On track for commercial-scale production of actinium-225, which is crucial to a new class of targeted treatments for cancer

Largest Series A in life sciences sector in Belgium to date; led by EQT Life Sciences

Total of EUR 134 million raised including funding secured through EUR 7.2 million equity from IBA and SFPIM, and EUR 33.8 million debt financing

EQT Life Sciences is pleased to announce that it has led a EUR 93 million oversubscribed Series A fundraise in PanTera, the Belgian radioisotope producer. With additional equity and debt funding, the total amount raised is EUR 134 million. The round was also joined by Kurma Partners, Eurazeo, Korys, Paladin and PMV. Alongside this, IBA, the world leader in particle accelerator technology, and SFPIM, a Belgian sovereign fund, will convert into equity EUR 7.2 million convertible loans.

PanTera was founded in 2022 with the primary goal of enabling large-scale production of actinium-225 (225Ac), which is crucial to enable a new class of targeted cancer treatments known as Targeted Alpha Therapy. The funds raised will be used primarily to support the construction of a state-of-the-art production facility in Belgium.

Targeted Alpha Therapy is a promising new cancer treatment approach that enables safe and effective delivery of radiation to the cancer cells by radioisotopes that emit highly energetic alpha particles. The radiation effect of the alpha particle is more localized compared to other approaches and as such can destroy the cancer cells to which it is attached without harming surrounding healthy tissue. The most promising alpha emitter for this approach is 225Ac. As a result, demand for 225Ac is increasing rapidly as drug-development companies look to scale-up clinical trials across a range of different cancers and seek regulatory approvals. However, dependable, scalable and sustainable methods for producing 225Ac are complex and require advanced nuclear infrastructure, which has resulted in a global shortage of the isotope.

PanTera is working to solve this global shortage. The Company’s unique, patented photo-nuclear “gamma” production process transforms Radium-226 (226Ra) into Radium-225 (225Ra), which in turn decays into 225Ac. This process provides a reliable, safe and high-quality supply of 225Ac, not only for clinical trials but also for future commercial radiopharmaceutical therapies, the first of which are due to be on the market in 2028-2029. PanTera’s process and infrastructure is designed to enable the annual production of more than 100 Curies (Ci) of clinical grade 225Ac by 2029, allowing treatment of more than 100,000 patients per year. The combination of SCK CEN’s unmatched large stock of pure 226Ra and IBA’s Rhodotron® electron accelerator, positions PanTera to become a highly successful and reliable producer of this key medical radioisotope.

In parallel to its effort to develop commercial-scale production of 225Ac, PanTera is already providing early 225Ac supply through an alternative production method. Working in collaboration with TerraPower Isotopes, PanTera is on track to provide 1.5-2 Ci of 225Ac annually from early 2025. With today’s current global supply estimated at 3 Ci annually, this will be a significant contribution to drug development. PanTera has signed supply agreements with several pharmaceutical companies, including Bayer, and expects to have secured agreements for more than 80% of its capacity before starting production.

Sven Van den Berghe, CEO of PanTera, said: “PanTera is looking to radically improve supply in the short and long term, in order to ensure that this potentially life-saving, highly innovative modality can reach patients. The size of this raise is testament to our strategy, our unique assets and our capabilities. We are working alongside very experienced partners with a combined expertise and a network that goes well beyond 225Ac production and encompasses all aspects of the radiopharmaceutical revolution. With this funding, we are now en route to realise our vision of providing a “Better Fight for Life” to cancer patients worldwide by becoming a dependable global 225Ac supplier.”

Martijn Kleijwegt, Partner at EQT Life Sciences, commented: “It is clear to us that PanTera has the expertise, assets and strategy in place to address the critical actinium-225 supply shortage faced by the pharmaceutical industry today, as well as the significant increase in demand expected in the future. EQT is one of the world’s largest healthcare investors and we are committed to supporting pioneering ventures, like PanTera, to reach their fullest potential. We are excited to partner with the PanTera team, alongside IBA, SCK CEN and our fellow investors, on the next phase of PanTera’s development.”

Contact
EQT Press Office, press@eqtpartners.com

bout

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About PanTera
PanTera, an IBA and SCK CEN joint-venture, aims to secure the large-scale production of actinium-225 (225Ac), one of the most promising alpha-emitting radioisotopes to fight cancers. By working towards this large-scale production, PanTera’s ultimate goal is to improve the accessibility of future innovative cancer therapy based on 225Ac and theranostics in general.

More information can be found at: www.pantera-life.com

About IBA
IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the field of proton therapy, considered to be the most advanced form of radiation therapy available today. IBA is also a leading player in the fields of industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,000 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).

More information can be found at: www.iba-worldwide.com

About SCK CEN
70 years of experience in nuclear research and technology

SCK CEN is one of the largest research institutions in Belgium. Every day, more than 900 employees dedicate themselves to developing peaceful applications of radioactivity. SCK CEN’s research activities focus on three main areas: innovative nuclear systems, nuclear waste management and dismantling, and the resolute fight against cancer. World-renowned, SCK CEN shares its knowledge through countless publications and training courses, so that this pool of exceptional competence can be maintained.

More information can be found at: www.sckcen.be

IonOpticks responds to growing global market needs for proteomics tools by partnering with Nordic based private equity firm Adelis. The fast-growing proteomics tools company brings onboard Adelis as new controlling shareholder, with founders and management as co-investors. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

Adelis Equity Partners (“Adelis”), announces its first platform investment outside of the Nordics with its majority investment into IonOpticks, a leading global producer of high-performance chromatography columns. IonOpticks’ solutions are today used by the leading academic, biotech and pharma proteomics research labs around the globe. The company, which has been profitable since inception, is continuing to grow at roughly 50% per year and is expected to exceed 10m EUR of sales this financial year. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

The partnership between founders, management and Adelis will enable IonOpticks to scale its operations globally and further enhance product development. Being closer to its key customers and collaborators while also ensuring compatibility across major LC-MS platforms is a key priority, allowing researchers worldwide to benefit from IonOpticks’ leading chromatography solutions. Adelis’ extensive experience, industrial advisor network and resources will support IonOpticks in maintaining its leadership position as the provider of the best solutions for LC-MS proteomics research.

IonOpticks also strengthens its board with the appointment of several industry heavyweights, including Dr. Peter Wrighton-Smith as Chairman. With an established career in scaling life sciences companies, Peter is well-positioned to guide IonOpticks through its next phase of growth. Joining Xavier Perronnet and Dr. Jarrod Sandow, the board also welcomes industry leaders Mårten Winge, Sibel Arnes, and Rasmus Molander.

“I’m excited to join IonOpticks to help support the expansion of its commercialisation efforts globally and to help the company with its ambitious program of new product introductions into current and new markets.” Peter Wrighton-Smith, newly appointed Chairman of IonOpticks, explains.

“We chose to partner with Adelis because they share our vision for IonOpticks’ goals and are a strong cultural fit. Their genuine desire to work with us and guide the company to realise its goals, together with their experience, networks, and resources, made them the ideal partner. This partnership allows us to continue developing the best chromatography solutions for researchers worldwide and pursue further innovations tailored to the industry’s evolving needs,” says Xavier Perronnet, Chief Executive Officer of IonOpticks.

“Ultimately, it’s about human health, and we believe that maximising what is discoverable in biological samples is a vital early step in developing therapies and improving patient outcomes. That’s what IonOpticks does,” Perronnet continues.

Sibel Arnes and Rasmus Molander at Adelis note, “Europe and indeed the Nordics has a long legacy in proteomics and pioneering human health research. When we met the team, we immediately recognised IonOpticks’ unique solutions and global potential. Their commitment to working with key opinion leaders in the field and delivering best-in-class solutions is impressive, and the results from the accelerating research in proteomics is promising. IonOpticks aligns perfectly with Adelis’ strategy of supporting unique and growing companies in healthcare and life sciences. It is a privilege to partner with a company that can meaningfully contribute to addressing many of our currently unresolved health conditions, and we look forward to collaborating with the IonOpticks team in the coming years.”

For further information:

Michael Sinden, CBO, IonOpticks

E-mail: michael@ionopticks.com

Sibel Karina Arnes, Adelis Equity Partners

E-mail: sibel.arnes@adelisequity.com

About IonOpticks

IonOpticks produces high-performance chromatography solutions for the global research community enhancing mass spectrometry (LC-MS) and high-end proteomics research. Their solutions enhance the sensitivity of mass spectrometry sample analysis, enabling scientists and clinicians to discover more from their samples. These advancements are valuable for a broad range of applications within the field of biological and medical research including drug discovery, phosphoproteomics and shotgun proteomics. https://ionopticks.com/

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies primarily in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 42 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

GeBBS Healthcare Solutions (“GeBBS” or the “Company”) specializes in revenue cycle management, health information management (HIM), and medical billing services

It offers a range of services designed to help US-based healthcare providers, including hospitals, health systems, and physician practices, improve their financial performance by optimizing revenue cycle processes and ensuring accurate coding and billing practices

Drawing on its extensive experience of supporting global healthcare technology providers and proven value creation playbook in Tech Services, EQT will support GeBBS’ management team in the next phase of their growth strategy, including through expansion into new customer segments, strengthening in-house technology capabilities, and driving further M&A

ImCheck secures substantial non-dilutive funding to accelerate the progress of two breakthrough programs in cancer and infectious diseases, in support of France’s 2030 ambitious vision to deliver 20 innovative biomedicines by the end of the decade.

Marseille, France, August 29, 2024, 11 am CET – ImCheck Therapeutics announced today that it has received EUR 20.18 million in non-dilutive funding as part of the “i-Démo” call for projects under the France 2030 Plan operated by Bpifrance on behalf of the French government.

The funding will support the development of the company’s most advanced drug candidate, ICT01, a pathogen-agnostic γ9δ2 T cell-activating monoclonal antibody, currently in a Phase I/IIa clinical trial program in various solid cancer and hematologic malignancy indications.  The funding also supports ImCheck’s ICT41 infectious disease candidate, which is moving toward clinical development.

“We are honored to be supported by the France 2030 innovation plan. It is a tribute to theprogress we have achieved in the clinic and the overall potential of our novel immunotherapeutic programs. Our approach is both unique and polyvalent, enabling us to address solid tumors, hematologic malignancies and infectious diseases. This recognition from the French government and Bpifrance represents their confidence in our first-in-class therapies, which have the potential to significantly improve patients’ lives,” commented Pierre d’Epenoux, Chief Executive Officer of ImCheck Therapeutics. “We look forward to providing updates from the ICT01 clinical development program as well as other corporate advances later this year.”

Strategic Partnership with Existing Investor Sunstone Partners to Accelerate Knowtion’s Leadership in Revenue Cycle Management

New York, NY – Arsenal Capital Partners (“Arsenal”), a leading private equity firm specializing in building market-leading, technology-rich healthcare and industrial growth companies, today announced it has signed a definitive agreement to acquire Knowtion Health (“Knowtion”), a leading provider of revenue cycle insurance claim resolution services supported by AI-enabled technologies. Sunstone Partners (“Sunstone”), the current majority owner, will maintain a significant strategic co-investment in the company. The terms of the transaction were not disclosed.

Knowtion Health has been at the forefront of delivering specialty revenue cycle services to help hospitals and health systems resolve insurance claims, recover low balance accounts, increase their revenue and optimize patient experience. Service areas include coordination of benefits and patient-involvement denials; clinical denials; low-balance recovery; complex claims, such as motor vehicle accidents, Veterans Administration, third party liability, and workers compensation; and payer defense audits. Knowtion leverages its innovative ClaimBRAIN AI-enabled platform to combine human expertise alongside AI-enabled technology to resolve insurance claims at higher levels of effectiveness and efficiency. This approach leverages multiple AI techniques, including machine learning, natural language processing, and generative AI with dynamic prompting to transform data into actionable insights and address denials at scale.

Arsenal’s acquisition of Knowtion underscores the firm’s commitment to investing in companies that harness specialized expertise, advanced technology, and data-driven solutions to address critical inefficiencies in the healthcare system. Knowtion is distinctively positioned to optimize hospital and health systems’ insurance claim resolution and recoveries, supported by its robust scale, comprehensive solution offerings, deep domain knowledge, and cutting-edge technology and analytics.

“We are thrilled to partner with Arsenal, whose resources and healthcare and operational expertise will significantly enhance our ability to best serve our clients,” said Jayson Yardley, CEO of Knowtion. “This partnership aligns with our shared vision and commitment to expanding our offerings through both organic growth and strategic acquisitions, further cementing our leadership in denials management.”

John DiGiovanni, an Investment Partner of Arsenal, added, “Arsenal is dedicated to partnering with organizations that not only improve healthcare efficiency but also contribute to systemic improvements in health outcomes. Knowtion has a well-established track record of optimizing hospital and health system revenue cycles, and we are eager to work alongside management and Sunstone Partners to support Knowtion’s continued growth.”

Martin Coulter, an Operating Partner of Arsenal, said, “Knowtion provides essential services to support hospitals and health systems as they face increasing margin pressure. We are excited to support the talented team at Knowtion and its mission to reduce the burden of denials and underpayments on the healthcare system.”

Arneek Multani, Managing Partner and Co-Founder of Sunstone Partners, added, “Since our initial investment, Knowtion has established itself as a leader in specialized revenue cycle management solutions that drive revenue optimization to hospitals. We are proud of the work the entire management team has done to reach this important milestone. As we look to the future and next phase of growth, we are excited to continue to partner with management and the team at Arsenal.”

William Blair acted as the exclusive financial advisor and Choate Hall & Steward LLP served as legal advisor to Sunstone and Knowtion for this transaction.

Robert W. Baird and Raymond James acted as exclusive financial advisors and Sidley Austin LLP served as legal advisor to Arsenal Capital Partners.

About Knowtion Health:

Knowtion Health is a leading provider of technology-enabled revenue cycle management services. The company leverages AI-driven technology and deep domain expertise to reduce denials and underpayments across all denial types, low balance accounts, and complex claims, while also enhancing patient experience and satisfaction. Recognized as an Inc. 5000 fastest-growing company, Knowtion Health is a multi-year recipient of the Black Book award, which honors top partners as ranked by provider clients. For more information, visit knowtionhealth.com.

About Sunstone Partners

Sunstone Partners is a growth-oriented equity firm that invests in technology-enabled services and software companies. The firm seeks to partner with exceptional management teams, often as their first institutional capital partner, to help accelerate organic growth and fund acquisitions. Founded in 2015, the firm has $1.7 billion committed capital to its three funds. Sunstone Partners has been recognized as one of Inc. Magazine’s “Founder-Friendly Investors” list in 2020, 2021, 2022 and 2023. For more information, visit www.sunstonepartners.com