Altaris Acquires Trean Insurance Group

New York, NY – Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of Trean Insurance Group, Inc. (“Trean” or the “Company”) in a take-private transaction. The transaction was announced on December 16, 2022, and received approval from stockholders on April 18, 2023. As a result, Trean’s common stock ceased trading and will no longer be listed on Nasdaq.

Headquartered in Minnesota, Trean is a leading provider of products and services to the specialty and workers’ compensation insurance market. Altaris initially invested in Trean in 2015 and has partnered with Trean’s founder and management team to significantly scale the business over Altaris’ investment period. “Altaris’ healthcare expertise and support have been critical in helping to drive our Company’s transformation to become a leading national provider of workers’ compensation and other specialty insurance services. We are thrilled to begin the next chapter of Trean’s successful partnership with Altaris, which will continue to enhance our longtime focus on strong partnerships, underwriting discipline and exceptional claims management to generate long-term growth,” said Julie Baron, President and Chief Executive Officer of Trean.

Trean will maintain its headquarters in Wayzata, Minnesota. Ms. Baron will remain President and Chief Executive Officer following the transaction, and Andrew O’Brien, the founder of Trean and Executive Chairman of the Board, will remain Executive Chairman of the Board as well as an investor in the Company.

Advisors

Houlihan Lokey served as independent financial advisor to the Special Committee of the Board of Directors of Trean, and Morris, Nichols, Arsht & Tunnell LLP served as independent legal advisor to the Special Committee. Bass Berry & Sims PLC served as legal advisor to Trean. Kirkland & Ellis LLP served as legal advisor to Altaris.

About Altaris

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 50 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

About Trean

Trean provides products and services to the specialty insurance market. Trean underwrites workers’ compensation and specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. For more information, please visit www.trean.com.

Newly merged manufacturers Meridian, Kindeva invest $100M in Missouri site

Five months after merging, manufacturers Kindeva Drug Delivery and Meridian Medical Technologies are expanding their capabilities in Missouri.

In a $100 million investment over four years, Meridian plans to convert its newly purchased building in Bridgeton to increase production of drug-device combination products with added fill-finish capability, the companies said.

Since adding 300 jobs since the start of 2022, Meridian now employs more than 900 people in the St. Louis area, the companies said. Financial incentives from state and local municipalities are helping this investment, which was announced in a press release that included quotes from seven different government officials.

“Meridian brings a strong history of specific expertise to support critical manufacturing capabilities for complex products—addressing a manufacturing shortage we have seen increase over the last several years,” Milton Boyer, Meridian’s CEO who now heads up both companies, said in the release.

In its 60-plus years, Meridian has specialized in the production of emergency autoinjectors. Kindeva adds a broader range of drug delivery capabilities, which will be enhanced by this investment, the companies said.

Meridian was a Pfizer subsidiary when it was purchased in 2021 by healthcare investment firm Altaris Capital Partners. Kindeva, formerly known as 3M Drug Delivery Systems, was bought by Altaris for $650 million in 2020. Meridian and Kindeva announced their merger in November and it became complete four weeks later.

Over the past several years, Meridian has been embroiled in EpiPen controversies related to manufacturing and pricing of the popular epinephrine injector. In one such controversy, the FDA said Meridian continued to produce pens despite mounting evidence that many were failing during life and death emergencies.

In 2021, Pfizer and Meridian, plus fellow subsidiary King Pharmaceuticals, agreed to pay $345 million under a proposed settlement to resolve lawsuits over alleged anticompetitive conduct on the popular product.

TSA awards up to $1.3 billion to procure additional CT X-ray scanners for airport checkpoints

WASHINGTON, April 12, 2023 /PRNewswire/ — The Transportation Security Administration (TSA) announced the award of three orders for a combined total value of up to $1.3 billion for Computed Tomography (CT) scanners to include up to 426 base, 359 mid-size, and 429 full-size units, if all options are exercised, for deployment across TSA checkpoints starting Summer 2023.

Analogic Corporation will provide base-size units. IDSS Holdings will provide mid-size units. Smiths Detection Incorporated will provide full-size CT X-ray systems.

“These CT units represent sophisticated technology that helps our professional, dedicated and highly skilled workforce detect new and evolving threats to improve aviation security,” said TSA Administrator David Pekoske. “Deploying these units across our security checkpoints as expeditiously as possible will also improve checkpoint efficiency and the passenger experience.”

CT scanners apply sophisticated algorithms and create 3-D rotatable images to help operators detect explosives and prohibited items. TSA officers can then view and rotate the image on three axes to analyze and identify any threat items that may be in a passenger’s carry-on baggage. Similar to what is used to scan checked baggage, this equipment is sized to fit the checkpoint environment.

In August 2021, TSA announced the award of $198 million for the procurement of mid-size CT x-ray systems. In March 2022, TSA announced two awards for a combined total value of up to $781.2 million for the procurement of base and full-size CT x-ray systems for airport checkpoints. In 2019, TSA announced its initial purchase of 300 CT checkpoint systems for airports across the U.S. through the AT/CT program. There are approximately 634 CT units currently installed, and installations continue at TSA checkpoints across the country.

TSA continues to partner with industry, airlines, and airports to raise the bar for technology standards and provide better security faster. TSA considered nine proposals following the solicitation for these awards.

For more information, visit TSA’s Computed Tomography page.

The Transportation Security Administration was created to strengthen the security of the nation’s transportation systems and ensure the freedom of movement for people and commerce. TSA uses an intelligence-based approach and works closely with transportation, law enforcement and intelligence communities to set the standard for excellence in transportation security. For more information about TSA, please visit our website at tsa.gov.

https://www.tsa.gov/news/press/releases/2021/09/02/tsa-awards-198-million-procure-additional-ct-x-ray-scanners-airport

SOURCE Transportation Security Administration

Kindeva Drug Delivery Announces the Appointment of David Stevens as Global CCO

ST. PAUL, Minn. and ST. LOUIS, Mo.; April 5, 2023 (Business Wire) Kindeva Drug Delivery (Kindeva), a leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products, announced that David Stevens has joined the organization as global chief commercial officer (CCO). Stevens will spearhead the commercial, business development, and research and development activities for the business to ensure continued growth, expansion, and innovation.

“David brings a breadth of industry experience and a depth of commercial expertise that is essential for driving Kindeva’s enhanced scope and scale,” said Kindeva CEO Milton Boyer. “His role is vital to our continued success as a premier CDMO and, in turn, the success of our partners bringing a broad range of drug delivery solutions to market.”

Stevens has more than 20 years of international operations and commercial experience across both the CDMO and contract research organization (CRO) sectors. Prior to Kindeva, Stevens was CEO of advanced therapy CDMO Arranta Bio (acquired by Recipharm in 2022), where he successfully built out two advanced biologics development and GMP manufacturing facilities. He held multiple roles at AMRI prior — leading the company’s drug product business unit through significant growth and capacity expansion. Throughout his tenure, he also held positions at Aptuit, Inveresk, and Charles River Laboratories. Stevens has an MBA in strategy, finance, and marketing from the University of Edinburgh.

“The Kindeva organization has a strong history of achievement, expertise, and the infrastructure to handle an extensive range of critical complex drug delivery challenges,” Stevens said. “I am excited to work with the incredible experts bringing many life-changing therapies and the highest-quality products to patients, and I am looking forward to leveraging my commercial, operational, and strategic background to enable continued success for our partners worldwide.”

About Kindeva Drug Delivery
Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drug-device product assembly. Kindeva serves a global client base in the commercial and health security markets from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com.

Pam Hoffman promoted to President

Allegan, MI (February 22, 2023) – Padagis announced today the promotion of Pam Hoffman to the role of President. In this capacity, Pam will assume responsibility for Padagis’ global activities and will report directly to the Board.

In connection with this change, after almost 29 years of service to Padagis and its predecessor companies, Sharon Kochan will be retiring as CEO and will transition out of the company over the next two quarters. During this transition period, Sharon will advise and consult with the Padagis Board and leadership team to ensure a seamless transition. The Board and Sharon are proud of what they have accomplished together and the Board thanks Sharon for his years of services and many significant contributions to Padagis.

The Board congratulates Pam on her position and looks forward to working with her to build Padagis’ market leadership position in the pharmaceutical industry and drive future growth. The executive leadership team will now be co-located in the U.S., our primary market, with new corporate offices opening near Grand Rapids in Spring 2023.

About Padagis

Padagis is dedicated to improving the well-being of patients and consumers by providing high quality, affordable specialized healthcare products. The company is a leading provider of extended topical and other specialty pharmaceuticals to its primary markets of the United States and Israel. Padagis employs over 1,300 people worldwide. Visit Padagis online at (http://www.padagis.com).

Edwards Lifesciences Awards Secant Group 2022 Supplier of the Year

Telford, PASecant Group, a leading innovator in the design, development, and manufacture of implantable medical textile components for medical devices, has been named 2022 Supplier of the Year by Edwards Lifesciences, the global leader in patient-focused medical innovations for structural heart disease and critical care and surgical monitoring.

“We’re thrilled to receive this prestigious award from Edwards Lifesciences. This is a testament to Secant’s rigorous quality standards and multidisciplinary teamwork that enables Edwards Lifesciences to advance their innovative, life-saving devices with our implantable textile solutions. We’re proud to be a long-serving partner of Edwards and look forward to collaborating with them on new solutions for years to come,” said Karen West, CEO, Solesis, parent company of Secant Group.

In 2022, Secant Group was also the first-ever supplier awarded Gold Status by Edwards Lifesciences.

“Achieving the highest possible supplier status demonstrates Secant Group’s deep commitment to serving customers with nimble, quality-driven capabilities and continuous improvement initiatives, all designed to consistently fulfill customer needs,” said Jeff Robertson, Chief Operating Officer of Solesis, and President, Secant Group.

About Solesis
Operating through its subsidiaries Charter Medical, Polyzen, and Secant Group, Solesis develops and manufactures critical biomaterials components and technologies for customers in the medical device, biopharmaceutical, and cell and gene therapy industries. Solesis also innovates on behalf of its customers, including through Secant Group’s patented polymer platform poly(glycerol sebacate) (PGS), which demonstrates unparalleled benefits over traditional polymers currently used for drug delivery and medical device applications. Headquartered in Telford, PA, Solesis employs 450 people across five production facilities located in Pennsylvania and North Carolina. For additional information, please visit our website: www.solesis.com.

Chemical Computing Group acquires Discngine

New York, NY — Chemical Computing Group ULC (“CCG”), an operating company of Altaris, LLC (collectively with its affiliates, “Altaris”), announced today that it has completed the acquisition of Discngine SAS (“Discngine”). Discngine provides software solutions and IT services for life sciences research and drug discovery. Discngine is headquartered in Paris, France.

CCG is a leading provider of molecular modeling and drug discovery software. CCG’s software platform streamlines drug discovery processes by enabling researchers to visualize and predict molecular properties and interactions in silico. CCG is headquartered in Montreal, Canada.

The addition of Discngine bolsters CCG’s technical science capabilities and creates meaningful value and synergies for CCG, Discngine and their combined customer base. Following the acquisition, Discngine will operate as a subsidiary of CCG.

CCG was advised by Fasken Martineau DuMoulin LLP and Bersay. Lamartine Law Office acted as legal counsel to Discngine.

About Altaris

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

About Chemical Computing Group

Chemical Computing Group ULC is a leading provider of molecular modeling and drug discovery software. CCG’s software platform features the Molecular Operating Environment (MOE), which is a single package for visualization, molecular modeling, computer-aided molecular design (CAMD), cheminformatics, bioinformatics and methodology development. CCG also produces PSILO, a protein structure repository. For additional information, please visit: www.chemcomp.com.

About Discngine

Discngine SAS is a software and IT services company for life sciences research organizations, including pharma and biotech companies. Discngine’s expertise in cheminformatics, structural bioinformatics, laboratory informatics and knowledge management ranges from custom development and SaaS solutions to software components and third-party product integration. Discngine’s main software platform is 3decision. For additional information, please visit: www.discngine.com.

Altaris Enters Into Agreement To Acquire Trean Insurance Group

New York, NYAltaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into a definitive agreement to acquire Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”) in a take-private transaction. Following the completion of the acquisition, Trean will become a privately held company and its common stock will no longer be traded on the NASDAQ. The transaction, which implies total equity value for the Company of approximately $316 million, is expected to close during the first half of 2023, subject to certain closing conditions.

Altaris currently owns approximately 47% of Trean’s outstanding common stock. Under the terms of the agreement, Altaris will acquire all of the remaining common stock it does not own for $6.15 in cash per share. A Special Committee comprised solely of independent and disinterested directors evaluated Altaris’ proposal and alternatives thereto. The Special Committee unanimously recommended to Trean’s Board of Directors that it approve the merger agreement and recommend adoption of the merger agreement to stockholders.

Trean is a leading provider of products and services to the specialty insurance market. The Company underwrites workers’ compensation and specialty casualty insurance products through its producers, program partners and its owned managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia.

Following the closing of the transaction, it is expected that Julie Baron will remain President and Chief Executive Officer of Trean and that Andrew O’Brien, the founder of Trean and Executive Chairman of the Board, will continue to serve on the Board. The Company is expected to maintain its headquarters in Wayzata, Minnesota.

Houlihan Lokey is acting as independent financial advisor to the Special Committee, and Morris, Nichols, Arsht & Tunnell LLP is acting as independent legal advisor to the Special Committee. Bass Berry & Sims PLC is serving as legal advisor to the Company. Kirkland & Ellis LLP is serving as legal advisor to Altaris.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5 billion of equity capital.

Altaris Completes the Combination of Kindeva Drug Delivery and Meridian Medical Technologies

New York, NY — Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the combination of its operating companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination has created a leading global contract development and manufacturing organization (“CDMO”) focused on drug-device combination products. The combination will operate under the Kindeva name, with Meridian operating as “Meridian Medical Technologies, a Kindeva Company”.

The new Kindeva will have a broader range of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, formerly the CEO of Meridian, has been named CEO of the newly combined company.

Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris in 2020 from 3M Company (NYSE: MMM). Kindeva is a global leader in drug-device combination products with a focus on inhalation, transdermal, and intradermal drug delivery. The company has a long track record of innovation, having invented the first metered dose inhaler in the 1950s.

Meridian was acquired by Altaris in December 2021 from Pfizer Inc. (NYSE:PFE). Meridian is a leading manufacturer of emergency autoinjectors, having pioneered the emergency auto-injector technology in the 1950s. Meridian owns over 300 patents related to autoinjector drug-device combination products.

ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc. acted as joint lead arrangers for the transaction.

About Altaris:

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for its investors. Altaris is headquartered in New York City and manages approximately $5 billion of equity capital. For more information, please visit www.altariscap.com.

About Kindeva:

Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing and drug-device product assembly. Kindeva serves a global client base from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com

Kindeva Drug Delivery and Meridian Medical Technologies to Combine

New York, NY —Altaris, LLC (collectively with its affiliates, “Altaris”) announced today the combination of its portfolio companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination will create a leading global drug-device combination product Contract Development and Manufacturing Organization (“CDMO”). Kindeva and Meridian will continue to operate independently until closing.

The combined company will have a substantial breadth of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, CEO of Meridian, will be CEO of the newly combined company. “We are incredibly excited about the opportunities that will result from the combination of two companies with deep roots in complex drug delivery,” said Mr. Boyer. “The integrated, complementary offerings of Kindeva and Meridian create a CDMO with a broad portfolio of capabilities and proprietary technology platforms across multiple drug delivery formats, enabling us to serve customers and communities across multiple large and growing end markets.”

Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris in 2020 from 3M Company (NYSE: MMM). Kindeva is a global leader in drug-device combination products with a focus on inhalation, transdermal, and intradermal drug delivery. The company has a long track record of innovation, having invented the first metered dose inhaler in the 1950s.

Meridian was acquired by Altaris in December 2021 from Pfizer Inc. (NYSE:PFE). Meridian focuses on the manufacture of rescue autoinjectors, having pioneered the rescue auto-injector technology in the 1950s and owning over 300 patents related to autoinjector drug-device combination products.

ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel for Altaris and its portfolio companies. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc., acted as joint lead arrangers for the combination’s financing.

About Altaris:

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for its investors. Altaris is headquartered in New York City and manages over $5.0 billion of equity capital.

About Kindeva:

Headquartered in Woodbury, Minnesota, Kindeva Drug Delivery is a leading global contract development and manufacturing organization, with major manufacturing and R&D sites in the U.S, and U.K. Kindeva provides broad technologies and services to its customers, ranging from formulation and product development to commercial manufacturing. Kindeva focuses on complex drug programs, and its current offering spans inhalation, transdermal and intradermal drug delivery. For more information, please visit www.kindevadd.com.

About Meridian:

Headquartered in St. Louis, Missouri, Meridian Medical Technologies, LLC has been manufacturing more tomorrows for more than 60 years, by developing, manufacturing, and commercializing pharmaceuticals administered through proprietary auto-injector technology. Offering both sterile filling and auto-injector capabilities, Meridian’s mission is to be the premier contract development and manufacturing organization for complex sterile drug products and the ideal strategic partner for the health security and pharmaceutical industries. For more information, please visit www.meridianmeds.com.