Beringea sells Altacor to Esperante

Beringea has sold Altacor, a specialty ophthalmology company, to Esperante, a Netherlands-based life sciences investment firm, for an undisclosed amount. Beringea first invested in Altacor in 2007.

Press Release

Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has announced that its London office, Beringea LLP, has exited portfolio company Altacor. The specialty ophthalmology company has been acquired by Esperante, a private Netherlands-based life science investment company, for an undisclosed sum. Beringea LLP first invested in Altacor in 2007.

Altacor is a specialty ophthalmology company with a portfolio of eight marketed pharmaceutical products. The company differentiates its development products primarily through formulation or reprofiling existing compounds with established clinical activity and systemic safety.

Esperante is the investment arm of the C&P Group, a global, privately owned group of life science businesses including Nordic Pharma, a fully-integrated, pan-European pharmaceutical and services company, PolyPeptide Laboratories, a global peptide bulk drug actives producer and Euro-Diagnostica, a European-based immunology in vitro diagnostics business. Under Esperante’s stewardship, Altacor will continue to operate as a specialty ophthalmology company.

Dr. Stephane Mery, partner at Beringea LLP, commented: “Since Beringea’s initial investment, Altacor has exhibited continued growth and we are delighted to have worked with such an exceptional management team. Esperante’s purchase of Altacor will enable the company to continue its path towards becoming a European leader in the ophthalmology market.”

Dean Slagel, Managing Director of Esperante said, “Esperante has been a minority investor in Altacor for the past five years and we are now very excited to be acquiring the entire business to propel Altacor’s promising product and pipeline product portfolio towards an ever more successful and profitable level. We look forward to achieving these objectives in close collaboration with Altacor’s well-proven management team.”

Dr Fran Crawford, CEO of Altacor added, “We are extremely pleased that Altacor has been acquired by Esperante and that it plans to pursue and expand the company’s existing strategy within a holding group that has a successful track record in building European businesses. I am also delighted that our staff will all remain in position and will continue to drive product sales and pipeline development in the company’s chosen markets.”

Altacor were advised in this transaction by Longcross Advisers LLP.

About Beringea
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.

With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com.

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.

About Altacor
Altacor is a specialty ophthalmology company with a portfolio of marketed and development pharmaceutical products. The Company differentiates its development products primarily through formulation or reprofiling existing compounds with established clinical activity and systemic safety.
Altacor has eight products marketed in the UK and Ireland (Clinitas®, Clinitas® range, Blepharitis range and ocular supplements) which are commercialised through its own sales and marketing organisation and network.

Clinitas and Clinitas GEL are prescription products for the treatment of moderate dry eye. The Clinitas® range, comprising Clinitas Hydrate® and Clinitas Soothe® are also for treating the major causes of dry eye, and are sold to the retail market via pharmacists and opticians.

The Blepharitis range loosens and removes Meibomian secretions, which underlie blepharitis.

Altacor is also present in the area of ocular supplements. EyeBar® is an innovative chocolate bar containing the well-established AREDS2 formula for the maintenance of healthy vision. The AREDs studies have shown that the combination of metals (zinc/copper), vitamins (Vitamin C and E) and macular pigments slows the progression of dry age related macular degeneration (AMD).

About Esperante BV
Esperante is a privately held investment company focussed on investing in therapeutics, in vitro diagnostics and selected medical device companies principally in Europe and North America. Esperante currently has a portfolio of 18 companies.

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