Tag Archives: healthcare

Genezen Laboratories Receives Growth Equity Investment from Ampersand Capital Partners

Genezen Laboratories

FISHERS, Ind., Jan. 5, 2021 /PRNewswire/ — Genezen Laboratories, Inc., a cell and gene therapy Contract Development and Manufacturing Organization (CDMO) focused on early-phase process development, vector production, and analytical testing services, today announced a majority investment from Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the healthcare sector. Ampersand’s investment will be used to complete the construction of the company’s 25,000 square foot cGMP-compliant lentiviral vector production facility, which will also offer a full suite of process development and analytical capabilities.

Genezen’s manufacturing facility, located north of Indianapolis in Fishers, IN, will leverage the company’s historical expertise in lentiviral vector production and development of cell and gene therapy products from preclinical through Phase I/II clinical development. The building will include multiple cGMP production suites, complete downstream processing and packaging capabilities, and comprehensive process development and analytical testing facilities. The process development laboratory will offer a range of customized production and analytical services, including those supporting cGMP and commercial readiness, upstream and downstream process improvements, research grade and preclinical vector production, and analytical assay development and validation. Analytical testing services, including Recombinant Competent Lentivirus testing (RCL), vector stability testing, and safety and sterility testing, will also be available. The company will round out its complete platform of cell and gene therapy CDMO services by continuing to offer cell manufacturing and patient sample testing through its existing academic partnerships.

Bill Vincent, Chairman and CEO of Genezen commented, “We are extremely pleased to be partnering with Ampersand in catalyzing the next phase of Genezen’s growth. Our recognized expertise in the lentiviral vector platform, combined with Ampersand’s unique cell and gene therapy CDMO experience, makes for a powerful combination. We look forward to providing a differentiated offering that will be critical in helping life-changing therapeutics reach the patients who need them.”

David Anderson, General Partner at Ampersand, added, “Given the ongoing growth of the cell and gene therapy sector, and the continued supply/demand imbalance in cGMP manufacturing, we are excited to partner with another specialized service provider in the space. We look forward to working with the Genezen team to leverage our deep experience with cell and gene therapy CDMOs to establish a leading platform in this revolutionary healthcare market.”

About Genezen Laboratories, Inc.

Founded in Indianapolis in 2014, Genezen Laboratories is focused on supporting the demands of the current and future gene and cell therapy manufacturing market worldwide— making viral vector production accessible to both early-stage, growth-oriented companies and established industry leaders. Genezen offers early-phase process development, GMP vector production, and analytical testing services, building on the company’s expansive knowledge and experience in the industry and working with the nation’s leading institutions. For more information, or to learn more about services offered in Genezen’s new cGMP facility, please visit genezenlabs.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.

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Sylak AB is now successfully integrated into Observe Medical and in full operations

Reiten

Observe Medical ASA, December 21, 2020: Following the acquisition by Observe Medical of Sylak AB on October 30, the team and product portfolio are now successfully integrated into Observe Medical and in full operations, with focus on the Swedish market.

Observe Medical is currently launching Sippi® automated digital urine meter in selected markets in Europe, with the near-term focus of accelerating Sippi clinical use in Nordics. Therefore, the access to Sippi target customers is key, specifically important during the current pandemic, since the access to healthcare professionals is restricted, especially at ICUs and other departments at hospitals. The portfolio added through the acquisition of Sylak consists of a broad range of hospital products within urine measurement, anaesthesia/ICU and wound care. The product range is complimentary to Sippi, providing access and enabling sales calls with Sippi target customers. It has already generated several customer requests for Sippi testing and implementation during early 2021 at key hospitals. In addition, the integration has brought significant synergies by enhancing Observe Medical sales operational capabilities, for example in tender management, logistics and warehousing.

The Observe Medical sales team is further expanding with a new Nordic key account manager (KAM), joining in January 2021. The new KAM, like the colleagues in the sales team, has a background as a specialist nurse, a highly relevant competence and experience for driving Sippi clinical use as well as for the sales growth of the full Observe Medical portfolio. In the coming period the sales operations will further expand with direct sales team on the ground in the Nordics. With the strong international experience in the sales team, they are also key in transferring the Nordic Sippi references and learnings when enhancing our international distributor network.

“The pandemic is highlighting key clinical challenges, not the least at ICUs and other hospital departments. Our sales team has excellent and long-standing relations with the departments at major hospitals. It is highly motivating for me and my team to be fully on board Observe Medical, and to continue helping our customers, the caregivers, in their daily work with patients. Sippi has the same target customers as the rest of our portfolio and several of the products are directly synergistic and can be bundled with Sippi”. I expect this to further drive Sippi clinical use and portfolio sales growth” says Anders Nachtweij, Head of Sales, Observe Medical, formerly General Manager of Sylak.

“We are excited to move into 2021 with full speed and force, and further accelerate Sippi clinical use and portfolio sales growth in the Nordics – lead by Anders Nachtweij, our new Head of Sales, and his team. The integration of the Sylak team represents a boost of momentum and energy in a critical phase of the Sippi commercialization and for Observe Medical,” says Björn Larsson, CEO of Observe Medical.

For further information, please see company press release

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Eurazeo has reached an agreement to sell its stake in C2S to Elsan

Eurazeo

Paris, December 21, 2020
Eurazeo Patrimoine, the Eurazeo arm specializing in real estate and companies that own and operate physical assets, has formed an agreement with Elsan to sell its stake in C2S, a multi-regional group of clinics specializing in general medicine, with 17 clinics in the Auvergne Rhône-Alpes and Bourgogne Franche-Comté regions of France.

For Eurazeo Patrimoine, the disposal would generate a cash-on-cash multiple of 3.2 x and an internal rate of return (IRR) of around 48%. Eurazeo’s proceeds from the disposal would be c. €400 million. This deal would crystallize a value of more than €2 per share on top of the Group’s Net Asset Value published as of 30 June 2020.

Since acquiring C2S in 2018, Eurazeo Patrimoine has played a hands-on role, supporting the group by providing it with the human resources and funding necessary for its development. As a result, the group has doubled its business in the space of only three years and extended its network into Eastern France, integrating seven new clinics and strengthening C2S’s geographical coverage so that it can treat patients as closely as possible to their homes.
During this phase of growth, the shared strategic vision of its management team and the support of Eurazeo Patrimoine have enabled C2S instill its values of proximity, quality, balanced medical and managerial governance and responsible development even more deeply within its business model.

Eurazeo Patrimoine’s support for C2S has yielded some major investment programs. In terms of real estate, the group has carried out extensions and refurbishments, created operating wings and introduced new out-patient and emergency services, with the aim of modernizing its clinics and helping to develop the business. In medical terms, the group has invested in robotic surgery including France’s first CMR robot, aiming to provide clinics and practitioners with tools at the leading edge of technology and to offer excellent care to patient close to their homes. It has also invested in digital technology, through digital patient pathways and a stronger partnership with Doctolib, in which Eurazeo is one of the main investors.

Renaud Haberkorn, Managing Partner at Eurazeo and head of Eurazeo Patrimoine, said:
“We are very proud of how far we have come over the last three years, working alongside the C2S management team. With the hard work done by Jean Rigondet and his teams, and with the support of Eurazeo, C2S has bolstered its structure, doubled its business, carried out strategic acquisitions and developed a medical research platform .This validates Eurazeo Patrimoine’s expertise at the crossroads between real estate and private equity.”
Jean Rigondet, Chairman of the C2S group, added:
”Our relationship with Eurazeo Patrimoine’s teams has been one of open communication and great mutual trust. This has been crucial in enabling us to transform our group in the last three years. We are delighted with the progress that C2S has achieved, which means that we can meet our patients’ needs ever more effectively and offer them high-quality care across a range of disciplines, by leveraging on a very high quality medical and paramedical team.”

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Singapore, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS

PRESS CONTACT

PIERRE BERNARDINBERNARDIN

HEAD OF INVESTOR RELATIONS
email: pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33 (0)1 44 15 76 44

MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +44 (0) 7990 595 913

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Gryphon Investors Acquires PRN, a Leading Western U.S. Physical Therapy Operator

Gryphon Investors

Deal Marks Gryphon’s Third Investment in the Physical Therapy Category

San Francisco, CA – December 17, 2020 — 

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, CA, announced today that it has acquired Physical Rehabilitation Network (“PRN” or “the Company”), from Silver Oak Services Partners (“Silver Oak”). Silver Oak will make an investment in the newly recapitalized company, and PRN’s management team will remain with the Company and retain an equity stake as well. This transaction marks Gryphon’s third investment in the physical therapy category after successful earlier investments in Accelerated Rehabilitation and CORA Physical Therapy. Terms of the deal were not disclosed.

Kevin Blank, Gryphon Operating Partner to Gryphon’s Healthcare Group, commented, “Physical therapy is a $36 billion industry that is increasingly viewed as preventive care, supported by payors looking to make sure diagnostic expense and more invasive treatments are appropriate. We believe the physical therapy sector will experience more growth as active people age and require attention to injuries, but increasingly turn away from pharmaceutical treatment. At the same time, new regulations are improving patients’ direct access to care, making treatment faster and less administratively cumbersome. These drivers make continued investment in the sector attractive.”

PRN is the leading outpatient physical therapy provider in the Western United States. The company operates 138 clinics in 12 states (CA, CO, ID, MN, MT, NV, NM, ND, OR, SD, TX and WA), and boasts over one million patient visits annually. PRN offers a variety of physical therapy services including sports rehabilitation, balance training, hand therapy, aquatic therapy, industrial rehabilitation, and post-operative PT. Current CEO Ajay Gupta will retain his position with the company, while Mitch Tannenbaum and Eric Warner, both former senior executives of Accelerated Rehabilitation and current board members at CORA, will serve in board roles.

Luke Schroeder, Gryphon Deal Partner and Co-Head of Gryphon’s Healthcare Group, said, “PRN has a unique joint venture business model that allows its physical therapist partners to share in the business’s upside while remaining deeply committed to providing top-quality care. Over the past few years, the Company has focused on accelerating strategic growth, including health system partnerships, and investing in a scalable infrastructure, while building a diversified payor mix and widening its geographic footprint. We see multiple avenues for continued organic and acquisitive growth for the PRN platform.”

“We are extremely proud of our partnership with the PRN management team and the Company’s track record of growth,” said Dan Gill, Managing Partner at Silver Oak. “We are excited to reinvest in PRN, and believe the Company is well positioned to capitalize on its multidimensional growth strategy while continuing to provide exceptional quality of care.”

Mr. Gupta added, “We look forward to this next chapter of growth with the Gryphon and Silver Oak teams to broaden our service offerings in the communities we serve, attract more patients, and further hone our partnership model. We have built our business by supporting our clinicians through focused efforts on training, compliance, strict quality of care standards, and patient-centered service, and we expect to continue to see our success measured by patient outcomes and overall satisfaction.”

Jefferies & Company acted as financial advisor to Gryphon, and Houlihan Lokey was the financial advisor to PRN. Kirkland & Ellis acted as legal advisor to Gryphon. Kirkland & Ellis and Waller Lansden Dortch & Davis acted as legal advisors to PRN.

About Physical Rehabilitation Network
Founded in 1991 and headquartered in Carlsbad, CA, PRN (www.prnpt.com) is the leading outpatient physical therapy provider in the Western U.S. The company operates 138 clinics in 12 states (CA, CO, ID, MN, MT, NV, NM, ND, OR, SD, TX, and WA), with density in high-growth, economically thriving and fragmented markets. PRN distinguishes itself through its therapist-friendly minority equity partnership model and comprehensive centralized support that empowers its therapists to focus on delivering leading patient satisfaction and best-in-class patient care.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

About Silver Oak Services Partners
Founded in 2005 and based in Evanston, IL, Silver Oak Services Partners (www.silveroaksp.com) is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. The firm is currently investing out of its fourth fund, a $500 million investment vehicle.​

Contacts

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EQT VII portfolio company Certara closes Initial Public Offering

eqt

EQT is pleased to announce that on 10 December 2020, the EQT VII portfolio company Certara, Inc. (“Certara”), a global leader in biosimulation based on 2019 revenue, successfully priced its upsized initial public offering of 29,055,000 shares of its common stock at USD 23 per share. Shares of Certara’s common stock began trading on the Nasdaq Global Select Market on 11 December 2020, under the ticker symbol “CERT.” The offering closed on 15 December 2020, after fulfilling customary closing conditions.

The listing of Certara marks the first IPO for EQT in the US. The EQT VII fund sold around 14.2 million shares, equivalent to about 16 percent of the fund’s holdings in Certara, at USD 23 each for net proceeds of about USD 306 million (after underwriters’ discount). EQT VII will remain a significant shareholder with around 49 percent of ownership in Certara.

Certara accelerates medicines to patients using proprietary biosimulation software and technology to transform traditional drug discovery and development. Its clients include 1,600 global biopharmaceutical companies, leading academic institutions, and key regulatory agencies across 60 countries.

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

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

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TA Associates Announces Significant Growth Investment in The Benecon Group

TA associates

BOSTON – TA Associates, a leading global growth private equity firm, today announced that it has completed a significant growth investment in The Benecon Group (“Benecon” or “the Company”), a leading developer and manager of self-funded medical benefit programs. Financial terms of the transaction were not disclosed.

Founded in 1991 by Samuel Lombardo and headquartered in Lititz, Pennsylvania, Benecon helps design and implement self-funded health plans for small-and-medium-sized businesses (“SMBs”). Via its Actuarial, Compliance, Finance and Producer Services divisions, Benecon offers a full suite of services for thousands of public and private employers across the United States. Benecon’s subsidiary, ConnectCare3, provides wellness consulting and clinical services for Benecon members, including patient advocacy, nurse navigation and chronic disease management. Benecon has enjoyed double digit annual growth for the past 10 years and has been cited by Inc. magazine on four occasions as among the 500 fastest growing companies in America.

“We are thrilled to partner with the Benecon team,” said Jason Mironov, a Director at TA Associates who has joined the Benecon Board of Directors. “Benecon offers a unique model that allows public and private companies to more efficiently self-fund their employee medical benefit programs by leveraging the actuarial prowess and purchasing power of a national network, effectively lowering healthcare costs for thousands of employer groups and hundreds of thousands of members.”

“We owe our success in addressing the health insurance needs of middle market companies to our scale, our well-established and trusted relationships with third-party brokers, stop-loss providers and third-party administrators, and a strong track record built over nearly 30 years,” said Samuel Lombardo, Founder, Chairman and CEO of Benecon. “Given our compelling product offering, we see a number of opportunities to accelerate Benecon’s historically strong organic growth. With their decades of experience investing in the healthcare and business services sectors, we are confident that TA is the right financial partner to help us in these efforts and we welcome them as an investor in Benecon.”

“TA’s longtime commitment to supporting efficiency, quality care and cost containment in the U.S. healthcare system is directly aligned with our mission at Benecon,” said Matthew Kirk, President of Benecon. “Healthcare cost reduction is particularly relevant today, given pandemic-induced spending pressures for businesses of all sizes, and it is gratifying to play a role in this effort. Our partnership with TA marks an exciting new chapter for Benecon that we believe will see meaningful additional growth for the company.”

“A number of factors continue to drive growth in the self-funded medical benefit market, including a need for better cost management and greater control over plan design,” said Michael Berk, a Managing Director at TA Associates who has also joined the Benecon Board of Directors. “While the companies that Benecon serves are the largest category of employers in the U.S., they remain underrepresented in terms of businesses enrolled in self-funded healthcare plans. Given this large and underpenetrated addressable market, we expect ongoing and significant growth opportunities for Benecon.”

Financing was provided by funds managed by the Credit Group of Ares Management and Varagon Capital Partners. Griffin Financial Group served as financial advisor to Benecon. Goodwin Procter provided legal counsel to TA Associates.

About Benecon
Founded in 1991 by Samuel Lombardo, The Benecon Group specializes in innovative and effective self-funded employee benefit solutions for both the private and public sectors. Benecon’s mission is to help employers effectively control benefit plan expenditures and design programs that meet the strategic needs of the employer and the personal needs of the employees. Benecon manages 14 Consortium and Cooperative programs, offering health benefit solutions for any industry, and has a full suite of services, providing expert support through its Actuarial, Compliance, Finance and the Producer Services Divisions. Benecon offers the clinical services and wellness consulting services of ConnectCare3, Benecon’s sister company, providing an additional benefit to those who are members of Benecon’s self-funded health benefits consortiums and cooperatives. Benecon is a leading General Agent for Producer Partners. For more information, please visit www.benecon.com.

About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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PointClickCare Technologies Announces Intent to Acquire Collective Medical, Creating the Largest Combined Acute and Post-Acute Care Network in North America

JMI Equity

Post-acute technology leader to combine with leading full-continuum real-time care coordination platform to drive better outcomes for vulnerable populations with complex care needs

MISSISSAUGA, Ontario–(BUSINESS WIRE)–PointClickCare Technologies, the leader in cloud-based software technology for the long-term and post-acute care market, today announced its intent to acquire Collective Medical, the leading network-enabled platform for real-time cross-continuum care coordination. Together, PointClickCare and Collective Medical will provide diverse care teams across the continuum of acute, ambulatory, and post-acute care with point-of-care access to deep, real-time patient insights at any stage of a patient’s healthcare journey, enabling better decision making and improved clinical outcomes at lower cost. The acquisition is subject to receiving regulatory approvals and other customary closing conditions and is expected to be completed by the end of December 2020.

“The healthcare ecosystem is a mix of disconnected providers, systems, plans, processes and data. Healthcare costs and risk are on the rise, while patient care and provider-to-provider coordination are inconsistent. Our mission is to improve the lives of seniors, and we believe the best way to meaningfully advance this goal is by connecting disparate points of care,” says Mike Wessinger, founder and chief executive officer of PointClickCare Technologies. “Collective Medical offers the right fit of people and technology and together we will initiate a new era of data-enriched collaboration across the continuum that radically transforms how data and people are empowered to liberate health.”

PointClickCare supports a network of more than 21,000 skilled nursing facilities, senior living communities and home health agencies. In the United States, 97 percent of all hospitals discharge patients to skilled nursing facilities using PointClickCare. Collective Medical’s platform connects more than 1,300 hospitals, thousands of ambulatory practices and long-term post-acute care (LTPAC) providers, as well as accountable care organizations (ACOs) and every national health plan in the country, across a 39-state network. These providers come together via the Collective platform to support patients suffering from a variety of complex conditions, including substance use disorder, mental and behavioral health issues, and other care needs requiring multiple interventions and transitions across disparate care settings. The combination of PointClickCare and Collective Medical will enable care to be more seamlessly delivered for the most complex (high-cost, high-needs) patients, including the rapidly growing aging population.

“There is near-perfect alignment between Collective Medical and PointClickCare given our shared values and mission to support vulnerable populations,” says Chris Klomp, chief executive officer of Collective Medical. “We are thrilled to join forces with PointClickCare to expand our network even faster as we work to connect healthcare at scale and ensure no patient slips through the cracks of an otherwise fragmented care continuum.”

With the acquisition of Collective Medical, PointClickCare will solidify its position as a high growth, cloud-based healthcare software provider, serving a large, diversified customer base across the acute, ambulatory, post-acute, and payer spectrum. As the shift to value-based care fuels growing market demand for intelligence and collaboration tools, the company will be best positioned to provide the most fully integrated set of real-time care coordination tools across the entire continuum of care, powered by the largest network of its kind in the U.S.

The acquisition will follow a partnership, created between the companies in August 2019, which streamlined the integration of Collective Medical’s solution for care transitions with PointClickCare’s leading cloud-based software platform. Hundreds of PointClickCare customers are already leveraging this connection to the Collective platform to coordinate seamless care transitions and influence decisions at the point of care.

To learn more about PointClickCare, visit www.pointclickcare.com.

About PointClickCare

With a suite of fully-integrated applications powered by cloud-based healthcare software, PointClickCare leads the way in helping care providers connect, collaborate, and share data within their network. Over 21,000 long-term and post-acute care providers, including skilled nursing facilities, senior living communities, and home health agencies use PointClickCare today, making it the North American healthcare IT market leader for the senior care industry. For more information on PointClickCare’s software solutions, visit www.pointclickcare.com.

About Collective Medical

Collective Medical is the nation’s leading real-time care notification, activation, and collaboration platform. Proven to streamline care transitions, improve coordination, and reduce unnecessary length of stay and admissions, Collective helps improve patient outcomes and lower costs by closing communication gaps across care settings that undermine care. With a nationwide network of thousands of hospitals and health systems, primary, specialty, and post-acute clinics, health plans and ACOs, Collective integrates alongside EHRs and health information exchanges to empower decision making by highlighting essential insights and actions to take on patients a provider has already seen, is currently seeing, or should see. Learn more about Collective’s impact at www.collectivemedical.com.

Contacts

Tania DiVito
Corporate Communications Manager, PointClickCare
Tania.divito@pointclickcare.com
905-858-8885 x1997
800-277-5889 x1997

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Cinven portfolio company Bioclinica to merge with ERT

Cinven

Combination of Bioclinica and ERT to create a leading independent provider of data and technology for use in clinical trials

International private equity firm Cinven announces that it has agreed to merge Bioclinica (‘the Company’), a leading integrated solutions provider of clinical life science and technology expertise, with ERT, a global leader in clinical end-point data solutions. As part of the transaction, Cinven will become a significant minority shareholder of ERT working in partnership with Nordic Capital, Astorg and Novo Holdings A/S. Financial terms of the transaction are not disclosed.

Established in 1990, Bioclinica supports the development of new medications globally through its medical expertise, service experience and technology platform that improve the efficiency of clinical trials. Headquartered in the US, Bioclinica employs c. 2,600 people globally, with operations across the US, Europe and Asia.

Building on its experience in the global clinical trials industry through its February 2014 investment in Medpace, a leading contract research organisation (“CRO”), that Cinven successfully listed on the Nasdaq Global Select Market in August 2016, Cinven’s Healthcare team identified Bioclinica as a compelling investment opportunity and acquired the business in October 2016. During Cinven’s ownership, Cinven has worked closely with Euan Menzies, the CEO, and the rest of the management team to enhance Bioclinica’s operations and position Bioclinica for growth, particularly in its core medical imaging business, where there has been significant investment in team expansion and technology capabilities to respond to the increase in clinical trial activity globally.

The combination of Bioclinica and ERT will create a leading independent provider of data and technology for use in clinical trials globally. The combined organisation will be involved in approximately 4,000 clinical trials each year, serving the world’s major pharma and biotech companies and working in partnership with the major global CROs. The combination of Bioclinica’s technology and medical expertise in imaging, together with ERT’s expertise in collecting endpoint data, will ensure better and faster outcomes from clinical trials and will bring increased efficiency and innovation into the clinical trials industry, for the benefit of patients worldwide.

Commenting on the transaction, Alex Leslie, Partner at Cinven, said:

“We have worked hard with Euan and the excellent management team at Bioclinica to lay strong foundations for the future. We have invested in technology, new services and strengthening the team, which has resulted in strong growth momentum in the business.

“The combination of Bioclinica with ERT will bring immense benefits to the combined group’s customers and to patients across the world. We look forward to being able to continue contributing to, and investing into, the growth and development of the combined business through our ongoing shareholding.”

Executive Chairman & Chief Executive Officer of Bioclinica, Euan Menzies, added:

“Working alongside the Cinven team at Bioclinica, first as Chairman and more recently as Chief Executive, has given me a real appreciation for the strong market perspective regarding the clinical trials sector possessed by Alex and his colleagues. This strategic insight and focus has been invaluable as we have worked to prioritize new investment opportunities and accelerate growth.”

Completion of the transaction is expected in 2021 and is subject to customary conditions and regulatory approvals.

Jefferies LLC served as lead financial advisor to Bioclinica and Rothschild & Co served as co- advisor. Kirkland & Ellis LLP served as legal counsel to Cinven and Bioclinica.

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New Harbor Capital Announces Sale of Wedgewood Pharmacy

New Harbour

New Harbor Capital is pleased to announce that it has signed a definitive agreement for the sale of Wedgewood Pharmacy (“Wedgewood” or “the Company”) to Partners Group, a leading global private markets investment manager, on behalf of its clients. The transaction is expected to close in 2021.

Founded in 1980, Wedgewood is one of the largest providers of compounded animal medications for acute and chronic conditions in the US and employs over 700 people in New Jersey, California, Colorado, and Arizona. Compounded medications are created and prepared by pharmacists and pharmacy technicians when there is no commercially available alternative. The Company holds relationships with over 66,000 veterinarians and directly serves more than 360,000 pet parents annually.  Wedgewood has a broad and diverse portfolio of offerings, holds strategic partnerships with veterinary corporate groups, and offers a defined value proposition to veterinary clinics and pet owners.

Wedgewood has experienced a period of significant growth during New Harbor’s investment. This growth is credited to strategic investments in pharmacy facilities, quality, technology, and management, including:

  • More than doubling the physical size of its New Jersey pharmacy operations including significant investments in automation;
  • The acquisition of its largest independent competitor, Diamondback Drugs, which positioned Wedgewood as the partner of choice with corporate veterinary groups;
  • Significant investments in technology to streamline customer and prescriber interactions;
  • The acquisition of an FDA registered 503B outsourcing facility;
  • The acquisition of Zoopharm/Wildlife which provided access to new markets and strategic proprietary products; and
  • Meaningful organizational growth with key additions to senior leadership and the broader Wedgewood team.

These efforts, combined with significant growth in the animal health market resulting from the continued trend toward the humanization of pets, resulted in Wedgewood nearly tripling in revenues in less than five years.

“We sincerely enjoyed working with CEO, Marcy Bliss, and the entire Wedgewood team over the last five years,” said Jocelyn Stanley, Partner at New Harbor. “We greatly value their partnership and shared commitment to growth, excellence, and collaboration. It has been a privilege supporting the company during this exciting growth phase and we wish them great success moving forward.”

“I will be forever grateful to New Harbor for their passion for our mission to improve the lives of animals and those who love them,” said Marcy Bliss. “They understood from the beginning the importance of quality, care, and our people, and their investment worked to improve every aspect of what we are able to deliver to our patients, caregivers, and team.”

Lincoln International LLC represented Wedgewood Pharmacy in the sale process, and William Blair & Company, LLC, Reed Smith LLP, and RSM International acted as advisors to the Company. Ropes & Gray LLP and KPMG International Limited acted as advisors to Partners Group.

About Wedgewood Pharmacy

Wedgewood Pharmacy is the largest compounding pharmacy devoted to animal health in the United States. Wedgewood Pharmacy serves more than 60,000 prescribers and hundreds of thousands of patients throughout the U.S. every year. Wedgewood Pharmacy is accredited by the Pharmacy Compounding Accreditation Board (PCAB®) for compliance with PCAB and other nationally recognized compounding standards. Wedgewood Pharmacy employs more than 700 people across facilities in New Jersey, Arizona, California, and Colorado.

For more information, visit www.WedgewoodPharmacy.com.

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Reneo Pharmaceuticals Raises $95 Million in Series B Financing, Co-led by Novo Ventures and Abingworth

Abingworth

Gregory J. Flesher Appointed President and Chief Executive Officer

SAN DIEGO, December 9, 2020 – Reneo Pharmaceuticals, Inc. today announced it raised $95 million in a Series B financing co-led by Novo Ventures and Abingworth and supported by existing investors New Enterprise Associates, RiverVest Venture Partners, Pappas Capital, and Lundbeckfonden Ventures, as well as new investors Rock Springs Capital, Aisling Capital, Amzak Health, and other investors. Reneo is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases.

“The Reneo team has done an exceptional job developing REN001, a product that we believe has broad potential in genetic mitochondrial diseases. We look forward to working with the company as they endeavor to bring this product to patients,” said Kenneth Harrison, Partner at Novo Ventures. Bali Muralidhar, Partner at Abingworth added, “We are encouraged by both the nonclinical and clinical data for this potential first-in-class product. With this financing, Reneo will now be able to achieve several key clinical milestones, including completion of a global phase 2 study in primary mitochondrial myopathies.”

Reneo also announced today the appointment of Gregory J. Flesher as President, Chief Executive Officer, and a member of the Board of Directors. Mr. Flesher has more than 25 years of biopharmaceutical industry experience, including senior leadership roles at Novus Therapeutics, Avanir Pharmaceuticals, Intermune, Amgen, and Eli Lilly and Company. Dr. Niall O’Donnell, the founding Chief Executive Officer of Reneo and a managing director at RiverVest Venture Partners, will remain as a member of the Board of Directors.

“We are extremely pleased with the addition of an outstanding investor syndicate as well as a highly experienced CEO,” said Mike Grey, Executive Chairman of Reneo. “We now have the resources and leadership to continue the development of REN001 in several areas of unmet need including primary mitochondrial myopathies, fatty acid oxidation disorders, and McArdle disease.”

“I am honored to be part of such an extraordinary team and a program that has the potential to help the many patients with genetic mitochondrial diseases,” said Mr. Flesher. “I look forward to working with the Board and management team in the coming years as we continue to advance REN001 and grow the company.”

About REN001
REN001 is an oral, once-daily investigational drug known to control several genes involved in mitochondrial activity. Mitochondria are the powerhouses of the cell, where carbohydrates, fats, and proteins are used to generate the energy the body needs. Reneo is developing REN001 as a first-in-class treatment option to improve cellular energy metabolism by enhancing mitochondrial function and potentially increasing the number of mitochondria.

About Primary Mitochondrial Myopathies (PMM)
Primary mitochondrial myopathies (PMM) are a group of rare, often life-threatening diseases, caused by mutations in mitochondrial or nuclear DNA. These mutations hamper the ability of affected cells to break down food and oxygen and produce energy. There are no approved drugs for the treatment of PMM. Reneo is planning to initiate a global phase 2 clinical trial in PMM in early 2021, with trial sites located in the U.S., Australia, and Europe (ClinicalTrials.gov Identifier: NCT04535609).

About Fatty Acid Oxidation Disorders (FAOD)
Fatty acid oxidation disorders (FAOD) are a group of rare, potentially life-threatening genetic metabolic disorders that affect the body’s ability to use fats from food as a source for energy. Reneo is currently enrolling a REN001 phase 1b clinical trial in FAOD, with trial sites located in the U.S. and Europe (ClinicalTrials.gov Identifier: NCT03833128).

About McArdle Disease
McArdle disease (also known as glycogen storage disease type 5) is a rare genetic metabolic disorder that affects the body’s ability to use muscle glycogen (stored glucose) as a source of energy for skeletal muscles. There are no approved drugs for the treatment of McArdle disease. Reneo is currently enrolling a REN001 phase 1b clinical trial in McArdle disease, with trial sites located in Europe (ClinicalTrials.gov Identifier: NCT04226274).

About Reneo Pharmaceuticals
Reneo Pharmaceuticals is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases. Many of these diseases are associated with deficiencies in mitochondrial energy production. The company’s goal is to improve daily function and quality of life of patients suffering from these diseases, most specifically, by improving how their mitochondria work, preserving muscle function, and preventing muscle injury, weakness, and wasting. The experienced team of drug development experts, who have collaborated on many successful programs, is dedicated and passionate about finding effective therapies for these complex rare diseases. For more info, please visit reneopharma.com.

About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding and investment company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. For more info, please visit novoholdings.dk.

About Abingworth
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in 168 life science companies, leading to 44 M&As and 69 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston. For more info, please visit abingworth.com.

Media Contact: Jessica Yingling, Ph.D, Little Dog Communications Inc., jessica@litldog.com, (858) 344-8091

Corporate Contact: Wendy Newman, Head of Advocacy & Communications, Reneo Pharmaceuticals, Inc., wnewman@reneopharma.com, (858) 283-0289

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