Printer Friendly

Permira Funds to acquire Lyophilization Services of New England.

BANKING AND CREDIT NEWS-March 28, 2017-Permira Funds to acquire Lyophilization Services of New England

(C)2017 M2 COMMUNICATIONS http://www.m2.com

Permira, a global private equity firm, announced that a company backed by the Permira funds has signed a definitive agreement to acquire Lyophilization Services of New England, Inc. ("LSNE"), a contract development and manufacturing organization for the pharmaceutical and medical device markets, in partnership with management, the company said.

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second quarter 2017.

As part of the transaction, LSNE Founder and Chief Executive Officer Matt Halvorsen will maintain a significant equity stake in the company and will continue to lead the company in his current role.

Founded in 1997, LSNE is a market leader providing a wide range of development and manufacturing services to the pharmaceutical, biotechnology and medical device industries, specializing in aseptic fill/finish and lyophilization services. With an extensive track record of superior manufacturing, product quality and capabilities in late stage clinical and commercial manufacturing, LSNE is strategically positioned to provide services seamlessly across all phases with the technical expertise to handle some of the most complex formulations.

In conjunction with the transaction, Claes Glassell, the former CEO of CMC Biologics and a 30-year pharmaceutical industry veteran, will join as Chairman of the board of LSNE in support of the management team and growth strategy.

The Permira funds' investment will support the company's many growth opportunities, including expanding the company's capacity to better serve its growing customer base and address commercial stage opportunities, extending its capabilities in manufacturing and development services, and pursuing selective acquisitions.

Lyophilization Services of New England, Inc ("LSNE") is a privately held company with three GMP facilities located in New Hampshire. LSNE has been a market leader providing lyophilization services to the pharmaceutical, biotechnology and medical device industries since 1997, specializing in a wide range of services such as cycle development and cGMP fill/finish and lyophilization. Through its three processing facilities, extensive track record of superior quality manufacturing that meets and exceeds client and regulatory standards, and the cGMP framework necessary for late stage clinical and commercial manufacturing, LSNE is strategically positioned to seamlessly provide services to its customers through all phases.

Permira is a global investment firm that finds and backs successful businesses with growth ambition. Founded in 1985, the firm advises funds with a total committed capital of approximately EUR 32bn (USD 35bn). The Permira funds make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. In the past 32 years, the Permira funds have made over 200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Industrials and Technology. Current healthcare investments include Pantheon Healthcare Group, as well as consumer healthcare company, Atrium Innovations. Permira employs over 200 people in 14 offices across North America, Europe and Asia.

((Comments on this story may be sent to info@m2.com))
COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Mar 28, 2017
Words:497
Previous Article:Senior Housing Properties Trust forms joint venture to own buildings in Boston's Seaport District.
Next Article:Mortgage Cadence expands Borrower Center.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |