Healthcare-oriented private equity firm RoundTable Healthcare Partners announced that it’s just completed the sale of Bioniche Pharma Holdings to pharmaceutical company Mylan for $550 million in cash. The sale marks the first portfolio realization for RoundTable’s Fund II.
RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has completed the sale of Bioniche Pharma Holdings Limited (“Bioniche Pharma”) to Mylan Inc. (“Mylan”), a leading, global generic and specialty pharmaceutical company, for $550 million in cash.
Bioniche Pharma is a fully-integrated, global specialty sterile injectable pharmaceutical company based in Galway, Ireland, with a majority of its sales in the United States. Since its initial investment in 2006, RoundTable actively supported the company’s growth initiatives via the addition of several key members of the senior management team, a robust business development program and investments in product development, including a new R&D facility in Galway.
Jack McGinley, Founding Partner of RoundTable and Chairman of Bioniche Pharma, said, “The Bioniche Pharma team, led by CEO Steve Thornton, did an excellent job of creating a significant, high quality company in the specialty injectables marketplace with excellent growth prospects, robust cash flows and high margins. We are thankful to the Bioniche Pharma management team and employees for such a great effort and wish them continued success as part of Mylan.”
Steve Thornton, CEO of Bioniche Pharma, added, “RoundTable’s pharmaceutical operating expertise and industry knowledge significantly helped accelerate Bioniche Pharma’s growth. In addition, the transaction team worked closely with our team to source, identify and execute multiple accretive transactions which provided us with the cash flow to invest in long-term product development.”
Pat McGrath, Director, of the Venture Capital division of Bank of Scotland (Ireland) Ltd. in Dublin and a Board Director of Bioniche Pharma commented, “Since its investment in 2006, RoundTable provided the operational and strategic oversight and capital commitment to create a successful specialty pharmaceutical company. We congratulate the RoundTable team on a very successful investment. Our ICC Private Equity Fund, had a significant minority shareholding in Bioniche Pharma.”
Lester B. Knight, Founding Partner and Co-Chairman of RoundTable, said, “With the sale of Bioniche Pharma, RoundTable has succeeded in creating tremendous value for our investors and the company’s employees. The transaction represents a return in excess of nine times RoundTable’s invested equity capital.”
The sale of Bioniche Pharma marks the first portfolio realization for RoundTable’s $500 million Fund II which closed in March 2005.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the health-care industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.