Funds advised by Apax Partners sell their controlling shareholding in Neuraxpharm

Apax

22 September 2020

22 September, 2020 — Funds advised by Apax Partners (the “Apax Funds”) today announced that they have agreed to sell their controlling stake in Neuraxpharm, a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders (CNS), to funds advised by Permira. Financial details of the transaction were not disclosed.

With a heritage dating back 35 years, Neuraxpharm focuses on improving the quality of life and mental wellbeing of patients affected by CNS disorders throughout Europe. Neuraxpharm has operations in 13 countries and covers 80% of the European CNS drug market today. The company has one of the most comprehensive product portfolios in CNS specialty pharmaceuticals in Europe, comprising more than 115 CNS molecules.

Drawing on Apax Partners’ deep knowledge of the healthcare sector, the Apax Funds saw the opportunity to create a European champion in CNS specialty pharmaceuticals and in 2016 they acquired Invent Farma in Spain and neuraxpharm Arzneimittel in Germany, creating the foundations of the pan-European Neuraxpharm group. Since then, and with the support of the Apax Funds, Neuraxpharm has experienced rapid international expansion both through greenfield operations and several acquisitions, transitioning from a local player to a leading pan-European specialty company that covers 80% of the European market.

Under the Apax Funds’ ownership, Neuraxpharm strengthened its management team under the leadership of Dr. Jörg-Thomas Dierks. The company grew rapidly both organically and inorganically, closing over 70 company and product acquisitions and in-licensing agreements. It also invested heavily in a robust product pipeline that broadened its CNS portfolio with unique value-added and high-tech medicines. Today Neuraxpharm has annual revenues in excess of €460 million and 850 employees.

The Apax Funds have a strong track record of investing in the Healthcare sector, having completed more than 80 investments over the last 30 years across multiple geographies, including the US, Europe and Asia. Recent transactions include the acquisition of InnovAge, Healthium, Candela, Kepro, Unilabs and Vyaire.

Arthur Brothag, Partner at Apax Partners, said: “It has been great to work with Jörg and the whole Neuraxpharm team over the past few years. We are proud to have helped them create and grow the business. Using our deep healthcare sector experience, we were able to support and build Neuraxpharm, leveraging the market opportunity that existed in the European specialty market. We always aimed to put the patient first and, in doing so, also created value for our investors.”  Steven Dyson, Partner at Apax Partners added: “Neuraxpharm is an excellent example of Apax Partners’ transformative ownership approach, focused on healthcare fundamentals and partnering with exceptional management teams. We thank Jörg and the team and wish them every success for the future in this new exciting chapter.”

Dr Jörg-Thomas Dierks, CEO of Neuraxpharm, said “I would like to thank the Neuraxpharm team for their hard work and dedication, focusing on providing critical medicines for chronic patients suffering from CNS disorders. Apax Partners has been an outstanding partner for Neuraxpharm’s management team over the last four years, as we have embarked on international expansion, invested in new differentiated products and grown the employee base. Apax’s deep industry knowledge and experience has been invaluable to us.”

Apax Partners was advised by Jefferies International Limited (M&A adviser), Linklaters (legal advisers) and PwC (financial and tax advisers). The transaction isexpected to close in Q4 2020, subject to regulatory approvals. 

END 

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech & Telco, Services, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see:www.apax.com.

About Neuraxpharm 

Neuraxpharm is a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorder (CNS) with a unique understanding of the European CNS market built over 35 years. More info: www.neuraxpharm.com.   

Apax Media Contacts 

Katarina Sallerfors | +44 207 872 6526 | katarina.sallerfors@apax.com

James Madsen / Matthew Goodman, Greenbrook | +44 20 7295 2000 | apax@greenbrookpr.com

Notes to Editors 

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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Baird Capital Invests in Blue Matter

Baird Capital

CHICAGO/LONDON – Sept. 1, 2020 –Baird Capital, the direct private investment arm of Baird, announced today that its global private equity team has invested in Blue Matter Consulting LLC (“Blue Matter”), a leading strategic consulting firm serving the life sciences industry. Financial details of the deal were not disclosed.

Founded in 2012, Blue Matter provides consultancy services to the global pharmaceutical sector, principally in the areas of product and portfolio strategy, organizational design, and product launch planning and readiness. Blue Matter is a global business with offices in San Francisco, New York, London, Zurich, and Berlin. The company has a wide range of therapeutic expertise, with a deep focus on oncology and rare diseases.

Blue Matter Logo

“We are so pleased to bring Blue Matter into the Baird Capital portfolio,” said Gordon Pan, President of Baird Capital. “Ashwin and Emily are brilliant partners, and their professional and personal missions are a natural fit with our diverse and tenured group.”

Blue Matter’s international client base includes many of the world’s largest pharmaceutical companies that value their ability to bring real insight to their most critical decisions. Co-Founders and Managing Partners Ashwin Dandekar and Emily Hua have decades of experience in the life sciences and pharmaceutical consulting, with proven track records advising many of the biopharmaceutical industry’s most innovative companies and product teams.

“It was a natural connection when we met Baird Capital and its leadership team,” said Dandekar. “We believe this partnership will accelerate our growth strategy on multiple fronts, helping to drive faster organic growth and expanding our ability to consider strategic acquisitions. We look forward to growing Blue Matter together.”

“We’re very excited about this relationship,” added Hua. “Baird Capital’s investment will greatly enhance our ability to invest in our team and do more of what we do best: helping push the boundaries of science and technology to improve people’s lives.”

Blue Matter marks Baird Capital’s fifth private equity investment in 2020. For more information on Baird Capital and its portfolio spanning the technology, industrial and healthcare sectors, visit www.BairdCapital.com.

About Baird Capital

Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 310 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit www.BairdCapital.com.

Baird Capital Partners Europe Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

For additional information, contact:

Rachel Kern
Baird Public Relations
414-765-7250

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Adelis portfolio company SSI Diagnostica acquires US-based CTK Biotech, creating global rapid diagnostics powerhouse

Adelis Equity

Since being acquired by Adelis Equity Partners Fund I AB (Adelis) in 2016, SSI Diagnostica has seen strong progress in its In Vitro Diagnostics (IVD) business, particularly internationally. To further accelerate its growth, SSI Diagnostica is acquiring the US-based IVD company CTK Biotech. The combination of the companies will create a global powerhouse within respiratory and tropical disease rapid diagnostics. The joint company will have very strong manufacturing and R&D capabilities as exemplified by its response to the Covid 19 health crisis. In connection with the transaction a CEO change will take place.

CTK Biotech is an IVD business that manufactures and distributes rapid diagnostic tests with a focus on the Latin American, Asian and African markets. The company is headquartered in San Diego and has a sizeable, state-of-the art manufacturing plant in Beijing. The business generated sales of USD 26 million in 2019 and expects to grow significantly in 2020.

”CTK Biotech is very good at new product development as exemplified by its response to the Covid 19 health crisis and its manufacturing is best-in-class with high efficiency and high quality. In addition, our combined global distribution network will be very strong,“ says incoming CEO at SSI Diagnostica, Søren Skjold Mogensen, currently Chief Commercial Officer of the firm. Departing CEO Patrik Dahlen adds: “This acquisition has been long in the making. We have been looking for a partner with a strong presence in rapid testing of infectious diseases, and with technology and know-how within monoclonal antibodies. In CTK we have found the perfect match. Our businesses complement each other particularly well.” Upon stepping down as CEO in connection with the transaction, Patrik Dahlen will join the Board of Directors of the joint company.

Rasmus Molander at Adelis remarks: “We have been very pleased with SSI Diagnostica’s development throughout our ownership. We have significant life science know-how in the Nordic region, but only few international success stories within the diagnostics area. With SSI Diagnostica’s acquisition of CTK Biotech, we are creating an international growth business with estimated sales of more than DKK 600 million in 2020 that can develop into a success story of its own”.

CEO and co-founder of CTK Biotech, Dr. Catherine Chen says: “We are pleased and excited about joining forces with SSI Diagnostica. It is a well-known firm with a long history and a strong foundation in infectious disease research. We are proud of having built CTK Biotech into an international diagnostics business. My two partners, Dr. Wushan and Dr. Pandi, and I have worked hard to reach this point.” Dr. Chen will take the role of Chief Scientific Officer of the joint company and also join its Board of Directors. CTK Biotech has developed one of the most accurate rapid Covid-19 antibody tests available today, providing a test response in just 15 minutes. The firm has development underway of additional Covid-19 tests, including antigen and PCR.

The transaction is subject to customary regulatory approvals.

For further information:

Rasmus Molander, Adelis Equity Partners, +46 70 823 74 33, rasmus.molander@adelisequity.com

SSI Diagnostica

SSI Diagnostica was previously an independent business unit under Statens Serum Institut (SSI) in Denmark, a public enterprise under the Danish Ministry of Health.

SSI Diagnostica is a leading Nordic based manufacturer and distributor of in vitro diagnostic products servicing microbiological laboratories and pharma companies globally. Internationally, SSI Diagnostica sells high quality antisera, rapid tests, and other diagnostic products. The Company is located in Hillerød and employs more than 110 people.

For more information, please visit www.ssidiagnostica.com.

Adelis Equity Partners

Adelis is an active partner in creating value at mid-sized Nordic companies. Adelis was founded with the goal of building the leading middle market private equity firm in the Nordics. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, acquiring 23 companies and making more than 70 add-on acquisitions. Adelis now manages approximately €1 billion in capital. For more information please visit www.adelisequity.com.

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Partners Group-led investor group to sell PCI Pharma Services, a leading global provider of outsourced pharmaceutical services

Partners Group

Partners Group, the global private markets investment manager, has agreed the sale of a majority equity stake in PCI Pharma Services (“PCI” or “the Company”) on behalf of its clients and alongside its investment partners Thomas H. Lee Partners and Frazier Healthcare Partners. Following the sale to private equity firm Kohlberg & Company and Abu Dhabi-based sovereign investor Mubadala Investment Company, Partners Group will retain a meaningful minority equity stake in the Company. The terms of the transaction are not disclosed.

PCI, which is headquartered in Philadelphia, PA, is a global provider of outsourced pharmaceutical supply chain solutions supporting biotechnology and pharmaceutical companies throughout the various stages of drug development and commercialization. Partners Group acquired a majority stake in PCI in June 2016, on behalf of its clients.

During the last four years, Partners Group’s investment and industry value creation teams have worked alongside the Company’s management team to further establish PCI as a strategic partner to the pharmaceutical industry, by expanding in high-growth, high-value capabilities and services categories such as clinical trial services and complex molecule and biologics commercial packaging capabilities. The Board-led value creation strategy also included a focus on operational excellence and digital innovation, culminating in PCI launching a first-of-its-kind digital customer portal. Under Partners Group’s ownership, PCI’s EBITDA increased by 15.6% CAGR.

Partners Group also led a talent transformation, appointing a new management team with a clear vision for the future of the business, and implemented numerous sustainability initiatives, such as establishing best-practice health and safety standards across PCI’s global operations. During the COVID-19 global health crisis, PCI proved itself as an essential partner in the pharmaceutical supply chain, responding with a high degree of flexibility to address urgent customer needs and supporting its pharmaceutical and biotech customers across drug development and commercialization to address the health crisis.

Remy Hauser, Managing Director and Head of Healthcare, Industry Value Creation, Partners Group, states: “We are extremely proud of our work with PCI Pharma Services. Though the last few months have been immensely challenging ones, the COVID-19 pandemic has demonstrated the essential nature of the services that PCI provides to the pharmaceutical and biotech industry. On more than one occasion, PCI was the critical link in the supply chain responsible for ensuring life-saving medicine reached those in need.”

Salim Haffar, Chief Executive Officer, PCI Pharma Services, adds: “It has been a pleasure working with Partners Group to cement PCI’s leading position in the outsourced pharmaceutical services sector. The Partners Group team has offered substantial operational value during the investment period and has been a true partner throughout the COVID-19 pandemic, providing significant additional expertise and resources. With Partners Group’s help, we are proud that PCI has been able to contribute meaningfully to the global response to this virus.”

Sujit John, Member of Management, Private Equity Directs Americas, Partners Group, adds: “We initially identified PCI as a prospective investment via our Thematic Sourcing strategy, based on the strong fundamentals supporting outsourced pharmaceutical services. During our ownership, we were able to add significant value to the business through a combination of operational improvements and bolt-on acquisitions. PCI has a strong growth trajectory ahead and we are excited to contribute to that through our continued investment in the Company.”

Jefferies LLC served as lead financial advisor to PCI and Morgan Stanley & Co LLC served as co-advisor. Goodwin Procter LLP served as legal counsel.

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3i-backed bioprocessing consumables platform acquires Sani-Tech West, Inc., significantly expanding the combined group’s global footprint and market-leading product portfolio

3I

3i-backed bioprocessing consumables platform acquires Sani-Tech West, Inc., significantly expanding the combined group’s global footprint and market-leading product portfolio

3i Group plc (“3i Group”) announces that its single use bioprocessing platform has acquired Sani-Tech West, Inc. (Sani-Tech West and subsidiaries SaniSure® and SureTech), a leading US-based manufacturer, distributor and integrator of single-use bioprocessing systems and components. Sani-tech West’s founder-owners, including majority owner Richard Shor, will remain with and continue to serve as key leaders of the combined business.

Founded in 1991 and headquartered in California, SaniSure® designs, develops, and manufactures single-use solutions for the bioprocessing industry including customized bottle assemblies, aseptic transfer systems, caps, flasks, tubes and clamps. The business has c. 170 employees and operates two facilities in Southern California. Its bottle assemblies provide a means of transfer, storage and sampling for vaccines and biological drugs. The company has longstanding customer relationships including with leading pharma and biotech customers. In addition to its own manufactured products, and unique IP, Sani-Tech West also distributes a variety of other related single-use products to its customers.

SaniSure® has experienced strong growth over the last several years, supporting key customers in the fast-growing biologics market, and in particular customers working on the development and commercialisation of monoclonal antibody, vaccine, and cell and gene therapy modalities with single-use technologies.

With this transaction, the combined platform will have robust manufacturing and cleanroom assembly operations in both North America and Europe, and will offer enhanced supply chain assurance to its customers as a result of its increasingly vertically integrated product portfolio, including PharmaTainerTM bottles and carboys, Cap2v8® solutions, aSURE® fittings, Bio-EaseTM clamps and a wide range of silicone and thermoplastic tubing solutions including Cellgyn® TPE tubing.  These products are offered independently and integrated into custom tube, bottle and bag assemblies that are used by customers in a variety of upstream and downstream applications.  The company will also have unique portfolio of products designed to serve cell & gene therapy applications, such as Mixed4Sure™ stirring solutions, cell perfusion products and other innovative products in development.

Richard Relyea, Partner, 3i commented: “We are excited to partner with Richard and his team, who have built a US market leader in single-use solutions for the biopharma industry.  This represents a transformational combination for both companies, delivering immediate scale and global reach and enhancing our combined product offerings, capabilities and ability to serve our customers.”

Richard Shor, Founder and CEO, Sani-Tech West added: “The combination of Sani-Tech West and the Cellon, Silicone Altimex and TBL segments that make up 3i’s bioprocessing platform has been a goal of mine for years. The companies’ product offerings are highly complementary and together we will continue to bring more novel, innovative solutions to our customers, as well as offering greater supply chain assurance and faster lead times. I look forward to continuing this journey of expanding our combined international footprint and executing our global growth strategy.”

Importantly, the combination of the two businesses will enhance the ability to serve COVID-19 related vaccine and therapeutics production, for both new and existing customers, with global assembly production capabilities and a robust suite of leading products and components. With three key technology platforms – PharmaTainer bottles and caps, elastomeric and silicone tubing, and novel fittings products – the business offers customers end-to-end customised fluid management solutions, from planning and design through scaled production. The business looks forward to continuing to serve its customers in high criticality bioprocessing applications.

-Ends-

 

Download the press release  

 

For further information, contact: 

3i Group plc

Silvia Santoro

Investor enquiries

Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

Kathryn van der Kroft

Media enquiries

Tel: +44 7721 886 304

Email: kathryn.vanderkroft@3i.com

 

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America.

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrial, healthcare and business and technology services industries.

For further information, please visit: www.3i.com

 

About Sani-Tech West

Founded in 1991, Sani-Tech West, through its business units SaniSure® and SureTech, is a leading manufacturer, marketer and distributor of products and components used in the manufacture of pharmaceutical and biotech drugs. Based in Camarillo, CA, the Company operates out of two facilities: a 28,000 sq. foot manufacturing plant with 2,200 sq. foot ISO Class 7 validated clean room, which also houses the Company’s offices, and a 43,000 sq. foot facility with a 5,500 sq. foot ISO Class 7 validated clean room and 2,500 sq. foot controlled environment for fabrication.

 

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

Bottle Assembly 2.png

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CVC’s Strategic Opportunities platform acquires majority stake in Genetic

CVC’s Strategic Opportunities platform acquires majority stake in Genetic

17 Jul 2020

CVC funds will be investing in partnership with the family of the founder

CVC Strategic Opportunities II today signed an agreement to acquire a majority stake in the Genetic Group (“Genetic”), a leading pharma CDMO business which focuses on the development and supply of products into the respiratory, ophthalmic and oncology therapeutic areas. CVC funds will be investing in partnership with the family of the founder of Genetic, Rocco Pavese, who will remain as CEO of the business and will lead the R&D initiatives.

Headquartered in Fisciano, Italy, Genetic is an integrated pharmaceutical company focused on the research, development, manufacturing, licensing and promotion of pharmaceutical specialties and medical devices. Its primarily expertise is in the development of respiratory and ophthalmology products which are delivered via unit-dose Blow-Fill-Seal technology, pressurised Metered Dose Inhalers, nasal sprays, and eye drop/collyrium technologies. Genetic’s products are commercialised by a network of blue chip pharma partners internationally as well as by its own distribution arm (Max Farma) in Italy, often under well-recognised local brand names. The company has sales in Italy and more than 20 countries globally, with over 50 marketed products.

Rocco Pavese, CEO and Founder of Genetic, and Francesca Pavese, Head of Business Development, said: “We are excited and proud to be partnering with CVC and look forward to working with them on a new chapter of organic and inorganic growth for our business, which will project the Genetic group into a new international dimension of technological innovation and value creation for the benefit of patients around the globe, safeguarding and developing, at the same time, employment in our country. We believe that CVC’s international network, experience and track record in Italy and in Healthcare, as well as the alignment of the Strategic Opportunities fund as a partner to families like ours, will help us deliver on these growth aspirations.”

Michael Lavrysen, Senior Managing Director of CVC Strategic Opportunities added: “The Strategic Opportunities platform invests in high-quality businesses with longer growth horizons, and the investment in Genetic fits perfectly within this strategy, especially with the partnership with the Pavese family. We look forward to supporting collaboration between Genetic and our existing portfolio company DFE Pharma, and leveraging CVC’s broader global network.”

Giorgio De Palma, Senior Managing Director of CVC Italy said: “We believe that Genetic has an excellent position in the respiratory and ophthalmology pharmaceutical markets and has strong growth opportunities in Italy and abroad. We look forward to working with the Pavese family to achieve our common vision of the future.”

The transaction is subject to customary regulatory approvals.

Genetic was advised by UBS, EY, LED Taxand and NCTM whilst CVC Strategic Opportunities was advised by Rothschild & Co, EY Parthenon, EY, BCG, Gattai Minoli Agostinelli & Partners and Facchini Rossi Michelutti.

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EQT sells remaining stake in LBX Pharmacy

eqt

  • EQT Greater China sells remaining 24.78 percent in LBX Pharmacy, a leading discount pharmacy superstore chain in China, at RMB 55.0 per share, 235.2 percent above the IPO price of RMB 16.4
  • LBX Pharmacy has experienced strong growth and transformation during EQT’s ownership, leveraging the EQT Network and healthcare sector expertise
  • LBX Pharmacy’s successful IPO on the Shanghai Stock Exchange in 2015 was the first IPO in China with a foreign private equity fund as control or co-control shareholder

The EQT Greater China II fund (“EQT Greater China” or “EQT”) today announced that it has sold its remaining 24.78 percent equity stake in LBX Pharmacy Chain Joint Stock Company SSE:603883 (“LBX” or “the Company”), a leading A-share listed retail pharmacy superstore chain in China, to Primavera and FountainVest (“the Consortium”).

Established in 2001 in the Hunan province, LBX is a leading discount pharmacy superstore chain in China. As of 30 September 2019, LBX operated 3,756 self-owned drugstores and 1,052 sub-franchised drugstores in 22 provinces and municipal cities across China. LBX targets value-conscious customers with low prices, in-store consultation services and membership programs. The Company was listed on the Shanghai Stock Exchange on 23 April 2015 as the first IPO in China with a foreign private equity fund as control or co-control shareholder.

EQT made a co-control investment in LBX in 2008, becoming joint control owners with XIE Zilong, LBX’ Founder and Chairman. Since EQT entered LBX, the corporate governance and management have been strengthened with the addition of key management hires, experienced board members and independent non-executive board members. LBX has leveraged the global EQT Network and deep expertise in the healthcare and retail sectors and visited numerous leading pharmacy groups overseas.

During EQT’s ownership period, more than 40 add-on acquisitions were completed which helped LBX to become the leading chain in new geographies and strengthened LBX’s market position in its existing coverage region.

Martin Mok, Partner at EQT Partners and Investment Advisor to EQT Greater China, commented: “During EQT Greater China’s joint ownership, LBX has captured the fast growth of the retail pharmacy sector in China through successful store openings and upgrades, margin improvement and acquisitions. We are grateful for Mr XIE’s leadership, the insightful contribution of the board members, and the management team’s hard work.”

XIE Zilong, Founder and Chairman of LBX, commented: “EQT provided valuable resources and expertise which contributed to LBX’s strong growth during the last 12 years. With EQT’s strong support and corporate governance model, LBX has built a solid and sustainable foundation for future growth. We are confident that LBX will continue to do well with Primavera and FountainVest as our new partners.”

The transaction was signed and closed on 27 November 2019.

Contact
Martin Mok, Partner at EQT Partners and Investment Advisor to EQT Greater China, +852 2801 6823
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About LBX Pharmacy
Established in 2001 in Hunan province, LBX is a leading discount pharmacy superstore chain in China. As of 30 September 2019, LBX operated 3,756 self-owned drugstores and 1,052 sub-franchised drugstores in 21 provinces and municipal cities across China. LBX targets value-conscious customers with low prices, in-store consultation services and membership programs.

About Primavera
Primavera Capital Group is a leading China-based global investment firm that employs a flexible strategy of growth capital, control-oriented, and restructuring investments, seeking to create long-term value by working closely with portfolio companies to improve operational efficiency, competitiveness, and earnings growth. Founded in 2010, the firm invests in consumer, financial services, TMT, education, and healthcare sectors and has invested in some of the largest and market leading companies in China and globally across these sectors.

About FountainVest
FountainVest Partners is one of the most established independent private equity firms in Asia.  The Firm focuses on long-term oriented investments in industry leaders, partnering closely with management teams to accelerate growth and create value in diversified areas including in strategy, operations, finance, and capital markets.  FountainVest has completed a number of successful landmark investments globally. Sectors of focus include Consumer, Media & Technology, Healthcare, Industrials, and Financial Services.

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CVC’s Strategic Opportunities platform agrees to acquire 50% stake in DFE Pharma

Platform announces its second deal from Fund II which held its final close in July

CVC Strategic Opportunities II today signed an agreement to acquire a 50% stake in DFE Pharma (“DFE”), a leading global excipients manufacturer for the pharmaceutical industry. DFE is currently a 50/50 joint venture between dairy companies FrieslandCampina and Fonterra. CVC Strategic Opportunities II will acquire Fonterra’s holding in the business.

Headquartered in Goch, Germany, DFE is a global leading excipient manufacturer. Excipients are the inactive substances that are blended with the active ingredients in medicine for purposes such as binding, bulking, disintegration or to aid in the processing of the active ingredient. With operations in Europe, India and New Zealand and an active presence in over 100 countries, DFE develops, produces and markets excipients primarily for oral solid dose and dry powder inhalation.

Bas van Driel, CEO of DFE Pharma said: “We are excited to be partnering with CVC and look forward to working with them to continue to deliver the best possible solutions to our customers. The combination of FrieslandCampina and CVC as shareholders will provide extra opportunities to excel. CVC’s international network, experience and track record in pharma, as well as support capabilities will be essential in expanding the breadth of our business and exploring potential M&A opportunities.

“On behalf of DFE management, I would like to thank Fonterra for its ownership and, together with FrieslandCampina, for creating DFE in 2006 and allowing it to grow into the world leader in pharma grade lactose excipients, known for its very high quality.”

Kathy Fortmann, President FrieslandCampina Ingredients: “The addition of CVC Capital Partners will facilitate DFE’s growth ambitions over the medium and long term. We thank Fonterra for being constructive partners for the last decade and are confident that the ongoing supply relationship will be mutually beneficial.”

Thierry Bogaert, CVC Industrial Partner said: “DFE supplies mission critical products to the pharma industry. We look forward to the partnership with FrieslandCampina and working with the DFE management team to further enhance and expand the business, providing the full support of the CVC network.”

Jan Reinier Voûte, Co-Head CVC Strategic Opportunities added: “This is the second deal announced from Strategic Opportunities Fund II following its final close in July 2019. The Strategic Opportunities platform invests in high-quality businesses with longer growth horizons and the investment in DFE fits perfectly within this strategy, especially with the joint ownership with FrieslandCampina.”

Fonterra CEO, Miles Hurrell, said: “We would like to thank the DFE management team and our partner FrieslandCampina for the great relationship over the years, which we are pleased will carry on via the ongoing supply of Fonterra’s pharma grade lactose to DFE.”

The transaction is subject to customary regulatory approvals.

Goldman Sachs New Zealand Limited acted as exclusive financial advisor, Russell McVeagh and HVG Law as legal advisors to Fonterra. FrieslandCampina was advised by Allen & Overy, and CVC Capital Partners by Rothschild & Co, Freshfields Bruckhaus Deringer and KPMG.

 

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Ardian acquires a majority stake in Sintetica, a historic swiss pharmaceutical company, to support its internationalization strategy

Ardian

Mendrisio, May 23rd 2019. Ardian, a world-leading private investment house, announces the signing of a binding agreement for the acquisition of a majority stake in Sintetica SA, a Swiss pharmaceutical company, to support its international expansion in line with the management team’s strategy. Under the agreement, current shareholders will reinvest via a minority stake.
Founded in 1921, Sintetica specializes in research, manufacturing and marketing of sterile injectable solutions, mainly in anesthetics, analgesics and adrenergic agonists. The company has manufacturing plants in Mendrisio and Couvet (Switzerland)and employs 280 people. Sintetica has a portfolio of over 50 products which are distributed in more than 45 countries. The company has experienced strong growth in recent years (+31% CAGR in the period 2016-2018) and its turnover in 2018 was approximately CHF 75 million.
Sintetica’s unique proposition is characterized by high-quality and innovative products, which are the result of its close collaboration with hospitals and universities. Over the last few years, Sintetica has developed and patented several innovative drugs and ready-to-use formulations in-house, aligned with the latest needs of both patients (e.g. less use of opioid drugs) and hospitals (by supporting, among others, one-day-surgery).

Yann Chareton, Managing Director at Ardian, said: “We are excited to join forces with Sintetica and support the company in its next growth phase by investing in innovation and further improving product quality. Leveraging Ardian’s global network and consolidated experience in partnering with entrepreneurs and managers, we intend to support the company in the development of its strategic plan in continuity with the growth path already undertaken.”

Luca Bolzani, shareholder and Chairman of Sintetica’s Board of Directors, also on behalf of current majority shareholder Daphne, declared: “We are very pleased about the new partnership with Ardian, which will allow Sintetica to further develop its presence in international markets. At the end of a detailed evaluation phase, we have chosen to share our growth project with Ardian, thanks to its credibility and its industrial approach. We are sure that the opportunities arising from the new partnership will be crucial in accelerating our development phase and ensure the necessary continuity to Sintetica’s growth. We believe that, thanks to this partnership, the best conditions have been created to further develop the project we started in the early 2000s, which led Sintetica to become one of the most innovative companies in its reference market.”

Augusto Mitidieri, CEO of Sintetica, commented: “The company’s strategy is based on a global innovation leadership. Quality without compromise and a relentless propensity to innovate are the cornerstones of our strategic plan. People are our most important asset and represent the main reason for our success. We are all pleased to share the new chapter of the company’s growth with Ardian, which will contribute to strengthening Sintetica’s global expansion.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$90bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 600 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 880 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT SINTETICA

Founded in 1921 and based in Mendrisio, Sintetica is a Swiss pharmaceutical company specialized in the research, manufacturing and marketing of sterile injectable solutions, including anaesthetic, analgesic and adrenergic drugs, distributed in more than 45 countries. Sintetica operates with an agile distribution model based on two channels: a direct one with hospitals (in Switzerland, Germany, Austria, the United Kingdom and Ireland) and another one based on strategic partnerships through license agreements on a global basis.
With 280 employees and manufacturing plants in Mendrisio and Couvet, the company is globally recognised for its innovative human-centred organisational model, the distinctive go to market philosophy based on a 360 degrees respect and on the high quality of its products.

LIST OF PARTICIPANTS

ARDIAN – Advisor
M&A Advisor: Leopoldo Zambeletti
Commercial Due Diligence: IQVIA – Massimiliano Rubin, Dean Griffiths
Financial Due Diligence: PWC – Emanuela Pettenò, Luca Vergani
Tax: Gitti & Partners – Diego De Francesco, Paolo Ferrandi
Legal: Gianni, Origoni, Grippo, Cappelli & Partners – Gianluca Ghersini, Valentina Dragoni, Raffaella Ceglia
Financing: Gattai, Minoli, Agostinelli & Partners – Lorenzo Vernetti, Silvia Romano, Giorgia Gentilini
Operational Due Diligence: Candesic – Marc Kitten, Floris Wentholt

SINTETICA – Advisor
Financial Due Diligence: PWC – Federico Mussi, Francesco Tieri
M&A Advisor: Rothschild & Co
Legal Advisor: NCTM – Paolo Montironi, Pietro Zanoni, Eleonora Parrocchetti, Alessia Trevisan
Tax: Ludovici Piccone & Partners – Michele Aprile, Loredana Conidi, Daniel Canola

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StageBio and Tox Path Specialists Merge

Two market leaders join forces to meet the growing demand for high-quality histopathology and neuropathology services in the preclinical therapeutics market

JACKSON, VA and FREDERICK, MD (USA) – April 10, 2019 – StageBio has merged with Tox Path Specialists, LLC (TPS) to create the leading provider of research and preclinical histology, pathology, specialized neuropathology and archiving services for the biopharmaceutical, medical device and contract research industries. StageBio was recently created by the merger of Histo-Scientific Research Laboratories (HSRL) and Vet Path Services (VPS) and is a portfolio company of Ampersand Capital Partners.

“We are very excited to merge operations with Dr. Mark Butt and his team at Tox Path Specialists as we continue to broaden our service offerings to both new and existing clients,” said Tom Galati, StageBio CEO. “It is our intent to position StageBio as the most capable histopathology company in the industry”.

Dr. Mark Butt, Founder & CEO of Tox Path Specialists, commented, “StageBio and TPS are a natural fit. The broad spectrum of histopathology services of StageBio coupled with our specialty neuropathology capabilities are a great match and will further streamline the research process for our clients”. The merger adds laboratory space in Frederick, MD, and more importantly adds staff with vast experience in specialty neuropathology techniques to complement the StageBio team based in Virginia, Ohio and Massachusetts. The combined business has over 20 board-certified pathologists and a total employee base of over 100.



About StageBio

StageBio is the leading provider of GLP-compliant research and preclinical histology, pathology and specimen archiving services for the biopharmaceutical, medical device and contract research industries. We provide our customers with a fully-integrated breadth of histopathology services, including tissue analysis, efficacy determination for new compounds and devices, toxicological evaluation of products subject to FDA approval, detailed pathology reporting for GLP studies, medical device pathology and immunohistochemistry. We operate four state-of-the-art sites in the US, with substantial continued investment in our facility and technology infrastructures to meet the growing demand for high-quality histopathology services. With more than 20 board-certified veterinary pathologists and over 50 laboratory technicians on staff, we are ideally positioned to deliver on our unified commitment to quality, scientific integrity and customer service excellence. Additional information about StageBio is available at www.stagebio.com.

About Tox Path Specialists

Founded in 2006, TPS is one of the leading neuropathology laboratories in North America. Founded and led by Dr. Mark Butt, TPS specializes in comprehensive evaluations of the central and peripheral nervous system. TPS is a full-service GLP histopathology laboratory, offering expertise in histology, pathology immunohistochemistry, image analysis and stereology. Its staff consists of 2 board-certified (ACVP) veterinary pathologists, 6 highly-trained histology technicians as well as dedicated Quality Control (QC) and Quality Assurance (QA) units, all of whom are committed to quality work, excellent customer service and meeting demanding timelines. Additional information about TPS is available at www.toxpath.net.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm 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 its core healthcare sectors, including Brammer Bio, Confluent Medical, Genewiz, Genoptix, Talecris Biotherapeutics and Viracor-IBT Laboratories. Additional information about Ampersand is available at ampersandcapital.com.

For further information contact:

Sam Jeffrey
Director of Corporate Development
info@stagebio.com

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