Novo Holdings has agreed to acquire Altasciences, a Laval, Quebec-based drug development services provider to pharmaceutical and biotechnology companies. The seller is Audax Private Equity, which acquired the business in 2017. No financial terms were released for the deal, which is expected to close in the first half of 2021.
COPENHAGEN, Denmark, Feb. 22, 2021 /PRNewswire/ — Novo Holdings A/S, a world-leading life science investor with a focus on long-term, sustainable value creation, today announced that it has agreed to acquire Altasciences from Audax Private Equity.
Founded in 1992, Altasciences is a leading, fully-integrated, early drug development services platform, providing the pharma and biotech industries with a trusted partner for drug development, from preclinical safety testing through clinical proof-of-concept studies. In the past decade, the company has grown both organically and through acquisitions to have a significant presence in the preclinical safety testing, clinical pharmacology, bioanalytical, CRO services, and CDMO markets.
Headquartered in Laval, Canada, Altasciences operates six facilities in the U.S. and Canada and employs over 1,300 people.
The company’s full-service, integrated offering is uniquely tailored to the needs of small and medium-sized biopharma sponsors, which are expected to account for an increasing share of the growing pipeline of drugs in development. The acquisition by Novo Holdings will help Altasciences continue its impressive growth trajectory, including further domestic and international expansion.
Altasciences’ executive management team, led by CEO Chris Perkin, will continue to lead the business following the acquisition.
Abhijeet Lele, Senior Partner, Head of Principal Investments in the U.S. at Novo Holdings, said: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and is well-positioned to capture share in the fast-growing market for drug development services. We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”
Chris Perkin, Chief Executive Officer of Altasciences, added: “This is an exciting day for Altasciences. We are very pleased to be partnering with Novo Holdings in the next phase of our exciting journey, given their exceptional reputation, track record, and broad portfolio of high-growth healthcare companies. We look forward to continuing our ambitious growth plans and commitment to providing clients with value-added services that offer a new paradigm of drug development outsourcing.”
The transaction is subject to customary closing conditions and is expected to close in the first half of 2021. Goodwin Procter LLP served as legal advisor to Novo Holdings. Harris Williams served as lead financial advisor with Rothschild & Co. and Edgemont Partners serving as co-advisors to Altasciences. Kirkland & Ellis LLP served as legal advisor to Altasciences.
About Novo Holdings A/S
Novo Holdings is recognized as a world-leading life science investor with a focus on creating long-term value. As a life sciences 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 information: https://www.novoholdings.dk/
Altasciences is a forward-thinking, mid-size contract research organization offering pharmaceutical and biotechnology companies a proven, flexible approach to preclinical and clinical pharmacology studies, including formulation, manufacturing, and analytical services. For over 25 years, Altasciences has been partnering with sponsors to help support educated, faster, and more complete early drug development decisions. Altasciences’ integrated, full-service solutions include preclinical safety testing, clinical pharmacology and proof of concept, bioanalysis, program management, medical writing and biostatistics, all customizable to specific sponsor requirements. Altasciences helps sponsors get better drugs to the people who need them, faster. https://www.altasciences.com