TOKYO & SAITAMA, Japan–(BUSINESS WIRE)– KKR, a leading global investment firm, and Bushu Pharmaceuticals Ltd. (“Bushu Pharma” or the “Company”) today announced the signing of definitive agreements under which KKR will acquire all shares in Bushu Pharma from BPEA EQT. Following the transaction’s completion, KKR aims to accelerate Bushu Pharma’s growth and further position the Company as a leading contract development and manufacturing organization (“CDMO”) for the pharmaceuticals market in Japan and worldwide.

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Founded in 1998, Bushu Pharma is a leading pure-play pharmaceutical CDMO based in Japan, which is the third-largest pharmaceutical market in the world. The Company is committed to producing, processing and delivering high-quality healthcare products to patients spanning categories including pharmaceuticals – such as oral solid dosages and injectables – and clinical trial materials. The Company additionally applies advanced quality control processes and supply chain management support for the inspection, packaging and distribution of pharmaceutical products. Bushu Pharma has Good Manufacturing Practice (“GMP”) certifications globally, and manufacture products for worldwide end-markets, with a particular focus on Japan and Asian countries, such as China.

Following the transaction’s close, KKR plans to work alongside Bushu Pharma’s management team to expand into new and growing segments, such as injectables, invest in further capacity expansion and quality control, and explore organic and inorganic opportunities for growth to deliver more healthcare solutions to patients.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and Chief Executive Officer of KKR Japan, said, “We are proud to invest in the growth and success of Bushu Pharma, a premier manufacturer for pharmaceutical businesses. We see significant demand for strategic and reliable solutions to address a range of challenges facing the global healthcare industry. By leveraging KKR’s deep experience in healthcare, tech, and supply chain solutions, we aim to help Bushu Pharma to further scale its best-in-class business and to drive growth and technical innovation that will ultimately benefit patients in Japan and around the world.”

Tadao Takano, Chief Operating Officer and President of Bushu Pharma, said, “Bushu Pharma is pleased to welcome KKR as a new shareholder able to advance our company’s mission to deliver high-quality pharmaceutical products and solutions to patients in Japan and around the world. KKR brings to Bushu Pharma its deep knowledge of the pharmaceutical industry, its experience supporting global businesses in the sector, and its extensive investment experience in Japan. We look forward to working with the KKR team to pursue further growth opportunities, and thank BPEA EQT for their partnership with us these recent years.”

KKR is making its investment from one of KKR’s Asia-focused investment funds. The transaction is expected to be completed in Q1 2023, subject to customary approvals and closing conditions. Further details of the investment have not been disclosed.

About Bushu Pharmaceuticals Ltd.

Bushu Pharma was established in August 1998 as an independent pharmaceutical contract manufacturer. Bushu Pharma carries out pharmaceutical drug product contract manufacturing and packaging of clinical trials and commercial products in accordance with the latest GMP standards. Through the utilization of know-how and the latest industry information, Bushu Pharma prides itself in being able to offer added-value solutions to customers. For more information, visit www.bushu-pharma.com/en/.

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 and on Twitter @KKR_Co.

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Media

For Bushu Pharmaceuticals
Corporate Planning
+81 49 233 4651

For KKR:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com
or
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Sam Brustad, +81 703853 3284
Deborah Hayden, +81 702492 0463
KKR-TYO@fgsglobal.com

Source: KKR

The consortium comprises GIC and IK Partners (“IK”), entering the equity, as well as Keensight Capital (“Keensight”) and Parquest, reinforcing their existing positions. It will become the new shareholder of Unither Pharmaceuticals (“Unither” or “The Company”) alongside the management team.

Spun out of Sanofi in 1993, Unither is a leading European pharmaceutical contract development and manufacturing organisation (“CDMO”) producing complex sterile liquid formulations for medical use and is currently the global market leader in the Blow-Fill-Seal (“BFS”) technology, a sterile single-unit dosage format.

Headquartered in Amiens, France, Unither employs more than 1,600 people across seven manufacturing facilities in France, the US, Brazil, and China, as well as an additional R&D centre in Bordeaux, France. Its products are sold in over 100 countries demonstrating a well-established global footprint. The Company benefits from a long-standing and loyal customer base made up of medium to large pharmaceutical companies, biotechnology, generics and over-the-counter (“OTC”) players and is recognised for its technical expertise and industrial performance. It has a strong track record of organic growth and with the support of Ardian, Unither has enlarged its footprint to China to serve a growing global demand for its high-quality BFS products.

Together, GIC, IK, Keensight and Parquest will leverage the strong local footprint of their respective international platforms to support Unither’s future growth by: continuing to support new and existing customers in launching new products; further penetrating the US market; taking advantage of the significant growth expected in China; and expanding into BFS adjacencies such as vaccines and multi-dose preservative free dosage forms. The management team is significantly reinvesting its proceeds and the Company will continue to operate under Eric Goupil’s leadership as he transitions to the newly created role of Executive Chairman.

Financial details of the transaction are not being disclosed.

Eric Goupil, Executive Chairman at Unither Pharmaceuticals, said: “With Ardian’s support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers’ strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint.”

Philippe Poletti, CEO at Ardian France, Member of the Executive Committee and Head of Buyout Activity, said: “We are very pleased to have been part of Unither’s growth for the past five years. Our strong relationship with Eric Goupil allowed us to help the group develop and consolidate its position as a global leader. We would like to thank the whole Unither team and wish them a successful future alongside GIC, IK, Keensight and Parquest.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said: “We are excited to invest in Unither alongside Eric Goupil, IK and existing shareholders Keensight and Parquest. Unither is a clear market leader in the BFS business space with its innovative and diversified product portfolio, a steady customer base and highly resilient revenue model. We are confident in Unither’s long-term growth potential as the global CDMO market continues to benefit from an increase in pharma drug production and outsourcing trends. We look forward to partnering with the Company’s outstanding management team and our consortium to take Unither to its next phase of growth.”

Magdalena Svensson, Partner at IK and Advisor to the IK Partnership Fund II, said: “Under the leadership of Eric Goupil and with Ardian’s backing, Unither has established itself as a global market leader in sterile liquid formulations and the BFS segment. Having stolen a march on the rest of the sector, Unither holds a unique position which, thanks to the high barriers to entry and strong underlying markets, warrant high growth expectations. We look forward to actively contributing to the strengthening of Unither’s global industrial footprint and operations, with the support of our in-house platform teams. Together with management, GIC, Keensight and Parquest, we plan to pursue existing growth strategies and explore new avenues in the BFS field as well as in adjacent technologies.”

Pierre Remy, Managing Partner at Keensight, said: “We are extremely pleased to continue our strong partnership with Unither and its very talented management team, in an exciting new phase of the Company’s development. During our tenure as shareholder, the Company strengthened its leadership position globally and undertook a significant operational expansion in China and Brazil via two major acquisitions. By reinvesting in Unither, we remain committed to supporting the management team in helping them execute on their continued growth strategy, both organically in the rapidly expanding BFS market and through selective strategic acquisitions. We are very happy to continue the journey with Parquest and to be joined by GIC and IK.”

Denis Le Chevallier, Managing Partner at Parquest, said: “We are delighted to have supported a new stage of development alongside Eric Goupil and his teams. Since our first investment in 2006, Unither has enjoyed uninterrupted growth and is now the undisputed leader in BFS. We are convinced that this new chapter to be written alongside GIC, IK and Keensight will enable the group to continue and accelerate its development, particularly internationally.”

Completion of the transaction is subject to relevant legal and regulatory approvals.

PR Contacts

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar @ikpartners.com

Ardian
Headland
Ardian@headlandconsultancy.com

GIC
Samantha Chiene
Phone: +44 (0) 207 725 3557
samanthachiene@gic.com.sg

Mah Lay Choon
Phone: +65 6889 6841
mahlaychoon@gic.com.sg

Keensight Capital
Tim Lee
Phone: +44 (0) 7785 345 250
tlee@keensightcapital.com

Nordstjernan has signed an agreement to acquire the Finnish in-vitro diagnostics company Aidian from funds that are managed by the Nordic private equity firm Axcel. Aidian is a leading global player in the growing market for point-of-care diagnostics. The company develops, manufactures and sells instruments and tests that are used in such fields as primary care to provide quick and accurate test results. Aidian’s offering of tests addresses several global health problems such as antimicrobial resistance (AMR), diabetes and colorectal cancer. Aidian has tests that are intended to reduce unnecessary prescriptions of antibiotics, which is a driver behind the growing threat from AMR and antibiotic-resistant bacteria.

Aidian was established in 1974 as a subsidiary of Orion, a Finnish pharmaceuticals company. In addition to its headquarters in Espoo, Finland, Aidian has a local presence in another twelve countries and a global presence via distributors in over 60 export markets. The company has over 250 employees and reported sales of approximately EUR 100 million in 2021.

“We are very pleased to have been able to make this investment. Aidian has a strong product offering as well as a leading position in the global market for point-of-care diagnostics, and the company’s instruments and tests help to address several global health challenges. We are impressed by the work that Axcel has done to establish Aidian as a leading player in the field of point-of-care diagnostics and we look forward to continuing to develop Aidian and supporting the company and its management over the long-term in its important efforts concerning many central health issues,” says Nordstjernan’s CEO Peter Hofvenstam.

“We now very much look forward to joining Nordstjernan, an organization well known for its professional and long-term development of businesses within healthcare and other industries,” says Aidian’s CEO Juho Himberg.

Nordstjernan has worked for some time to expand its investment focus in the healthcare sector, which after the acquisition of Aidian will consist of five holdings that represent over 25 per cent of Nordstjernan’s net asset value.

Completion of the transaction is expected in Q1 2022.

The parties have agreed not to disclose the conditions of the transaction.

Peter Hofvenstam
President and CEO
Nordstjernan AB

Questions will be answered by:

Peter Hofvenstam, CEO, Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se

Stefan Stern, Head of Communications, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

Aidian is a Finnish company in the field of in-vitro diagnostics. Aidian is headquartered in Espoo, Finland, and has global sales via a local presence and distributors. More information on Aidian can be found at www.aidian.eu.

Tokyo, Japan, December 17, 2021 – CJP SP Holding, L.P., an investment fund operated and managed by global investment firm Carlyle (NASDAQ: CG), signed an agreement to sell 100% of its investment in Sunsho Pharmaceutical Co., Ltd (“Sunsho Pharmaceutical”), a contract manufacturing company of health & nutrition (“H&N”) and pharmaceutical products, to Towa Pharmaceutical Co., Ltd. (“Towa Pharmaceutical”), a company specializing in research and development, production, and marketing of generic drugs. The transaction is expected to be completed in February of 2022.

Headquartered in Shizuoka, Sunsho Pharmaceutical is one of the largest contract manufacturers in Japan for soft capsules, seamless capsules, and other dosage forms for H&N and pharmaceutical use. The company focuses on producing absolute quality products and applies state-of-the-art contract manufacturing technology to create cutting-edge formulations and capsules.

CJP SP Holding, L.P. acquired a 100% stake in Sunsho Pharmaceutical in August of 2014 through Carlyle’s third Japan buyout fund, Carlyle Japan Partners III, having recognized the company’s strong growth potential as a contract manufacturer in a steadily growing H&N market in Japan. Carlyle also saw the potential for value creation with Sunsho Pharmaceutical and within the H&N market in Japan by leveraging its local team knowledge, global platform strengths and deep experience in the healthcare and consumer sectors.

Through Carlyle’s ownership, Sunsho Pharmaceutical strengthened its management structure and governance, initiated the launch of a new factory and research and development facility to enhance production capabilities, diversified its business portfolio to cater to new customers, and significantly increased its global revenues by bolstering and expanding its overseas business. Carlyle also worked closely with Sunsho Pharmaceutical’s management team to help drive innovation and co-create new value-add products and solutions with customers.

Carlyle will transition full ownership to Towa Pharmaceutical to support Sunsho Pharmaceutical’s next phase of growth.

Carlyle has made 31 investments in Japan since entering into the market in 2000 and this will be the 20th exit to date. Carlyle has a well-established history of investing in the healthcare sector, both in Japan and globally, investing more than US $14.7 billion of equity in over 80 deals in the global healthcare sector as of September 30, 2021. Healthcare investments in Japan include Qualicaps Co., Ltd., and Solasto Corporation.

***

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, 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 1,800 people in 26 offices across five continents.

Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Sunsho Pharmaceutical

Sunsho Pharmaceutical is a company that plans, develops, and conducts contract manufacturing of H&N and pharmaceutical products, being a leading player of the H&N market in Japan. Sunsho Pharmaceutical has full-line factories in Shizuoka and offers contract manufacturing and packaging of soft capsules, seamless capsules, and other dosage forms. In addition to its manufacturing capability and technology, Sunsho Pharmaceutical has top-class ability in R&D technology, sales force and quality control system. The company has various certificates including cGMP, GMP, and HACCP. The company was founded in 1993 and currently employs 690 individuals.

For more information, visit the company website at: https://www.sunsho.co.jp/en/

Media Contacts:

Carlyle
Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com

Kekst CNC
Jochen Legewie / Minako Otani
+81 3 5156 0185 / +81 3 5156 0190
carlyle@kekstcnc.com