Andera Partners and a syndicate of international investors finance a new CNS-focused European biopharma company Arvelle Therapeutics

Andera Partners participated in the Series A financing of Arvelle Therapeutics, a newly-formed company that acquired exclusive European rights to Cenobamate, a highly differentiated anti-epileptic compound. The new CNS-focused company, received one of the largest initial financing commitments for a European-focused biopharmaceutical company from a global syndicate which, aside from Andera Partners, includes NovaQuest Capital Management, Life Sciences Partners, BRV Capital Management and H.I.G. BioHealth Partners.

Arvelle Therapeutics acquired the drug from SK Biopharmaceuticals for an upfront payment of $100 million and future potential milestones of up to $430 million. The company intends to file a Marketing Authorization Application (MAA) for cenobamate for partial-onset seizures in adult patients.

Oliver Litzka, Partner at Andera Partners, will join the board of Arvelle alongside other syndicate members.

The press release issued by the company and SK Biopharmaceuticals is available here.

• EQT brings in blue chip investors in a minority stake sale in IVC at an enterprise value of approximately EUR 3.0 billion
• EQT remains the largest shareholder and continues to invest in IVC with around 20% of the capital held by institutional minority investors
• Kate Swann, CEO of SSP Group plc and former CEO of WHSmith PLC, appointed as new Chairman of IVC effective today, having already served as a member of the board of IVC

EQT today announced that the EQT VI and VII funds (jointly “EQT”) bring in a group of partners through a minority stake sale in IVC Group (“IVC” or “the Company”) to support accelerated growth in its next development phase. The transaction values IVC at an enterprise value of approximately EUR 3.0 billion. Around 20% of the capital will be held by institutional minority investors.

Headquartered in Bristol, UK, IVC is a leading veterinary services provider with a network of more than 1,100 clinics and hospitals and approximately 16,000 employees across Europe. Founded in 2011, IVC operates a decentralized model promoting innovation and clinical freedom balanced with integrated support functions such as procurement, veterinary advisors and clinical boards.

IVC was acquired by EQT in December 2016, and in May 2017 the Company was merged with Evidensia, a Swedish veterinary group (also owned by EQT), which at the time operated a network of 180 clinics and hospitals across the Nordics and Central Europe. Since then, IVC has transformed into the leading European veterinary services provider through accelerated organic growth and a large number of strategic add-on acquisitions.

In connection with the minority stake sale, IVC successfully refinanced the business with a first lien facility raised alongside a second lien facility in total of approximately EUR 1.2 billion in addition to a EUR 230 million RCF. The refinancing is designed to allow IVC to continue to drive further consolidation of the European veterinary market.

Per Franzén, Partner at EQT Partners and Investment Advisor to EQT VI and EQT VII, comments: “EQT is pleased to welcome the new investors and delighted about the strong support from IVC’s financing providers. The new ownership structure, combined with the successful refinancing, constitute a solid foundation for continuing IVC’s journey towards becoming Europe’s leading veterinary services group. We are also excited to appoint Kate Swann as new Chairman of the board. She brings an impressive track record of long-term sustainable shareholder value creation from leading both SSP and WHSmith and will be ideally suited to support the management team in the future-proofing of IVC.”

David Hillier, CEO of IVC, adds: “IVC has grown immensely during EQT’s ownership and we see attractive opportunities to continue expanding our business across Europe, both organically through increased market penetration and via continued acquisitive growth and consolidation of the highly fragmented veterinary market. We welcome our new partners and look forward to their support in realizing our goal. We are also happy to see Kate Swann appointed as Chairman of the board, having already served as a member of the board.”

Kate Swann, Chairman of IVC, concludes: “I look forward to supporting David, his management team and EQT on the mission to create Europe’s leading veterinary services provider”.

The transaction and refinancing completed on February 13, 2019.

Contacts
Per Franzén, Partner at EQT Partners and Investment Advisor to EQT VI and EQT VII, +46 8 506 554 50
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with more than EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. 

More info: www.eqtpartners.com

About Independent Vetcare
IVC is the largest and most diversified vet services platform in Europe with more than 1,100 clinics and hospitals across 10 countries. IVC employs approximately 16,000 FTEs, including over 4,000 veterinarians.

More info: www.ivc.group

MINNEAPOLIS, Feb. 11, 2019 /PRNewswire/ — Nuvaira, a developer of novel therapeutic medical devices to treat obstructive lung diseases, announced today it has closed a $79 million equity financing led by U.S. Venture Partners, with Endeavour Vision, Qiming Venture Partners, Lightstone Ventures and Richard King Mellon Foundation joining the round, along with all of Nuvaira’s existing investors: Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Venture Holdings, and Windham Venture Partners.

“We are thrilled to have such a strong consortium of top-tier investors in this financing, as a clear vote of confidence in our work and the performance of our novel catheter-based system in our Phase 2b randomized, sham-controlled trial in patients with chronic obstructive pulmonary disease (COPD) patients,” said Dennis Wahr, M.D., Chief Executive Officer of Nuvaira. “These funds will be used to support the pivotal AIRFLOW-3 clinical trial for FDA approval, and to implement a targeted clinical development strategy in key European markets.”

Nuvaira’s Lung Denervation System addresses airway hyper-responsiveness, a pathophysiologic underpinning of both COPD and asthma in a procedure called Targeted Lung Denervation (TLD). Nuvaira’s proprietary technology has demonstrated safety and feasibility in three clinical studies: IPS-I/II, AIRFLOW-1, and, most recently, the AIRFLOW-2 sham controlled randomized clinical trial, which was presented at the European Respiratory Society conference in September 2018.

Nuvaira is the first interventional pulmonary company to pursue and report one-year randomized, double-blinded and sham-controlled clinical evidence in COPD patients from a Phase 2b trial. “The rigor of the AIRFLOW-2 trial has set a high standard for the field,” said Dr. Frank Sciurba, Professor of Medicine at UPMC in Pittsburgh, PA and U.S. principal investigator of Nuvaira’s AIRFLOW-3 trial. “We are encouraged by the results of the AIRFLOW-2 trial, and we see TLD potentially filling an unmet need for our COPD patients who continue to have exacerbations while on maximal guideline-based pharmacologic therapy.”

The company also announced that Lisa Rogan has joined its executive team as senior vice president of market development, bringing with her over 20 years of medical device industry expertise in commercializing disruptive diagnostic and therapeutic technologies, including ten years of experience with interventional pulmonary devices targeting treatment of severe COPD.

“We are extremely excited to have Lisa Rogan join our executive team at Nuvaira,” said Dr. Wahr. “She has a deep understanding and knowledge of the pulmonary field having spent the past decade in it, and she brings with her great business acumen and expertise in accessing new markets.”

About Nuvaira
Nuvaira is a privately held company headquartered in Minneapolis, Minn. The company has developed the Nuvaira Lung Denervation System to address chronic lung diseases by treating the overactive airway nerves with Targeted Lung Denervation (TLD). The Nuvaira Lung Denervation System is CE Mark approved. The Nuvaira Lung Denervation System is under clinical investigation and is not commercially available in the USA. Nuvaira and dNerva are registered trademarks of Nuvaira, Inc. Please visit us at www.Nuvaira.com.

Acrotec announces the entrance of AFT Micromechanics into their group.

Acrotec strengthens their diversification strategy with the addition to their group of a new company that specialise in the medical field. M Frésard, General Director of AFT Micromechanics who will remain at the head of his company, looks forward to this important move for his company. ” I am extremely happy to join the Acrotec group who will enable us to continue to advance the

Since its creation in 1997, AFT Micromechanics has specialised in the production of implants for orthopaedic and dental surgery as well as in the fields of urology, ENT and ophthalmology.

AFT benefits from extremely high-performance machining technology that guarantees impeccable quality and advantageous production costs. Since 2014, AFT has a 3D printing system for tool production and for the fast manufacturing of prototypes.

M François Billig, President of the Acrotec Group explains the logic behind this new development: “The acquisition of AFT Micromechanics is consistent with our industrial diversification plans by expanding our presence in the high precision medical field”.

– ENDS –

For further information please contact:

M.Michele Caracciolo – Tél. +41 77 410 35 60 – mcb@agencecrp.ch

About AFT Micromechanics :

Located in Fillinges, Haute Savoie (France), the company is situated along the Arve valley. Specialists for over 20 years in the machining of medical devices, they meet all the requirements of this market in order to guarantee an optimal level of quality and continual improvement, AFT Micromechnics are registered with FDA (Food and Drug Administration aux Etats-Unis). The company is certified ISO 13485/2016. www.aft-micromecanique.fr

About the Acrotec Group :

Acrotec is an independent group created by micromechanical professionals. Their main objective is to be the preferred subcontractor offering a wide range of precision component manufacturing processes. Their strategy is both to provide quality products « Swiss Made » to the entire watch-making industry as well as to the automotive, medical, jewellery and aeronautic industries. Acrotec distinguish themselves by their extent of know-how  provided under one roof, in their precision machining (CNC turning, multi-spindle CNC profile-turning, cam profile-turning, 3 & 5 axes milling, micro- profile-turning, transfer and machining of precious metals), by their support processes (surface treatment, gearing, assembling, heat treatment, laser decorating and engraving) and by their specific processes (UV-Liga component manufacturing, EDM, synthetic stone machining, laminating, spring shaping, design and manufacturing of machines and tooling, Silicon etching by DRIE process).  Today, the group has over 800 employees. www.acrotec.ch

CBPE Capital (“CBPE”) is pleased to announce that it has acquired Simbec-Orion Group Limited (“Simbec-Orion” or “the Company”) from the Wales Life Sciences Investment Fund LP (“WLSIF”). CBPE is investing alongside the management team led by CEO, Ronald Openshaw. The terms of the transaction have not been disclosed.

Simbec-Orion is a boutique full service clinical phase I-III contract research organisation (“CRO”) serving biotech companies and small and mid-cap pharmaceutical companies. The Company has particular specialism in the areas of oncology, rare diseases and orphan indications, respiratory conditions and translational medicine.

Simbec-Orion operates across Europe and North America and has conducted studies in more than 30 territories worldwide. It is one of the very few CROs able to offer its clients a genuine full spectrum of clinical development services including Phase I Healthy Volunteer programmes, Phase I-III patient programmes, delivering project management, clinical operations, data management, statistics, IMP management, central laboratory and pharmacovigilance services.

The investment in Simbec-Orion continues CBPE’s strong track record of investing in companies in the healthcare sector and helping to build strong, sustainable platforms for growth. The current portfolio includes Rodericks, a leading provider of NHS, private and specialist dental services; SpaMedica, which provides leading ophthalmic services; Optima Health, the largest occupational health services provider in the UK and Medica Reporting, the UK market leader in teleradiology.

CBPE’s investment in Simbec-Orion will support the continued growth of the business. CBPE will work with the management team to enhance the operations and facilities of the Company and to pursue further geographic expansion, particularly in North America and Europe.

Ronald Openshaw, Chief Executive of Simbec-Orion said:
“When Simbec-Orion was formed through the merger of Simbec Research and Orion Clinical in June 2014, it provided the base to create a growing CRO in the European mid-market. Since then, we have developed a strategy and a clearly defined and differentiated offering for our biotech and pharmaceutical clients. We are delighted to be working with CBPE to realise our ambitions for the future growth of the Company”.

Anand Jain, Partner at CBPE, said
“We have been following Simbec-Orion’s growth since the merger in 2014 and are delighted to be supporting the business through the next phase of its development. We are excited about providing Simbec-Orion with the investment and support required to further develop their services and to expand geographically both organically and through acquisitions”.

CBPE’s investment in Simbec-Orion was led by Anand Jain with support from Jolyon Latimer and Adam Richardson. Anand Jain and Adam Richardson will join the Board of Simbec-Orion.

3D printed hips and shoulders, bio-wireless electronics and digital orthopaedics. No, this is not an instruction manual for building a robot – it is today’s reality for EQT’s portfolio company LimaCorporate (“Lima”), a global leader in orthopaedic devices. Following the new collaboration with the Hospital for Special Surgery, US’ top-ranked orthopaedic hospital, and the recent acquisition of the orthopaedic software company, TechMah Medical, Lima will continue to drive innovation and industry transformation.

Lima was founded in 1945 by the Lualdi family, an Italian family of entrepreneurs who pioneered the processing of metals, including titanium which eventually lead to the development of orthopaedic implants. Today, the company is a global leader in additive manufacturing of 3D printed orthopaedic implants, covering the entire spectrum of large joint and extremities reconstruction including custom-made implants for shoulders, elbows, hips and knees.

During EQT’s ownership period, the strategy has been focused on further penetrating existing markets, specifically the US as the world’s largest orthopaedic market, and to drive innovation by leveraging EQT’s deep sector expertise in healthcare and tech. Lima leads continuous advancements in new technologies beyond 3D printed implants, a technology the company pioneered more than 10 years ago.

Challenging established business models

In early January 2019, Lima announced a new collaboration with Hospital for Special Surgery (“HSS”), the US’ number one orthopaedic hospital, located in New York City. Founded in 1863, HSS is the world’s leading academic medical center focused on musculoskeletal health, and in 2017 provided care to some 135,000 patients performing more than 32,000 surgical procedures. HSS was attracted to Lima’s innovative advancements within orthopaedic 3D printing and the collaboration will provide Lima with an advantageous gateway to the US market.

Together with HSS, Lima will establish the first hospital-based additive manufacturing facility for personalized, 3D printed implants offering tailor-made solutions for patients with the most complex surgical cases. The concept of on-site manufacturing is challenging the industry’s established business model, which has remained unchanged for decades. The new facility, which will be operated by Lima on the hospital’s main campus, will leverage the combination of Lima’s proprietary 3D printing technology and HSS’ expertise in clinical care.

Luigi Ferrari, CEO at Lima, comments: “The partnership with HSS will foster and accelerate innovation in advanced orthopaedic joint care and it further leverages Lima’s strategy to grow its footprint in the US. Orthopaedic 3D printing is disrupting the industry as we know it and the ambition of the partnership with HSS is to develop new products and solutions improving the quality of life for patients in the US and across the world.”

Digitizing orthopaedic care

In the fall of 2018, Lima further strengthened its capabilities within digital orthopaedics through the milestone-based acquisition of TechMah Medical (“TechMah”), a medical device software company founded in 2014 by industry veteran Dr. Mohamed Mahfouz and focused on digital technologies dedicated to orthopaedic surgery. Headquartered in Knoxville, Tennessee, TechMah develops bio-wireless electronics, biomechanics, imaging and instruments that will be used with Lima’s implants and devices. TechMah’s expertise in reconstructive software is highly complementary to Lima’s innovative implant portfolio bringing the companies to the forefront of digital transformation by providing innovative digital solutions which will change the approach to orthopaedic surgery.

Dr. Mohamed Mahfouz, founder and CEO of TechMah, comments: “Lima is the most innovative and agile company in orthopaedics today and the ideal partner for us to develop our technology and advance the digitization of the industry.”

Michael Bauer, Partner and Head of EQT’s Healthcare team, concludes: “During the last 10 years, Lima’s products have helped more than 700,000 patients around the world. As global life expectancy continuous to rise, and with a growing proportion focusing on active lifestyles, the market for orthopaedic implants is expected to continue to grow at mid single-digit rate. The demand within Lima’s focus areas, extremities and highly complex cases, is expected to increase significantly more. The alliance with HSS will generate exciting growth opportunities in the US as Lima now starts on-site production of 3D printed implants in the world’s largest orthopaedics market. The geographical expansion, coupled with the digital capabilities from TechMah, constitute the next chapter in Lima’s growth journey as they future-proof their role in advancing orthopaedics.”

Investcorp has reached an agreement to acquire Cambio Healthcare Systems AB (“Cambio” or “the Company”) from Valedo Partners Fund II AB (“Valedo”) and a group of minority investors, primarily Cambio’s two founders, Tomas Mora-Morrison and Håkan Mattsson. Valedo invested in Cambio in 2012 and has, together with the Company’s management team and employees, transformed and significantly grown Cambio into a position as one of the leading regional European providers of eHealth solutions.

Cambio operates in the Electronic Health Records (“EHR”) market, offering software solutions for acute, primary, social and person-centred care. Cambio promotes a holistic view on health and social care and offers an EHR agnostic solution for clinical decision support applicable for all branches of health and social care. The Company, which has grown rapidly in recent years, has customers primarily in Sweden, Denmark and the United Kingdom, with more than 150,000 users of its software solutions. Cambio is headquartered in Stockholm, Sweden and has approximately 600 employees, of which the majority are dedicated to research and development as well as software maintenance.

Peter Gille, CEO, Cambio Healthcare Systems, said; “eHealth is increasingly transforming how healthcare is delivered, and is a key enabler for further improvements of quality of care, productivity and patient empowerment. Cambio is clearly one of the leading providers in the Nordic and UK eHealth markets and I am very proud of Cambio’s achievements during the last few years where we have launched a number of very innovate software solutions, won several new customers and further deepened our cooperation with existing customers. Following more than six years with Valedo as a majority owner, we now look forward to continuing Cambio’s growth journey with the support of Investcorp.”

The terms and conditions of the transaction are not disclosed.

Media contacts for Cambio:

Peter Gille, CEO
+46 70 825 00 14

About Cambio Healthcare Systems:
Cambio Healthcare Systems is one of Scandinavia’s leading suppliers of healthcare information systems and a growing player in the European market with just over 150,000 users across general and university hospitals, specialist units and outpatient units. Through the use of our integrated solutions, our customers provide services to 4 million patients. Since 1993, our ambition has been to combine the continuous development of our technology with the constant improvement of our care processes and eHealth services software support, in order to offer our customers safer and more efficient care support. We are growing continuously and currently have more than 600 employees globally with different backgrounds, skills and responsibilities, but who are all passionate about developing open and comprehensive eHealth solutions tailored towards the publicly-funded healthcare sector. We are geographically close to our customers with offices in Sweden, Denmark, England and Sri Lanka.

www.cambio.se

About Investcorp:
Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.

As at June 30, 2018, the Investcorp Group had US$22.6 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 175 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $57 billion in transaction value.

Investcorp employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore.

About Valedo:
Valedo is an independent Swedish investment company investing in high-quality small/mid cap companies in the Nordic region. Valedo is focusing on companies with clear growth and development potential where Valedo can actively contribute to and accelerate the companies’ development. Being an active owner and contributing both capital and industrial experience, Valedo ensures that a company can achieve its full potential.

www.valedopartners.com