkedIn.

About Hg

Hg is the leading investor in European and transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.

We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.

With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually.

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Avista Healthcare Partners Acquires PK Benelux

Avista Healthcare

New York, November 19, 2025 – Avista Healthcare Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, has completed the acquisition of PK Benelux (“PK” or the “Company”), a leading player in vitamins, minerals, and supplements (“VMS”) in the Netherlands.

Founded in 1985 and based in Uden, PK is the #1 VMS supplier in the Netherlands. Its flagship brand, Lucovitaal, has been the fastest-growing brand in the country for five years. Owned by its second-generation founders, Albert Peters and Angela Steenbergen-Peters, the Company offers the highest quality, highest value branded product assortment across nearly all VMS categories. PK develops and markets vitamins, minerals, other supplements, and other health products for distribution primarily across drugstores and pharmacies in the Netherlands. PK also supplies white label and private label medical devices to more than 30 countries.

This acquisition reinforces Avista’s position as a leading consumer healthcare investor across North America and Western Europe. It marks Avista’s seventh platform investment in the sector and leverages its proven founder partnership model. Avista’s track record of growing businesses alongside founders was key to establishing the partnership with PK Benelux. The collaboration is further strengthened by Avista’s robust network of seasoned executives. Notably, this investment also represents Avista’s third partnership with Yvan Vindevogel and his family office, the Damier Group.

About Avista Healthcare Partners

Founded in 2005, Avista Healthcare Partners is a leading New York-based private equity firm with over $10 billion invested in 51 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting healthcare product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, long-term value and sustainable businesses. For more information, visit www.avistahealthcare.com or follow Avista on LinkedIn.

About PK Benelux

PK Benelux is a consumer health company democratizing healthy living through the Lucovitaal brand and licensing of medical devices. PK Benelux is best known for its Dutch brand Lucovitaal®, recognized for being “powerful and affordable.” The company develops and markets vitamins, minerals, supplements, and other health products for distribution across drugstores, pharmacies, and online in the Netherlands, and supplies white label and private label medical devices to more than 30 countries. For more information, visit https://peterskrizman.com/.

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AURELIUS to acquire Louwman Group’s care business

Aurelius Capital
  • Agreement to acquire Louwman Group’s care business signed today
  • The care business provides mobility-related aids and assistive devices as well as services across five business units in the Netherlands
  • It generated €149.1m in revenue in FY2024 and today employs 715 people

Amsterdam/Luxembourg, November 13, 2025 – AURELIUS Private Equity Mid‑Market Buyout has today signed an agreement to acquire the Care Division of family‑owned Dutch company Louwman Group.

Comprising five units, the business provides mobility aids, home adaptations and vehicle modifications for people with mobility challenges. It serves municipalities, care offices and institutions, as well as private individuals, through tender‑based, multi‑year contracts and leasing models across the Netherlands.

AURELIUS is buying a resilient platform with a strong nationwide footprint and solid operational foundations, with clear opportunities to build on these strengths by further enhancing procurement capabilities and optimising the operating model. Working with management, AURELIUS’ operations team WaterRise plans to build out the range of services that the Care Division offers to its customers and improve service delivery, while supporting a smooth carve‑out and transition with particular attention to business continuity and IT separation readiness.

Fabian Steger, Managing Director AURELIUS Funds IV and V, says: “This transaction marks our fourth deal in short order, demonstrating AURELIUS’ global scale: over the course of this year, we have executed transactions through our teams in New York, London, Milan, Munich and Amsterdam. Louwman Group’s care business is a high‑quality platform serving a critical need, which we plan to help turn into a strong standalone organisation that helps people live more independently.”

Gilles van Kooten, Managing Director Benelux at AURELIUS Investment Advisory, says: “We are proud to lead this transaction from AURELIUS’ Amsterdam office. Louwman Group’s Care business serves a vital need across the Netherlands, and we see strong potential to support management in driving efficiencies and elevating operational performance, while continuing to deliver high-quality service. We are ready to support the business to deliver this service as well as sustainable, profitable growth.”

The transaction is subject to advice by relevant works councils, as well as customary regulatory approvals and other closing conditions. It is expected to close by the end of this year or early next year.

AURELIUS was advised by Livingstone (M&A), Van Doorne (Legal), and EY (Financial and Tax).

About AURELIUS

AURELIUS is a global private equity investor, distinguished and widely recognised for its operational approach. It focuses on private markets, in particular Private Equity and Private Debt. Its key investment platforms include AURELIUS Opportunities V, AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, especially expanding its global footprint, and today employs more than 400 professionals in 9 offices spanning Europe and North America.

AURELIUS is a renowned specialist for complex investments with operational improvement potential such as carve-outs, platform build-ups or succession solutions as well as bespoke financing solutions. To date, AURELIUS has completed more than 300 transactions, and has built a strong track record of delivering attractive returns to its investors. Its approach is characterised by its uncompromising focus on operational excellence and an unrivalled ability to efficiently execute highly complex transactions.

More info: www.aurelius-group.com

AURELIUS media contact:

Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7785 722 191

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VentureMed Group Closes $28M Series C Funding to Accelerate Commercial Adoption and Expand Indications for the FLEX VPTM System

Minneapolis, Minnesota, October 29, 2025 – VentureMed Group, Inc., a leading medical device company specializing in vessel preparation and access management technologies for the treatment of peripheral arterial disease (PAD) and arteriovenous fistulas and grafts (AVF, AVG), today announced the closing of a $28 million Series C financing round led by S3 Ventures, and joined by existing investors including Endeavour Vision.

“As we enter our next phase, we are grateful for the continued support of our existing investors and excited to welcome new partners to the syndicate,” said Denis Harrington, President and CEO of VentureMed. “This significant financing underscores investor confidence in the FLEX Vessel Prep™ System and our mission to strengthen VentureMed’s position in global vascular care.”

In addition to expanded commercial infrastructure, the funding will also advance VentureMed’s clinical program and support new product development, including new applications in adjacent vascular settings.

“VentureMed is addressing one of the most persistent challenges in vascular access with a technology that is both elegant and transformative,” said Brian R. Smith, Managing Director at S3 Ventures. “Our partnership reflects a shared mission to bring breakthrough treatments to those who need them most.”

Vascular diseases are a growing burden globally, driven by the rise in obesity, diabetes and hypertension. PAD affects more than 20 million people in the U.S. and over 200 million worldwide1, while stenosis and vessel dysfunction remain major causes of access failure in dialysis patients. FLEX was developed to improve vessel compliance, minimize trauma, and support better long-term outcomes. “Lesion prep is rapidly becoming one of the most important procedures for improving patient outcomes. The FLEX VP system is leading the way in addressing AV Access interventions,” said Dr. Ari Kramer, General Surgeon, Spartanburg Medical Center. “This fundraising is an important milestone as the company advances additional clinical evidence and expanded indications.”

Already FDA 510(k)-cleared, CE Mark-approved, and supported in the U.S. by a dedicated CMS HCPCS code (C1600) with transitional pass-through payment, FLEX is positioned to redefine vessel preparation and potentially expand treatment options worldwide.

“The cycle of re-narrowing and repeat procedures in vascular disease places a significant burden on patients and health systems,” said Alexander Schmitz, Partner at Endeavour Vision. “A technology that reduces the need for reinterventions not only improves outcomes but also aligns with the shift to value-based care. We’re excited to continue supporting VentureMed as it expands access to this important therapy.”

About VentureMed Group & FLEX Vessel Prep™ System

VentureMed Group, Inc. is a pioneering privately held medical device company based in Minnesota dedicated to advancing endovascular solutions for arteriovenous (AV) access and peripheral arterial disease (PAD) interventions. The company’s flagship technology, the FLEX Vessel Prep™ System, is an FDA 510(k)-cleared and CE Mark-approved device, that is designed to optimize vessel preparation using its proprietary Kinetic Endovascular Micro-incision Creation (KEMIC) technology. Unlike traditional balloon-based approaches that apply static pressure, KEMIC leverages controlled motion and dynamic vessel apposition to create long, precise micro-incisions. This unique mechanism facilitates luminal gain, may enhance drug uptake when used in combination therapy, and may reduce vessel trauma – ultimately lowering the risk of restenosis. For more information, visit www.VentureMedgroup.com.

Media contact:
Tom Michals
tmichals@venturemedgroup.com
+1(763) 951-0280

References: 1. Allison M.A. et al. Circulation. 2023;148:286–296.

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EQT Life Sciences Co-Leads USD 183 Million Series C Financing in Electra Therapeutics

EQT Life Science

 

Electra Therapeutics EQT

  • Electra Therapeutics is a late-stage biotechnology company developing new medicines for people with serious immunological and cancer-related diseases
  • Financing was co-led by EQT Life Sciences and Nextech, with participation from Sanofi, HBM Healthcare Investments, Mubadala Capital, and all existing investors
  • Proceeds will fund the registrational Phase 2/3 clinical study of the lead program in secondary hemophagocytic lymphohistiocytosis (sHLH), a life-threatening hyperinflammatory disease with no approved therapies
  • Funding will also support expanding the lead program into hematologic cancers and establishing clinical proof-of-mechanism for a second program, with broad potential across immunology and inflammation

​​Amsterdam, The Netherlands, 22 October 2025. EQT Life Sciences is pleased to announce that its LSP 7 fund has invested in Electra Therapeutics, a late-stage US biotechnology company developing innovative treatments for immune-mediated diseases and cancer. Electra is advancing a new class of precision medicines designed to selectively target overactive immune cells that drive disease, while preserving normal immune function. This differentiated approach has the potential to deliver more effective and durable therapies for patients affected by serious immune-mediated and inflammatory conditions.

The USD 183 million Series C will fund the global registrational Phase 2/3 clinical study of the lead program (ELA026) in secondary hemophagocytic lymphohistiocytosis (sHLH) and establish clinical proof-of-mechanism for Electra’s second program (ELA822) that has broad potential across immunology. The round was co-led by EQT Life Sciences and Nextech, with participation from new investors Sanofi, HBM Healthcare Investments, and Mubadala Capital, alongside all existing investors.

sHLH is a severe and life-threatening inflammatory condition triggered by underlying diseases such as cancer, autoimmune disorders, or serious infections. It causes the immune system to go into overdrive, leading to widespread inflammation and organ failure. There are currently no FDA-approved treatments for sHLH broadly, and in cancer-associated sHLH, survival at 8 weeks is only about 50 percent with existing options. Electra’s ELA026 is an antibody targeting Signal Regulatory Proteins (SIRP), cell surface receptors found on immune cells that become overexpressed in inflammatory diseases. By precisely removing these harmful cells while sparing normal immune function, ELA026 is designed to stop the inflammatory process at its source. This approach represents a novel way to rebalance the immune system and could have broader applications across multiple immune-mediated diseases.

Early clinical data are highly encouraging. In a Phase 1b study in sHLH, ELA026 achieved 100 percent survival at 8 weeks in frontline-treated patients. While preliminary, these results support the premise that precisely depleting SIRP-expressing immune cells can rapidly restore immune balance and may represent a meaningful advance for patients with this devastating condition. ELA026 has received FDA Breakthrough Therapy and EMA Priority Medicines designations for sHLH.

“We are pleased to have the support of a distinguished group of investors who share our vision to deliver life-changing treatments for patients with underserved diseases,” said Kathy Dong, PharmD, MBA, President and CEO of Electra Therapeutics. “Our team has a proven record of translating novel biology into first-in-class breakthrough therapies, as exemplified by ELA026. With strong momentum, we are driving the pivotal study of ELA026 in sHLH forward and accelerating our second SIRP-targeted program into the clinic.”

“The Electra team has demonstrated exceptional scientific and clinical execution in advancing a first-in-class therapy for patients with no approved treatment options,” said Christoph Broja, Partner in EQT Life Sciences, who will join Electra’s board as observer. “We are impressed by the clarity of Electra’s approach and the quality of its early data, and we look forward to supporting the team as it drives its pivotal program forward and explores the broader potential of SIRP-targeted therapies to bring real innovation to patients.”

Contact

EQT Press Office, press@eqtpartners.com

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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 aims to back the smartest inventors who have ideas that could truly make a difference for patients.

More information: https://eqtgroup.com/private-capital/eqt-life-sciences

About Electra Therapeutics

Electra Therapeutics is a clinical stage biotechnology company pioneering therapies against novel targets for diseases in immunology and cancer. The company’s lead product candidate, ELA026, is a first in class monoclonal antibody that targets signal regulatory proteins (SIRP) on immune cells to selectively deplete pathological myeloid cells and T lymphocytes. ELA026 is currently in pivotal development for secondary hemophagocytic lymphohistiocytosis (sHLH) and is also being evaluated in additional indications. Electra is further advancing a second SIRP-targeted program, ELA822, designed to selectively deplete activated T lymphocytes, with broad potential across immunology and inflammation (I&I). For more information, please visit www.electra-therapeutics.com and follow us on LinkedIn

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EQT Life Sciences’ ImCheck Therapeutics to be acquired by Ipsen in a transaction valued at up to EUR 1 billion

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EQT Life Science

EQT-ImCheck

  • Ipsen and ImCheck Therapeutics have entered into a definitive share purchase agreement. ImCheck’s shareholders will be eligible to receive a payment of EUR 350 million and downstream payments,  for a total potential consideration of up to EUR 1 billion.
  • ImCheck Therapeutics is a private French biotechnology company pioneering next-generation immuno-oncology therapies.
  • EQT Life Sciences has backed ImCheck since 2017 and has provided comprehensive support beyond capital, at the board level.

EQT Life Sciences is pleased to announce that Ipsen (Euronext: IPN; ADR: IPSEY) has entered into a definitive agreement to acquire its portfolio company ImCheck Therapeutics for EUR 350 million at closing, with a total transaction value of up to USD 1 billion.

ImCheck Therapeutics, based in Marseille, France, is pioneering immuno-oncology therapies by targeting butyrophilins, a novel group of immune-regulating proteins. Its lead drug, ICT01, is being tested in acute myeloid leukemia (AML) patients who are not fit for standard treatment, with early Phase I/II trial results showing promising responses. ICT01 is a first-in-class monoclonal antibody targeting BTN3A, a key immune-regulatory molecule broadly expressed across cancer.

EQT Life Sciences invested in the business in 2017, as part of a syndicate of investors, and has since provided comprehensive support, including at the board level.

Vincent Brichard, Venture Partner at EQT Life Sciences, said: “We are immensely proud to have supported ImCheck’s journey to this significant acquisition by Ipsen. The transaction highlights the strength of ImCheck’s platform and exceptional leadership and team. It is also a testament to our ability to identify hidden gems and support transformative biotech companies.”

Pierre d’Epenoux, CEO of ImCheck Therapeutics, said: “This transaction is an extraordinary milestone for ImCheck and puts the spotlight on groundbreaking science originating from French academia. EQT Life Sciences’ support has extended far beyond financing – their strategic guidance and confidence in my leadership has been instrumental in our success. Together, we have advanced pioneering science from concept to late-stage clinical development, demonstrating what visionary investors and dedicated teams can accomplish together.”

Together with the Amolyt Pharma exit to AstraZeneca in 2024, EQT Life Sciences has achieved successful exits from its two portfolio companies under the France 2030 investment program – a government initiative supporting the most promising French biotech innovations. This highlights EQT Life Sciences’ expertise in identifying leading European biotech companies and turning them into global success stories.

The transaction is expected to close by the end of Q1 2026, subject to customary closing conditions, including regulatory approvals under French and U.S. regulations.

Contact
EQT Press Office, press@eqtpartners.com

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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 aims to back the smartest inventors who have ideas that could truly make a difference for patients

More information: https://eqtgroup.com/private-capital/eqt-life-sciences

About ImCheck Therapeutics

ImCheck Therapeutics is developing a new generation of immunotherapeutic antibodies targeting butyrophilins, a novel superfamily of immunomodulators. By unlocking the power of γ9δ2 T cells, ImCheck’s innovative approach has the potential to transform treatments across oncology, autoimmune, and infectious diseases.

The lead clinical-stage program, ICT01, has been advancing to late-stage trials, demonstrating a unique mechanism of action that modulates both innate and adaptive immunity. These “first-in-class” activating antibodies may deliver superior clinical outcomes compared to first-generation immunotherapy approaches, in particular in rationale combinations with immune checkpoint inhibitors and immunomodulatory anti-cancer drugs. Additionally, ImCheck’s pipeline compounds are progressing toward clinical development for autoimmune and infectious diseases.

The company benefits from the pioneering research of Prof. Daniel Olive (Institut Paoli Calmettes, INSERM, CNRS, Aix-Marseille University), a global leader in γ9δ2 T cells and butyrophilins, as well as the expertise of a seasoned management team and the commitment of leading French, European and U.S. investors including Kurma Partners, Eurazeo, Bpifrance through its Innobio 2 and Large Venture funds, Andera Partners, Pfizer Ventures, Gimv, EQT Life Sciences, Earlybird, Wellington Partners, Pureos Bioventures, Invus, Agent Capital, Boehringer Ingelheim Venture Fund, Alexandria Venture Investments and Blood Cancer United (previously LLS)®

For further information: https://www.imchecktherapeutics.com

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Hologic to be Acquired by Blackstone and TPG for up to $79 per Share

Blackstone

Hologic Stockholders to Receive $76 per Share in Cash Plus a Contingent Value Right of up to $3 per Share Payable Upon Achieving Certain Revenue Milestones

Represents 46% Premium to Hologic’s Closing Price on Last Trading Day Prior to Media Reports of Possible Transaction

Transaction Includes Significant Minority Investments from ADIA and GIC

Transaction Will Help Hologic Strengthen its Leadership in Women’s Health and Accelerate Growth

Marlborough, Mass; New York, NY; San Francisco, CA and Fort Worth, Texas, October 21, 2025 – Hologic, Inc. (Nasdaq: HOLX) today announced that it has entered into a definitive agreement to be acquired by funds managed by Blackstone (“Blackstone”) and TPG in a transaction valued at up to $79 per share, representing an enterprise value of up to $18.3 billion.1

Under the terms of the agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradable contingent value right (CVR) to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash. The non-tradable CVR would be issued to Hologic stockholders at closing and paid, in whole or in part, following achievement of certain global revenue goals for Hologic’s Breast Health business in fiscal years 2026 and 2027.

The aggregate purchase price represents a premium of approximately 46% to Hologic’s closing price on May 23, 2025, the last full trading day prior to media reports regarding a possible transaction involving Hologic. The transaction includes significant minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and an affiliate of GIC.

“Today marks an exciting new chapter for Hologic as we join forces with the exceptional teams at Blackstone and TPG,” said Stephen P. MacMillan, Hologic’s Chairman, President and Chief Executive Officer. “With their resources, expertise and commitment to women’s health, Blackstone and TPG will help accelerate our growth and enhance our ability to deliver critical medical technologies to customers and their patients around the world. This transaction delivers immediate and compelling value to Hologic stockholders, reflecting the dedication of our employees whose hard work has made this milestone possible.”

Ram Jagannath, a Senior Managing Director at Blackstone, said: “Hologic is an outstanding global leader in advancing women’s health, with a longstanding reputation for groundbreaking and high-quality medical device and diagnostic products. We have closely followed the Company for many years and long admired the positive impact its life-changing technologies have had for millions of patients worldwide. We are thrilled to partner with its highly talented and capable employees, alongside TPG, to further invest in Hologic’s continued product innovation and growth.”

“Hologic’s innovation-driven medical products and technologies are advancing detection and care to improve health outcomes for women around the world,” said John Schilling, M.D., Co-Managing Partner of TPG Capital. “Investing behind healthcare innovation has been a core focus for TPG for decades, and Hologic represents a compelling opportunity to draw upon our deep thematic expertise to support the development of next-generation solutions that will continue to promote strong clinical results and enhance patient care. We’re proud to partner with the Hologic team and Blackstone in this exciting new chapter.”

Approvals, Timing and Transaction Details
The transaction is expected to close in the first half of calendar year 2026, subject to the approval of Hologic’s stockholders, the receipt of required regulatory approvals and the satisfaction of certain other customary closing conditions. The Hologic Board of Directors has unanimously approved the merger agreement and recommends that Hologic stockholders vote their shares to approve the transaction and adopt the merger agreement.

Blackstone and TPG have secured committed financing for the transaction. They have delivered to Hologic a debt financing commitment letter from Citi, Bank of America, Barclays, Royal Bank of Canada and SMBC, and equity commitment letters from funds advised by Blackstone and TPG that, taking into account the Company’s balance sheet, in the aggregate, are sufficient to fund the purchase price and pay related fees and expenses at closing. Blackstone’s private equity strategy for individual investors is also expected to invest as part of the transaction. TPG is investing in Hologic through TPG Capital, the firm’s U.S. and European private equity platform.

Upon completion of the transaction, Hologic’s common stock will be delisted from the Nasdaq stock market. The Company will maintain its headquarters in Marlborough, Massachusetts, and will continue to operate under the Hologic name and brand.

The merger agreement includes a 45-day “go-shop” period, during which time Hologic and its advisors may solicit, consider and negotiate alternative acquisition proposals from third parties. The Hologic Board of Directors will have the right to terminate the merger agreement to enter into a transaction providing for a superior proposal, subject to the terms and conditions of the merger agreement. There can be no assurance that this process will or will not result in a superior proposal. Hologic does not intend to disclose updates on this process unless and until it determines that such disclosure is appropriate or required.

Hologic Fourth Quarter Financial Results
As announced on October 2, Hologic plans to report its financial results for the fourth quarter of fiscal 2025 via press release on November 3. Given the transaction announced today, Hologic does not intend to provide financial guidance for fiscal 2026 in this upcoming press release. In addition, Hologic does not plan to hold any earnings calls while the transaction is pending. The Company plans to file its Form 10-K for fiscal 2025 with the SEC in late November.

Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Hologic, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Company. Citi is serving as exclusive financial advisor, Kirkland & Ellis LLP is serving as legal counsel, and Ropes & Gray is serving as healthcare regulatory counsel to the Blackstone-and-TPG-led consortium.

About Hologic
Hologic, Inc. is a global leader in women’s health dedicated to developing innovative medical technologies that effectively detect, diagnose and treat health conditions and raise the standard of care around the world. For more information on Hologic, visit www.hologic.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

Cautionary Statement Regarding Forward-Looking Statements
This news release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “likely,” “future,” “strategy,” “potential,” “seeks,” “goal” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the benefits of and timeline for closing the merger. These forward-looking statements are based upon assumptions made by Hologic as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated.

These forward-looking statements are subject to a number of risks and uncertainties that could adversely affect Hologic’s business and prospects, and otherwise cause actual results to differ materially from those anticipated, including without limitation, the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the possibility that Hologic stockholders may not approve the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Hologic’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Hologic to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally. Further information on factors that could cause actual results to differ materially from the results anticipated by the forward-looking statements is included in the Hologic Annual Report on Form 10-K for the fiscal year ended September 28, 2024filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings made by Hologic from time to time with the SEC. These filings, when available, are available on the investor relations section of the Hologic website at https://investors.hologic.com or on the SEC’s website at https://www.sec.gov. If any of these risks materialize or any of these assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hologic presently does not know of or that Hologic currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. 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 statements are based, except as required by law.
 
Additional Information and Where to Find It
In connection with the proposed acquisition of Hologic by affiliates of Blackstone Inc. and TPG Capital, Hologic will file with the SEC a preliminary Proxy Statement of Hologic (the “Proxy Statement”). Hologic plans to mail to its stockholders a definitive Proxy Statement in connection with the proposed transaction. HOLOGIC URGES YOU TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HOLOGIC, BLACKSTONE INC., TPG CAPITAL, THE PROPOSED TRANSACTION AND RELATED MATTERS. You will be able to obtain a free copy of the Proxy Statement and other related documents (when available) filed by Hologic with the SEC at the website maintained by the SEC at www.sec.gov. You also will be able to obtain a free copy of the Proxy Statement and other documents (when available) filed by Hologic with the SEC by accessing the investor relations section of Hologic’s website at https://investors.hologic.com or by contacting Hologic investor relations at investors@hologic.com or calling 858-410-8904.

Participants in the Solicitation
Hologic and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Hologic stockholders in connection with the merger.

Information regarding the directors and executive officers of Hologic, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth (i) in Hologic’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, including under the headings “Proposal No. 1 – Election of Directors,” “Executive Officers,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Securities Ownership by Directors and Executive Officers” and “Certain Relationships and Related-Party Transactions,” which was filed with the SEC on January 16, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/859737/000114036125001287/ny20038205x1_def14a.htm, and (ii) to the extent holdings of Hologic’s securities by its directors or executive officers have changed since the amounts set forth in Hologic’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5 filed with the SEC, which are available at EDGAR Search Results https://www.sec.gov/edgar/browse/?CIK=0000859737&owner=only.

Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.

Contacts

For Hologic:

Media Contacts:
Bridget Perry
Senior Director, Corporate Communications
(+1) 508.263.8654
bridget.perry@hologic.com

Brunswick Group
Hologic@brunswickgroup.com

Investor Contact:
Michael Watts
Corporate Vice President, Investor Relations
(+1) 858.410.8514
michael.watts@hologic.com

For Blackstone:
Matt Anderson
Matthew.Anderson@Blackstone.com

Hallie Dewey
Hallie.Dewey@Blackstone.com

Jennifer Heath
Jennifer.Heath@Blackstone.com

For TPG:
Luke Barrett and Courtney Power
media@tpg.com

Based on 228 million diluted shares outstanding, $2.2 billion of cash and short-term investments on Hologic’s balance sheet and $2.5 billion of Hologic debt as of 9/27/2025.

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