Tag Archives: healthcare

CVC agrees the sale of up to 54% stake in Healthcare Global Enterprises for up to US$400m

CVC Capital Partners

CVC, a leading global private markets manager, is pleased to announce the signing of definitive agreements for the sale of CVC Asia V’s majority stake in Healthcare Global Enterprises (“HCG”), a leading healthcare organization in India, to KKR. CVC Asia V will sell up to a 54% stake in HCG to funds managed by KKR, a leading global investment firm, at a purchase price of INR 445 per share.

Following the completion of the transaction Dr. BS Ajai Kumar, Founder of HCG, will take on the role of Non-Executive Chairman and will focus on driving clinical, academic and R&D excellence.

Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centres across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theatres and 40 linear accelerator machines (LINACs). Since CVC Asia V invested in 2020, CVC’s India team have worked closely with HCG on a transformational value creation program to drive revenue growth through and beyond COVID, improve key performance indicators, source and execute acquisitions and digital transformation, whilst ensuring continuous improvement in patient care and clinical outcomes.

Siddharth Patel, Managing Partner at CVC said: “We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”

Quotes

“We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”

Siddharth PatelManaging Partner at CVC

Amit Soni, Partner at CVC added: “Our partnership with Dr. Ajaikumar and the management team is a testimony to our ability to combine clinical and professional acumen to increase the reach of cancer care in India. We thank Dr. Ajai and the management for their unparalleled support and commitment to a common vision.”

Dr. BS Ajaikumar, Founder, HCG, said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient wellbeing and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I would focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”

The transaction is expected to close in Q3 2025, subject to customary closing conditions and regulatory approvals.

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bluebird bio Announces Definitive Agreement to be Acquired by Carlyle and SK Capital

Carlyle

bluebird stockholders to receive $3.00 per share in cash and a contingent value right of $6.84 per share in cash payable upon achievement of a net sales milestone, contingent upon offer conditions 

bluebird’s Board of Directors determined this transaction is in the best interest of stockholders following a comprehensive review of strategic alternatives

Carlyle and SK Capital, in collaboration with a team of highly experienced biotech executives led by David Meek, to support bluebird’s growth 

SOMERVILLE, Mass.–(BUSINESS WIRE)–Feb. 21, 2025– bluebird bio, Inc. (NASDAQ: BLUE) (“bluebird”) today announced that it has entered into a definitive agreement to be acquired by funds managed by global investment firms Carlyle (NASDAQ: CG) and SK Capital Partners, LP (“SK Capital”) in collaboration with a team of highly experienced biotech executives. David Meek, former CEO of Mirati Therapeutics and Ipsen, is expected to become CEO of bluebird upon closing. Carlyle and SK Capital will provide bluebird primary capital to scale bluebird’s commercial delivery of gene therapies for patients with sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.

Under the terms of the agreement, bluebird stockholders will receive $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if bluebird’s current product portfolio achieves $600 million in net sales in any trailing 12-month period prior to or ending on December 31, 2027, for a potential total value of up to $9.84 per share in cash, subject to the tender of a majority of the outstanding shares of bluebird, receipt of applicable regulatory approvals, and other customary closing conditions. bluebird’s Board of Directors (the “bluebird Board”) unanimously approved the agreement and recommends that stockholders tender their shares. Following a comprehensive review of bluebird’s strategic alternatives, including meeting with more than 70 potential investors and partners over a period of five months, and a third and final denial by the Federal Drug Administration of bluebird’s appeal for a priority review voucher, the bluebird Board determined that, absent a significant infusion of capital, bluebird is at risk of defaulting on its loan covenants. The bluebird Board has decided that this transaction is the only viable solution to generate value for stockholders. Additional details on the process will be available in bluebird’s Solicitation/Recommendation Statement on Schedule 14D-9, which will be filed with the U.S. Securities and Exchange Commission (“SEC”).

“For more than a decade, bluebird has been at the forefront of gene therapy, delivering groundbreaking treatments to patients facing life-threatening genetic diseases,” said Andrew Obenshain, current CEO of bluebird. “However, as our financial challenges mounted, it became clear that securing the right strategic partner was critical to maximizing value for our stockholders and ensuring the long-term future of our therapies. After an extensive review process, this acquisition represents the best path forward – maximizing value for stockholders and bringing significant capital, commercial expertise, and a commitment to provide more patients the opportunity to benefit from potentially transformative gene therapies.”

David Meek commented, “bluebird is built on an extraordinary legacy of scientific breakthroughs, and we are committed to unlocking its full potential for patients. With the backing of Carlyle and SK Capital, we will bring the capital and commercial capabilities needed to accelerate and expand patient access to bluebird’s life-changing gene therapies.”

“Carlyle’s healthcare and Abingworth teams have significant experience investing in biopharma and are excited about what lies ahead for bluebird. We look forward to working with David and SK Capital to drive bluebird’s future growth and mission of delivering its therapies to improve patient outcomes,” said Joe Bress, Carlyle Partner and Global Co-Head of Healthcare. Bali Muralidhar, Partner and Chief Investment Officer & COO of Abingworth, Carlyle’s life sciences investment franchise, added, “Over the past decade, we have tracked and been impressed by bluebird’s success in researching and developing breakthrough gene therapies for large, unmet medical needs. Joining forces with Carlyle enables us to collaborate in supporting companies like bluebird in commercializing their innovations for patients.”

Aaron Davenport, Managing Director at SK Capital, commented, “SK Capital has deep experience in the life sciences sector. We have long admired bluebird’s scientific leadership, dedicated focus on severe genetic diseases, and track record of successful product development and launch. We are excited to partner with David and Carlyle to invest in and accelerate the delivery of bluebird’s pioneering gene therapies to needing patients.”

Transaction Details

Under the terms of the agreement, bluebird stockholders will receive $3.00 per share in cash and a contingent value right per share, entitling the holder to a payment of $6.84 in cash per contingent value right if bluebird’s current product portfolio achieves $600 million in net sales in any trailing 12-month period prior to or ending on December 31, 2027.

The transaction is expected to close in the first half of 2025, subject to the tender of a majority of the outstanding shares of bluebird, receipt of applicable regulatory approvals, and other customary closing conditions. bluebird has also entered into amendments to its loan agreement with Hercules Capital, Inc. to facilitate adequate liquidity to position it to maintain operations through the closing.

Upon completion of the transaction, bluebird will become a privately held company, and shares of bluebird common stock will no longer be listed on any public market.

Leerink Partners is acting as bluebird’s financial advisor, and Latham & Watkins LLP is serving as legal counsel to bluebird. Bourne Partners is acting as financial advisor to Carlyle and SK Capital, and Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP, and Orrick, Herrington & Sutcliffe are serving as legal advisors to Carlyle and SK Capital.

About bluebird bio, Inc.

Founded in 2010, bluebird has been setting the standard for gene therapy for more than a decade—first as a scientific pioneer and now as a commercial leader. bluebird has an unrivaled track record in bringing the promise of gene therapy out of clinical studies and into the real-world setting, having secured FDA approvals for three therapies in under two years. Today, we are proving and scaling the commercial model for gene therapy and delivering innovative solutions for access to patients, providers, and payers.

With a dedicated focus on severe genetic diseases, bluebird has the largest and deepest ex-vivo gene therapy data set in the field, with industry-leading programs for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy. We custom design each of our therapies to address the underlying cause of disease and have developed in-depth and effective analytical methods to understand the safety of our lentiviral vector technologies and drive the field of gene therapy forward.

bluebird continues to forge new paths as a standalone commercial gene therapy company, combining our real-world experience with a deep commitment to patient communities and a people-centric culture that attracts and grows a diverse flock of dedicated birds.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About SK Capital

SK Capital is a transformational private investment firm with a disciplined focus on the life sciences, specialty materials, and ingredients sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $12 billion annually, employs more than 25,000 people globally, and operates more than 200 plants in over 30 countries. The firm currently has approximately $9 billion in assets under management. For more information, please visit www.skcapitalpartners.com.

Additional Information and Where to Find It

The tender offer in connection with the transaction described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of bluebird. The solicitation and the offer to buy shares of bluebird’s common stock will only be made pursuant to a Tender Offer Statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials, that Beacon Parent Holdings, L.P. (“Parent”) and Beacon Merger Sub, Inc. (“Merger Sub”) intend to file with the SEC. In addition, bluebird will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by Parent, Merger Sub and bluebird with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by (i) bluebird under the “Investors & Media” section of bluebird’s website at www.bluebirdbio.com or (ii) by Parent and Merger Sub by calling Innisfree M&A Incorporated, the information agent for the Offer, toll-free at (877) 825-8793 for stockholders or by calling collect at (212) 750-5833 for banks or brokers.

 

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF BLUEBIRD AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.

 

Forward-Looking Statements

The statements included above that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to, statements regarding beliefs about the potential benefits of the transaction; the considerations taken into account and the determination by the Board in approving the transaction; the planned completion and timing of the transactions contemplated by the Agreement and Plan of Merger, dated as of February 21, 2025 (the “Merger Agreement”), by and among bluebird, Parent and Merger Sub; and the prospective performance and outlook of the surviving company’s business, performance, and opportunities. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of bluebird stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to bluebird’s liquidity during the pendency of the tender offer and the merger or in the event of a termination of the Merger Agreement; the risk that the milestone related to the contingent value rights is not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from bluebird’s ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; and other risks and uncertainties pertaining to bluebird’s business, including the risks and uncertainties detailed in bluebird’s public periodic filings with the SEC, as well as the tender offer materials to be filed by Parent and Merger Sub and the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by bluebird in connection with the tender offer.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and bluebird undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.

 

Investors & Media Contacts

 

Bluebird

 

Investors:

Courtney O’Leary 

978-621-7347

coleary@bluebirdbio.com

 

Media:

Jess Rowlands

857-299-6103
jess.rowlands@bluebirdbio.com

 

 

Carlyle

 

Media:

Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com

 

SK Capital

 

Ben Dillon

+1(646)-278-1353
bdillon@skcapitalpartners.com

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CeQur Closes a $120M Equity Financing to Drive Commercial Growth

cequr logoThe financing secured will drive growth and accelerate commercial expansion efforts, support the scaling of commercial teams and outreach initiatives to bring CeQur Simplicity™, its 4-day wearable insulin delivery device, to more healthcare providers and patients managing diabetes.

Horw, Switzerland, January 7, 2025 – CeQur®, a medical device company dedicated to simplifying insulin delivery for individuals on multiple daily injections, today announced the successful close of a $120 million financing round. This significant investment underscores the confidence in CeQur’s mission to simplify the lives of people managing diabetes.

The funds will support the continued commercial expansion of CeQur Simplicity, the company’s innovative 4-day wearable insulin delivery device. CeQur will continue to grow its Sales Force and expand its Clinical team to ensure that more people living with diabetes can benefit from convenient, discreet, and injection-free dosing.

“We are grateful for the support of our investors as we accelerate our mission to transform diabetes care,” said Brad Paddock, President and CEO of CeQur. “This financing will enable us to reach more patients, expand our commercial footprint, and continue innovating solutions that simplify mealtime insulin management”, said Mike Rubino, CFO of CeQur.

CeQur has seen growing adoption of its CeQur Simplicity patch, a discreet, easy-to-use bolus insulin delivery solution, with over 6,000 patients currently using the device.

CeQur continues to increase and improve pharmacy access. In addition to the more than two thirds of commercially insured patients on formulary, CeQur has reached agreements with numerous Medicare Part-D and State Medicaid programs. Overall, better than 80% of all claims are being covered as a pharmacy benefit. The average copay is less than $45/month.

Related to manufacturing, CeQur’s 40,000sq/ft automated cleanroom facility completed all of its qualifications in Q4 2024. The facility is scheduled to manufacture commercial product in 2025.

For more information about CeQur and its groundbreaking product, visit myceqursimplicity.com.

About CeQur SimplicityTM

CeQur Simplicity is a simple, 4-day wearable Insulin Delivery Device for discreet, convenient and injection-free bolus dosing. One CeQur Simplicity patch holds up to 200 units of rapid-acting insulin administered in two-unit increments and replaces, on average, twelve daily mealtime injections over four days. Clinical research has shown that nearly 90% of patients using CeQur Simplicity reported following their insulin regimen better as compared to multiple daily injections.i The Patch is clinically proven to improve glycemic control, with patients achieving significantly
improved A1C and time-in-range (TIR) goals.ii, iii

About CeQur®

CeQur is commercializing advanced, simple-to-use insulin delivery devices that make it easier for people living with diabetes to adhere to therapy and stay in control of their disease. The Company’s simple, wearable devices provide freedom from multiple daily insulin injections.

More information can be found at cequr.com.

Media Contact:
Kim Holdsworth, Chief Marketing Officer
media@cequr.com
(864) 754-0852

i. Zraick V, Dreon D, Nalk R, Shearer D, Crawford S, Bradford J, Levy B. 2016. Patient User Experience Evaluation of
Bolus Patch Insulin Delivery System. Poster presented at the American Diabetes Association’s 76th Scientific Sessions.
Abstract 995-P. New Orleans, LA, USA
ii. Bergenstal R, Peyrot M, Dreon D, Aroda V, Bailey T, Brazg R, Frias J, Johnson M, Klonoff D, Kruger D, Ramtoola S,
Rosenstock J, Serusclat P, Weinstock R, Naik R, Shearer D, Zraick V, Levy B. 2019. Implementation of Basal–Bolus
Therapy in Type 2 Diabetes: A Randomized Controlled Trial Comparing Bolus Insulin Delivery Using an Insulin Patch
with an Insulin Pen. Diabetes Technology and Therapeutics 21 (5):1-13.
iii. Bergenstal R., et al Comparing Patch vs Pen Bolus Insulin Delivery in Type 2 Diabetes

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Kestra Medical Technologies Files for IPO Amidst Revenue Growth

Kestra logoKestra Medical Technologies Ltd., a prominent name in the wearable medical devices sector, has officially filed for an initial public offering (IPO), showcasing a remarkable surge in revenue that has nearly tripled. The Bloomberg report highlights that the company is poised to offer new shares as part of this financial move, with specific terms to be detailed in upcoming communications.

For the six months concluding on October 31, Kestra reported a net loss of $40.9 million against revenues of $27.5 million, marking a substantial improvement from the previous year where the company had a net loss of $50.2 million on a revenue of $9.5 million. This financial trajectory underscores the company’s robust revenue growth, reinforcing its potential appeal to prospective investors.

Back in July, Kestra secured a significant $196 million in fundraising co-led by industry heavyweights such as Andera Partners, Ally Bridge Group, Longitude Capital, and Omega Funds. Renowned investors like Bain Capital LP and Endeavour Vision are also backing the company, with Bain Capital set to maintain a significant hold over shareholder voting power post-IPO.

The IPO comes on the heels of a favorable period for US healthcare IPOs, with seven companies amassing $1.1 billion collectively this year, according to data from Bloomberg. These stocks have shown a remarkable performance, appreciating approximately 35% on average since their initial offerings.

The impending offering is slated to be orchestrated by financial giants including Bank of America Corp., Goldman Sachs Group Inc., and Piper Sandler Cos. Kestra plans to list its shares on the Nasdaq Global Market, trading under the proposed symbol KMTS.

Moreover, insights from IndexBox emphasize a growing trend in the medical devices sector, with an increase in demand for innovative and user-friendly wearable solutions, reflecting an upward trajectory in market dynamics and potential profitability.

Source: https://www.indexbox.io/blog/kestra-medical-technologies-files-for-ipo-amidst-revenue-growth/

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Candid Health Raises $52.5 Million Series C to Enhance GenAI Features, Expand Revenue Cycle Automation Platform to More Providers

Oak HC FT

Candid Health, the autonomous revenue cycle automation platform for healthcare providers, today announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This brings the company’s total amount raised to $99.5 million.

Providers spend more than $100 billion annually on revenue cycle management, yet today’s billing requirements outpace available tooling. According to research by McKinsey, streamlining the claims submission process could save up to 18% of administrative costs as submission error rates have continued to increase.

Candid’s platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid’s platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.

With touchless claim rates and payor net collection rates greater than 95%, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.

“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance,” said Nick Perry, CEO & Co-Founder of Candid Health. “We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”

The company grew revenue nearly 250% YoY in 2024. With this Series C investment, Candid will look to expand its customer relationships with multi-site provider groups nationally.

“The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers’ needs top of mind,” said Billy Deitch, Partner at Oak HC/FT. “Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide.”

About Candid Health 

Candid was founded by Nick Perry (CEO), Doug Proctor (COO) and Adam Reis. The team is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 200 leading healthcare organizations, Candid’s revenue cycle platform leverages advanced automation to decrease the cost to collect and increase net collection rates. The company is backed by Oak HC/FT, 8VC, First Round Capital, Y Combinator, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.

About Oak HC/FT 

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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IQ Endoscopes sets sights on rapid early diagnosis

BGF

Funding from BGF and Development Bank of Wales has accelerated the roll-out of the Welsh company’s sustainable, single-use endoscopes.

6 February 2025
IQ Endoscopes sets sights on rapid early diagnosis

Wales-based medical device business IQ Endoscopes has strengthened its position for supporting clinicians and patients across the UK in 2025 and beyond — following its latest multi-million-pound funding round from BGF and the Development Bank of Wales.

The funding will enable IQ Endoscopes to accelerate the roll-out of its sustainable, single-use endoscopy platform. Designed and built in the UK, the platform is devised to increase the capacity of endoscopy provision across the country, allowing patients to be diagnosed earlier and ultimately help people live longer, healthier lives.

Of the 70 million endoscopy procedures currently completed each year, 98% are performed with reusable devices. These require reprocessing after each use, which is both costly and time-intensive, as well as having a significant environmental impact and posing the risk of cross-contamination.

The need for innovation in diagnostic healthcare has never been greater. According to Cancer Research, NHS England aims to begin treatment for 85% of cancer patients within 62 days of an urgent referral — a target that hasn’t been met since 2015. Worst still, the number of new cancer cases worldwide is expected to increase to 28 million per year by 2040, a 54.9% increase from 2020. In addition, the UK is suffering from a shortage of trained and skilled endoscopists, leading to increased waiting times for patients and rising costs for the NHS.

In response, IQ Endoscopes’ innovative product is set to launch in an initial four health centres this July, to begin to tackle the backlog of patients needing endoscopy treatments across England and Wales.

Matt Ginn, CEO at IQ Endoscopes, commented: “At IQ Endoscopes, we are on a mission to help drive rapid early diagnosis, using our single-use endoscopes, to help people live a longer and better life. This funding round has brought that ambition one step closer to reality and we are exceptionally thankful to BGF, DBW, and early shareholders for their ongoing belief in our mission.

“With strong evidence supporting the clinical acceptance of our technology, a clear path to regulatory clearance, and the required manufacturing capability established, we are primed for early commercialisation of our technology in the UK from July 2025.”

IQ Endoscopes’ model of flexible, plug-and-play endoscopes strongly aligns with the UK Government’s proposed network of Community Diagnostic Centres, designed to make procedures such as endoscopies more accessible in local areas. By offering greater flexibility, choice, and control, IQ Endoscopes can empower clinicians to increase capacity and deliver faster, more efficient care to patients – enabling rapid diagnosis and treatment.

Tim Rea, Co-Head of Early Stage Investments at BGF, said: “From the outset, we’ve been impressed by the team’s focus on improving patient outcomes, by eliminating the inconvenience, cross-contamination risks, and environmental impact associated with the repeated sterilisation of reusable systems.

“The team has made significant strides to address critical challenges in endoscopy, by offering a high-quality, sustainable, and more efficient solution for clinicians. We are excited to continue our support for the business as it advances to the next stage of its development.”

Tom Davies, Investor for the Technologies Venture Investments team at Development Bank of Wales, added: “This is the fourth investment we have made into IQ Endoscopes since our initial seed investment in the summer of 2020, and we continue to be impressed by their growth and innovation as a leading Welsh medtech company, delivering essential single-use solutions in the field of endoscopy.”

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]init[ AG expands its healthcare business with the acquisition of HBSN Group

Rivean
  • Acquisition of HBSN Group enables further expansion of ]init[ AG’s customer base within the healthcare market
  • Strategic combination creates a market leader in digitalization for the public and healthcare sector in Germany

Berlin – With the acquisition of the HBSN Group, a specialist in digital transformation within the healthcare sector, ]init[ AG – a portfolio company of Rivean Capital and EMERAM Capital Partners – expands its comprehensive end-to-end digitalization portfolio beyond the public sector into healthcare. The acquisition establishes a leading digital specialist with over 1,500 employees across 18 locations. Both parties have agreed to keep the purchase price confidential.

“Germany faces significant challenges in both administrative digitalization and the transformation of the healthcare sector. Complex digitalization programs require effective and innovative end-to-end expertise, that are developed, implemented, and operated in a holistic and tailored manner. The combination of ]init[ and HBSN creates a unique service offering for comprehensive digital solutions,” said Harald Felling, Chief Executive Officer of ]init[ AG. “Our clients from both sectors will benefit from our combined strengths as well as additional competencies in key innovation fields, such as AI, IT security, data-sovereign cloud platforms, and IT service management. I look forward to the joint efforts in driving the digitalization, modernization, and advancement of public administration and healthcare in Germany.”

With the acquisition of HBSN Group, ]init[ AG expands its healthcare client base by approximately 380 active institutions. These include MD-IT, covering IT operations and support services for all medical services, AOK Saxony-Anhalt, which has a framework agreement for online services; and the Ministry of Social Affairs, Health, and Integration of Baden-Württemberg, which is developing a unified public health application landscape for all state health departments.

“Large-scale healthcare tenders increasingly require end-to-end capabilities. Together with ]init[‘s expertise, we can successfully meet this growing demand,” says Tobias Niemann, Founder of HBSN Group. “As part of ]init[, the competences and network of HBSN expands manifold. I look forward to the collaboration and the diverse synergies that will benefit both parties and our clients.” In light of the structural changes in the healthcare market, the founders and management team of HBSN have taken this strategic step to enhance their market position.

“The acquisition of the HBSN Group is a strategically significant step that strengthens ]init[’s position as one of a leading providers of digitalization services in regulated markets,” says Matthias Wilcken, Senior Partner and Member of the Executive Committee at Rivean Capital. “With the support of Rivean Capital and EMERAM Capital Partners, who bring strategic know-how and capital, we are enabling ]init[ to further accelerate growth and achieve substantial progress in key markets such as the healthcare sector. This strategic combination lays the foundation for even greater capabilities to successfully meet the increasing demands for digital transformation in Germany.”

“The structural change in the healthcare system is well underway. One of the key challenges is the consistent and sustainable digitalization of this sector. With the acquisition of the HBSN Group, ]init[ is expanding its presence in regulated markets and further driving digital transformation in this area,” says Dr. Ruprecht Puchstein, Principal at EMERAM Capital Partners. “It is a central part of ]init[‘s strategy to transfer the existing expertise in the public sector to other regulated industries – a process that has been significantly accelerated by this acquisition.”

About ]init[ AG für digitale Kommunikation
]init[ AG für digitale Kommunikation is a leading expert for digitalization for the public sector and regulated markets. Founded in 1995, the company employs approximately 1,400 people across its locations in Berlin, Hamburg, Cologne, Leipzig, Munich, and Mainz. Additional subsidiaries of ]init[ AG include Swiss-based Ironforge Consulting AG, with offices in Bern and Zurich, as well as ]init[.DCP – Digital Communication Portugal, Unipessoal Lda in Porto. For more information, visit www.init.de.

About HBSN Group
Over the past 18 years, HBSN Group has developed into a successful consulting and technology partner in the healthcare market. The group includes HBSN GmbH with its subsidiaries HBSN Certifications GmbH in Germany, and xitee k.s. as well as xitee Beteiligungs s.r.o. in the Czech Republic. The companies support university hospitals and clinics, private and statutory health insurers, medical services, public health authorities, and IT system providers in software development, IT operations, and transformation projects. With 150 employees, the HBSN Group maintains a solid network of partners at its locations in Bad Hersfeld, Braunschweig, Brno, Hamburg, Hornburg, Frankfurt am Main, Leipzig, Lüneburg, Munich, and Prague. For more information, visit www.hbsn-gruppe.de.

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. With offices in Frankfurt am Main, Amsterdam, Brussels, Zug and Milan, funds advised by Rivean Capital manage more than €5bn in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About EMERAM
EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking region. The funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health and Well-Being, as well as Energy Transition. EMERAM acts as a long-term business development partner for its portfolio companies and promotes sustainable growth (both organic and inorganic). In addition, the implementation of comprehensive ESG concepts is a key focus. For more information, visit www.emeram.com.

Contacts

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

]init[ AG für digitale Kommunikation
Sascha Lansmann (Corporate Communications)
sascha.lansmann@init.de
+49 30 97006 759

Categories: News

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]init[ AG expands its healthcare business with the acquisition of HBSN Group

Rivean
  • Acquisition of HBSN Group enables further expansion of ]init[ AG’s customer base within the healthcare market
  • Strategic combination creates a market leader in digitalization for the public and healthcare sector in Germany

Berlin – With the acquisition of the HBSN Group, a specialist in digital transformation within the healthcare sector, ]init[ AG – a portfolio company of Rivean Capital and EMERAM Capital Partners – expands its comprehensive end-to-end digitalization portfolio beyond the public sector into healthcare. The acquisition establishes a leading digital specialist with over 1,500 employees across 18 locations. Both parties have agreed to keep the purchase price confidential.

“Germany faces significant challenges in both administrative digitalization and the transformation of the healthcare sector. Complex digitalization programs require effective and innovative end-to-end expertise, that are developed, implemented, and operated in a holistic and tailored manner. The combination of ]init[ and HBSN creates a unique service offering for comprehensive digital solutions,” said Harald Felling, Chief Executive Officer of ]init[ AG. “Our clients from both sectors will benefit from our combined strengths as well as additional competencies in key innovation fields, such as AI, IT security, data-sovereign cloud platforms, and IT service management. I look forward to the joint efforts in driving the digitalization, modernization, and advancement of public administration and healthcare in Germany.”

With the acquisition of HBSN Group, ]init[ AG expands its healthcare client base by approximately 380 active institutions. These include MD-IT, covering IT operations and support services for all medical services, AOK Saxony-Anhalt, which has a framework agreement for online services; and the Ministry of Social Affairs, Health, and Integration of Baden-Württemberg, which is developing a unified public health application landscape for all state health departments.

“Large-scale healthcare tenders increasingly require end-to-end capabilities. Together with ]init[‘s expertise, we can successfully meet this growing demand,” says Tobias Niemann, Founder of HBSN Group. “As part of ]init[, the competences and network of HBSN expands manifold. I look forward to the collaboration and the diverse synergies that will benefit both parties and our clients.” In light of the structural changes in the healthcare market, the founders and management team of HBSN have taken this strategic step to enhance their market position.

“The acquisition of the HBSN Group is a strategically significant step that strengthens ]init[’s position as one of a leading providers of digitalization services in regulated markets,” says Matthias Wilcken, Senior Partner and Member of the Executive Committee at Rivean Capital. “With the support of Rivean Capital and EMERAM Capital Partners, who bring strategic know-how and capital, we are enabling ]init[ to further accelerate growth and achieve substantial progress in key markets such as the healthcare sector. This strategic combination lays the foundation for even greater capabilities to successfully meet the increasing demands for digital transformation in Germany.”

“The structural change in the healthcare system is well underway. One of the key challenges is the consistent and sustainable digitalization of this sector. With the acquisition of the HBSN Group, ]init[ is expanding its presence in regulated markets and further driving digital transformation in this area,” says Dr. Ruprecht Puchstein, Principal at EMERAM Capital Partners. “It is a central part of ]init[‘s strategy to transfer the existing expertise in the public sector to other regulated industries – a process that has been significantly accelerated by this acquisition.”

About ]init[ AG für digitale Kommunikation
]init[ AG für digitale Kommunikation is a leading expert for digitalization for the public sector and regulated markets. Founded in 1995, the company employs approximately 1,400 people across its locations in Berlin, Hamburg, Cologne, Leipzig, Munich, and Mainz. Additional subsidiaries of ]init[ AG include Swiss-based Ironforge Consulting AG, with offices in Bern and Zurich, as well as ]init[.DCP – Digital Communication Portugal, Unipessoal Lda in Porto. For more information, visit www.init.de.

About HBSN Group
Over the past 18 years, HBSN Group has developed into a successful consulting and technology partner in the healthcare market. The group includes HBSN GmbH with its subsidiaries HBSN Certifications GmbH in Germany, and xitee k.s. as well as xitee Beteiligungs s.r.o. in the Czech Republic. The companies support university hospitals and clinics, private and statutory health insurers, medical services, public health authorities, and IT system providers in software development, IT operations, and transformation projects. With 150 employees, the HBSN Group maintains a solid network of partners at its locations in Bad Hersfeld, Braunschweig, Brno, Hamburg, Hornburg, Frankfurt am Main, Leipzig, Lüneburg, Munich, and Prague. For more information, visit www.hbsn-gruppe.de.

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. With offices in Frankfurt am Main, Amsterdam, Brussels, Zug and Milan, funds advised by Rivean Capital manage more than €5bn in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About EMERAM
EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking region. The funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health and Well-Being, as well as Energy Transition. EMERAM acts as a long-term business development partner for its portfolio companies and promotes sustainable growth (both organic and inorganic). In addition, the implementation of comprehensive ESG concepts is a key focus. For more information, visit www.emeram.com.

Contacts

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

]init[ AG für digitale Kommunikation
Sascha Lansmann (Corporate Communications)
sascha.lansmann@init.de
+49 30 97006 759

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KKR and Henry Schein Announce Strategic Investment

KKR
  • KKR to become 12% common shareholder in Henry Schein
  • Henry Schein and KKR to collaborate on range of value creation opportunities
  • Two KKR representatives with deep sector experience to join the Henry Schein Board as independent directors
  • Separately, Robert J. Hombach, who brings extensive financial and strategic experience in health care, has joined the Henry Schein Board as an independent director
  • Announces preliminary unaudited fourth-quarter 2024 GAAP diluted EPS of $0.74 and non-GAAP diluted EPS of $1.19, and preliminary 2025 financial guidance for full-year non-GAAP EPS of low to mid single digit growth
  • In addition, Henry Schein has increased its share repurchase program authorization by $500 million

MELVILLE, N.Y.–(BUSINESS WIRE)–Henry Schein, Inc. (Nasdaq: HSIC) (“Henry Schein” or the “Company”), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced a strategic investment by funds affiliated with KKR, a leading global investment firm.

“Our Board and management have great respect for KKR, including its partnership-oriented approach and experience in supporting value creation across its investments,” said Stanley Bergman, CEO, Henry Schein.

In addition to KKR’s current holdings, KKR will make an additional $250 million investment in the Company’s common stock (the “Investment”). As a result, KKR will become the largest non-index fund shareholder in the Company with a 12% position, demonstrating the firm’s confidence in Henry Schein, its management team, and its BOLD+1 strategy. KKR will also have the ability to purchase additional shares via open market purchases up to a total equity stake of 14.9% of the outstanding common shares of the Company.

In addition, under the agreement between Henry Schein and KKR, Max Lin and William K. “Dan” Daniel will join Henry Schein’s Board of Directors (the “Board”) as independent directors.

Mr. Lin is a partner at KKR where he leads the Health Care industry team within its Americas Private Equity platform. He will join the Board’s Nominating and Governance Committee as Vice Chair to participate in governance matters, including the ongoing consideration of Board composition and the Board’s ongoing CEO succession planning process. Mr. Lin will also join the Strategic Advisory Committee, which oversees the Company’s strategic planning activities.

Mr. Daniel, an executive advisor to KKR and former Executive Vice President at Danaher Corporation, will join the Board’s Compensation and Strategic Advisory Committees.

Separately, the Board has appointed Robert J. “Bob” Hombach as an independent director. Mr. Hombach, former Executive Vice President, Chief Financial Officer and Chief Operations Officer of Baxalta Inc. and prior to this, Corporate Vice President and Chief Financial Officer of Baxter International Inc., is expected to join the Board’s Strategic Advisory Committee.

These highly experienced executives will add to the Company’s significant and complementary expertise across finance, operations, and in dental and other areas of health care. With these appointments, the Board will temporarily increase to 16 directors before reducing to 14 directors effective immediately following the Company’s 2025 Annual Meeting and expects to further reduce the size of the Board over time.

Together, Henry Schein and KKR will collaborate to pursue additional opportunities to create shareholder value and drive the business in its next phase of growth, with a specific focus on strategic growth, operational excellence, capital allocation, and employee engagement, including exploring broad-based equity ownership.

“Our Board and management have great respect for KKR, including its partnership-oriented approach and experience in supporting value creation across its investments. This is a testament to the hard work of Team Schein to advance our leadership as a solutions-driven innovator for health care professionals,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We regularly engage with our shareholders and welcome their constructive dialogue, advice, and recommendations. We look forward to collaborating with Max, Dan, and Bob in pursuing the opportunities ahead of us and building on Henry Schein’s incredible foundation.”

“We have long admired Stan and the broader Henry Schein organization. KKR is excited to support Henry Schein in its mission of enabling dental and medical practitioners, and believe the Company has tremendous growth potential. We look forward to working with the management team on strategic and operational initiatives to drive value for all of Henry Schein’s stakeholders,” said Mr. Lin.

“Henry Schein is an exceptional company with a well-earned reputation for innovation, quality relationships with customers, and a talented team. I am honored to join the Henry Schein Board and look forward to contributing to creating significant value for all of Henry Schein’s stakeholders in the years ahead,” said Mr. Hombach.

Upon consummation of the transactions, the Company will issue new shares of common stock to funds affiliated with KKR for an investment of $250 million, based on market price. KKR is funding this investment primarily from North America Fund XIII. As part of the agreement, KKR has also agreed to customary voting and other provisions. The consummation of the transactions is subject to customary closing conditions, including the expiration or termination of any waiting period under the Hart-Scott-Rodino Act and foreign regulatory approvals. The full agreement between Henry Schein and KKR will be filed on a Form 8-K with the Securities and Exchange Commission (the “SEC”).

Preliminary, Unaudited Fourth-Quarter and Full-Year 2024 Financial Results

Henry Schein also today reported preliminary, unaudited revenue, Adjusted EBITDA, earnings, and operating cash flow for the fourth quarter and fiscal year ended December 28, 2024:

  • Preliminary revenue in the fourth quarter totaled $3.2 billion, bringing revenue for the full year of 2024 to $12.7 billion.
  • Preliminary GAAP net income for the fourth quarter was $94 million, or $0.74 per diluted share, resulting in preliminary full-year 2024 GAAP net income of $390 million, or $3.05 per diluted share.
  • Preliminary non-GAAP net income for the fourth quarter was $149 million, or $1.19 per diluted share, resulting in preliminary full-year 2024 non-GAAP net income of $605 million, or $4.74 per diluted share.
  • Preliminary Adjusted EBITDA for the fourth quarter was $270 million, resulting in preliminary full-year 2024 Adjusted EBITDA of $1,061 million.
  • Preliminary fourth quarter and full year 2024 operating cash flow was $204 million and $848 million, respectively.

Exhibit A includes the GAAP to non-GAAP reconciliation of preliminary net income and preliminary earnings per share. Exhibit B includes a reconciliation of preliminary GAAP net income to preliminary Adjusted EBITDA.

Preliminary Full-Year 2025 Financial Guidance

Henry Schein also today announced preliminary financial guidance for 2025. Revenues and non-GAAP diluted earnings per share are both expected to grow in the range of low to mid-single digits in 2025 as compared to 2024. Adjusted EBITDA is expected to grow in a mid-single digit range in 2025 as compared to 2024.

Guidance is for current continuing operations as well as announced acquisitions and does not include the impact of restructuring and integration expenses, amortization expense of acquired intangible assets, certain expenses directly associated with the cybersecurity incident or any potential insurance claim recovery, and extraordinary legal and advisory expenses. This guidance also assumes modest improvement in the dental and medical markets during the year, supported by our strategic initiatives and recent investments, a net positive contribution from our restructuring plan offset by investments in technology and new product launches, and that foreign currency exchange rates remain generally consistent with 2024 levels.

The Company is providing preliminary guidance for 2025 diluted EPS on a non-GAAP basis and for preliminary 2025 Adjusted EBITDA, as noted above. The Company is not providing a reconciliation of its preliminary 2025 non-GAAP guidance to its preliminary 2025 diluted EPS prepared on a GAAP basis, or its preliminary 2025 Adjusted EBITDA to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring costs related to an ongoing initiative to drive operating efficiencies, including the corresponding tax effect, which will be included in the Company’s preliminary 2025 diluted EPS and net income prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact, and timing of related costs. Management does not believe these items are representative of the Company’s underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Share Repurchase Authorization

In addition, the Company’s Board of Directors has authorized an increase of $500 million to the Company’s stock repurchase program, with $250 million to be executed through accelerated share repurchases.

Fourth Quarter and Full-Year 2024 Results and Conference Call

The Company intends to release its fourth quarter and full-year 2024 financial results before the stock market opens on Tuesday, February 25, 2025, and will provide a live webcast of its earnings conference call on the same day beginning at 8:00 a.m. Eastern time.

Advisors

Centerview Partners LLC and Evercore Inc. are serving as financial advisors and Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Henry Schein. Kirkland & Ellis LLP is serving as legal advisor to KKR.

About Max Lin

Max Lin leads the Health Care industry team within KKR. He is a member of the Investment Committee and Portfolio Management Committee for Americas Private Equity, the Health Care Strategic Growth Investment Committee, and the Global Conflicts and Compliance Committee. Since joining KKR in 2005, Mr. Lin has overseen a number of investments in the areas of dental services and other health care providers, medical products and equipment, and health care software and information technology. He holds a B.S. and B.A.S., summa cum laude, from the University of Pennsylvania and an M.B.A. from Harvard Business School.

About William K. “Dan” Daniel

Mr. Daniel has over three decades of global leadership experience in Industrial and Healthcare sectors, including 14 years as Executive Vice President at Danaher, where he oversaw multiple segments and played a key role in advancing the company’s culture and business system. He also served as executive sponsor of Danaher’s Diversity & Inclusion Council before retiring in 2020. Mr. Daniel has most recently served as an Executive Advisor to KKR.

About Robert J. Hombach

Mr. Hombach served as Executive Vice President, Chief Financial Officer and Chief Operations Officer of Baxalta Inc., a public biopharmaceutical company, until it was acquired by Shire plc, in June 2016. Baxalta was spun off from its parent, Baxter International Inc. in July 2015, where Mr. Hombach served as Corporate Vice President and Chief Financial Officer. Mr. Hombach currently serves on the board of BioMarin Pharmaceuticals Inc., a public biotechnology company, and Embecta Corporation, a public diabetes company. He has also previously served on the boards of Aptinyx Inc., CarMax, Inc., Naurex, Inc., and Surgical Innovation Associates, Inc. Mr. Hombach holds an M.B.A. from Northwestern University’s J.L. Kellogg Graduate School of Management and a B.S. in Finance cum laude from the University of Colorado.

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With approximately 26,000 Team Schein Members worldwide, the Company’s network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our distribution centers.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 33 countries and territories. The Company’s sales reached $12.3 billion in 2023, and have grown at a compound annual rate of approximately 11.5 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, LinkedIn.com/Company/HenrySchein, and @HenrySchein on X.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information

In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein.

The information set forth in this press release, including statements regarding the expected changes to the Board, the shares to be issued in the Investment, satisfaction of the conditions set forth in the agreement, our preliminary, unaudited financial results for 2024 and our initial 2025 financial guidance constitute or may be deemed to constitute forward-looking statements (including within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995). These expectations and statements are prospective in nature and are subject to risks and uncertainties and are not guarantees of future performance, including statements about the consummation of the expected changes to the Board or the Investment and the anticipated benefits thereof. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Some forward-looking statements discuss the Company’s plans, strategies and intentions and are generally identified by the use of such terms as “will be,” “subject to,” “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in other documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: the possibility that the expected changes to the Board or the Investment are not consummated and that any of the anticipated benefits will not be realized or will not be realized within the expected time period, our dependence on third parties for the manufacture and supply of our products; our ability to develop or acquire and maintain and protect new products (particularly technology products) and technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; changes in the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, ongoing wars, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies, and changes to other economic indicators, international trade agreements, potential trade barriers and terrorism; geopolitical wars; failure to comply with existing and future regulatory requirements; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management, employee hiring and retention, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law.

Included within the press release are non-GAAP financial measures that supplement the Company’s Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedule attached to the press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, and amortization of acquisition-related assets, because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.


Contacts

Investors
Ronald N. South
Senior Vice President and Chief Financial Officer
ronald.south@henryschein.com
(631) 843-5500

Graham Stanley
Vice President, Investor Relations and Strategic Financial Project Officer
graham.stanley@henryschein.com
(631) 843-5500

Media
Henry Schein
Gerard Meuchner
Vice President, Chief Global Communications Officer
gerard.meuchner@henryschein.com
(631) 390-8227

KKR
Liidia Liuksila
media@KKR.com

 

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EQT Life Sciences leads USD 97 million Series B in Atalanta Therapeutics, a biotech firm developing treatments for epilepsy and Huntington’s disease

  • Atalanta Therapeutics is pioneering RNA interference (RNAi) for the treatment of neurological diseases, having developed a proprietary platform that, for the first time enables RNAi to be deployed as a therapeutic approach throughout the brain and spinal cord

  • The USD 97 million Series B financing will support Phase 1 clinical trials of the company’s investigational RNAi therapies for KCNT1-related epilepsy and Huntington’s disease

  • EQT Life Sciences is leading the round investing from its LSP Dementia Fund, which is co-led by Sanofi Ventures with further participation from RiverVest Venture Partners, abrdn, Inc., Mirae Asset Financial Group and F-Prime Capital

EQT is pleased to announce that EQT Life Sciences has led a USD 97 million Series B funding round in Atalanta Therapeutics (“Atalanta” or “the Company”). Atalanta, a biotechnology company based in Boston, USA, is at the forefront of using RNA interference (RNAi) to treat neurological diseases.

RNA is a molecule that carries genetic instructions from DNA, guiding cells in protein production and serving as a blueprint for cellular processes. RNAi is a method of altering these instructions, allowing the targeting of diseases at the molecular level by potentially silencing harmful genes. Atalanta has developed a proprietary RNAi platform called di-siRNA, which, for the first time, enables RNAi to be deployed as a therapeutic approach throughout the brain and spinal cord. With this new funding, Atalanta aims to advance its investigational RNAi therapies for KCNT1-related epilepsy and Huntington’s disease to Phase 1 clinical trials.

Alicia Secor, M.B.A., Atalanta’s President and Chief Executive Officer, said: “We’re excited by the support we’ve received from this strong group of investors, led by EQT Life Sciences. This Series B will support a path to the clinic for two programs for serious neurological diseases that today lack disease-modifying therapies: KCNT1-related epilepsy and Huntington’s disease. We’re diligently progressing these medicines toward IND submissions next year so that we can start our Phase 1 trials and reach patients who are waiting.”

“Atalanta’s di-siRNA technology has shown promising ability to durably and evenly silence disease-promoting genes throughout previously inaccessible regions of the brain and spinal cord — opening a wide range of treatment possibilities for devastating neurological diseases,” said Arno de Wilde, M.D., Ph.D., M.B.A., Managing Director at EQT Life Sciences. “EQT is proud to lead this investment in Atalanta’s future as part of such a high-quality investor syndicate, and we look forward to partnering with Alicia and Atalanta’s leadership to support their continued success.”

Alongside EQT Life Sciences, the financing was co-led by Sanofi Ventures, with participation from other new investors RiverVest Venture Partners, abrdn, Inc., Mirae Asset Financial Group and existing investor F-Prime Capital. The Series B financing brings Atalanta’s total capital generated to date from financings and partnerships with Genentech and Biogen to USD 240 million.

Contact
EQT Press Office, press@eqtpartners.com

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The LSP Dementia Fund (USD 297 million) started in 2020 and has a dedicated team of neurologists and neuroscientists focused on investing in therapeutics targeting neurodegenerative diseases.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/

About Atalanta Therapeutics
Atalanta Therapeutics is a biotechnology company pioneering new treatment options for neurological diseases by utilizing its proprietary RNA interference platform, di-siRNA, which for the first time enables RNA interference to be deployed as a therapeutic approach throughout the brain and spinal cord. The company is advancing a deep pipeline of wholly-owned programs, with IND submissions planned in 2025 for programs in KCNT1-related epilepsy and Huntington’s disease, in addition to ongoing strategic collaborations with Biogen and Genentech. Atalanta is headquartered in Boston, Mass. For more information, visit www.atalantatx.com and follow us on Twitter and LinkedIn.

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