Platform investments and company acquisitions
Since inception in 2003, we have made 49 platform investments in companies that have completed 97 acquisitions under our ownership.
Platform investments and company acquisitions
We target companies that are on “the right side of healthcare.” That is, companies selling products and services that improve patient outcomes, enhance the care experience, increase system efficiency and transparency, and enable access and affordability.
We draw on our experience and domain knowledge and take a research-centric approach to identifying trends and investment themes across four subsectors: pharmaceuticals, medical devices, life sciences and diagnostics, and healthcare services.
We take a customized approach to meet the unique requirements of each investment and situation. In many of our investments, we work alongside corporations and health systems, as well as with founders, entrepreneurs, and family-owned businesses.
We work closely and collaboratively with our companies to drive long-term value appreciation. We are prudent in the use of debt financing to ensure that our companies have flexibility to invest and achieve sustainable growth.
Our experience, specialization and reputation positions Altaris to be a capital partner of choice for the healthcare industry. Many of our companies originated from, or are investments made in partnership with, global corporations and healthcare systems. These situations and transactions typically have unique requirements and may be complex or involve significant levels of customization.
Some of our recent corporate partnership and carveout transactions are outlined below.
Kindeva Drug Delivery is a leading contract development and manufacturing organization (CDMO) with expertise spanning inhalation, transdermal, intradermal, parenteral, and microneedle drug delivery technologies.
Altaris acquired Kindeva, formerly 3M’s Drug Delivery Division, in 2020 in a carveout transaction. 3M is a Fortune 500 multinational conglomerate corporation headquartered in St. Paul, Minnesota and listed on the NYSE (NYSE: MMM). As part of this transaction, 3M retained an equity stake in Kindeva, and a seat on the Company’s board.
Altaris acquired Meridian, formerly a division of Pfizer, in 2021 in a carve-out transaction. Pfizer is a Fortune 500 pharmaceutical and biotechnology corporation headquartered in New York City and listed on the NYSE (NYSE: PFE). As part of the transaction, Pfizer and Meridian entered into a long-term supply agreement in which Pfizer manufactures one of Meridian’s health security pharmaceutical products.
In December 2022, Kindeva and Meridian combined into one company. The combined company now operates under the Kindeva name.
Padagis is a leader in generic pharmaceutical products, with a focus on topical and extended topical products. Altaris acquired Padagis, formerly Perrigo’s generic prescription pharmaceutical business, in 2021 in a carveout transaction. Perrigo is an over-the-counter pharmaceutical and consumer self-care company listed on the NYSE (NYSE: PRGO). As part of the transaction, Perrigo and Padagis entered into reciprocal long-term supply agreements in which each party manufactures or distributes certain products owned by the other party.
Solesis is an innovative provider of biomaterials for the life sciences and medical device industries. Through its operating subsidiaries, Solesis designs, develops and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies. Altaris acquired a 51% ownership stake in Solesis in 2021 through a corporate partnership transaction with Michelin, a global tyre manufacturer listed on the Euronext and a member of the CAD 40 and Euronext 100 indices. As part of the transaction, Michelin retained a 49% ownership stake and formed a research partnership with Solesis to develop complex polymers for life sciences and medical technology applications.
Veranova is a leading developer and manufacturer of specialist and complex Active Pharmaceutical Ingredients (APIs) for pharmaceutical and biotechnology customers. Altaris acquired Veranova, formerly Johnson Matthey’s Health Division, in 2022 through a structured carve-out transaction. Johnson Matthey is a global specialty chemical company listed on the London Stock Exchange and a member of the FTSE 250 Index (LSE: JMAT). As part of this transaction, Johnson Matthey retained a 30% ownership stake in Veranova.