Audax Private Equity announced it has entered into a definitive agreement to acquire the Clinical Services business of Avantor, Inc. The deal is expected to close in the fourth quarter and is subject to regulatory approvals.
Clinical Services provides clinical trial and laboratory supply chain services to pharmaceutical and biotechnology companies, contract research organizations (CROs), and diagnostic laboratories. The business operates 10 facilities across the US, UK, and Europe. It also maintains a global logistics and equipment services network that distinguishes the business as a partner of choice to help its clients manage complex and evolving supply chain needs.
“We appreciate the unique capabilities that this business delivers to some of the most demanding customers in the pharma and life sciences sectors, and we look forward to investing aggressively to expand the Company’s commercial and technical reach,” said David Wong, Partner at Audax Private Equity. “We believe the services that this business provides represent the backbone for advancing therapeutic development.”
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The Company provides active trial and post-trial sample storage and archiving, supply chain management, and packaging and logistics for sample collection through three primary offerings and well-respected brand names: EPL Archives, MESM, and Therapak.
Audax has completed several corporate carveouts in the past, including the acquisitions of Aspen Surgical, Lifemark, and others. The firm also brings deep experience in the healthcare space, with a portfolio that includes companies in pharma services, life science tools, medical technology, and value-based care.
“We’re pleased to work with Avantor to effect a quick and seamless transition to the benefit of all of our stakeholders,” added Stephen Weaver, Managing Director at Audax Private Equity. “The investments we intend to make to this platform should deliver tremendous benefit to our clients and our team members.”
SOURCE: Businesswire