Author: Julie Kaloides

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the successful sale of its holdings in Tivity Health (“Tivity”) following closing of the acquisition of Tivity for $32.50 per share. As a result, Tivity has ceased its listing on Nasdaq.

Tivity is a leading provider of health improvement, nutrition, fitness and social engagement solutions at scale to improve clinical outcomes, reduce healthcare costs and create opportunities to feel better, work better and live better.

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 more than 45 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Phil Smith as an Operating Partner. Mr. Smith brings a broad range of experience across the healthcare industry and will leverage his expertise to support Altaris’ investment and portfolio company development activities. Mr. Smith is Chairman of the board of Intricon and a board member of Trean.

Mr. Smith has over 30 years of board, strategic advisory and operational leadership experience in the healthcare industry, predominantly with medical device companies. Previously, Mr. Smith was a managing director at investment banking firms Kroll (formerly Duff & Phelps), BMO Capital Markets (formerly Greene Holcomb Fisher) and Piper Jaffray, where he advised healthcare clients and executed mergers, acquisitions and corporate finance transactions. Prior to his investment banking career, Mr. Smith held various executive leadership positions at several medical technology companies, including as President and CEO of Angeion Corporation, a global medical technology company focused on cardiorespiratory health solutions and DGIMED Ortho, an orthopedic trauma technology company. Mr. Smith also served as an Executive Vice President of Vital Images, a global medical imaging software company. Mr. Smith received a BS in Electrical Engineering from the University of Florida and an MBA from The Wharton School at the University of Pennsylvania.

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 more than 45 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it completed the acquisition of Veranova, formerly known as Johnson Matthey’s Health business, from Johnson Matthey PLC (LSE: JMAT) for total consideration of up to £325 million. As part of the transaction, Johnson Matthey will retain approximately a 30% equity stake in Veranova.

Veranova is a leading global contract development and manufacturing organization (CDMO) for Active Pharmaceutical Ingredients (APIs), with a focus on specialty and complex products. The company provides a full spectrum of API and drug development services, from process design through to commercial manufacturing. Veranova is headquartered in Wayne, Pennsylvania, and has approximately 900 employees across seven development and manufacturing sites in North America, Europe and Asia.

Linklaters LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel for Altaris. Citibank served as financial advisor and Herbert Smith Freehills LLP acted as legal advisor to Johnson Matthey.

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 more than 45 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it completed the acquisition of Intricon Corporation (including affiliated entities, “Intricon”), a publicly traded company listed on the NASDAQ stock exchange under the ticker “IIN”. As a result of the acquisition, Intricon is now privately held and its stock will no longer be traded.

Intricon develops and manufactures miniature and micromedical components, sub-assemblies, and devices for the medical device industry. Intricon primarily serves original equipment manufacturers as a contract development and manufacturing organization, leveraging its capabilities in precision molding, micro-electronics, micro-coils, ultra-low power digital signal processing, and complex extrusion. Headquartered in Arden Hills, Minnesota, Intricon employs over 850 employees across four domestic production facilities in Minnesota and California and two international production facilities in Indonesia and Singapore.

ArentFox Schiff LLP and Linklaters LLP acted as legal counsel for Altaris. Capital One served as Lead Left Arranger and J.P. Morgan as Arranger to Altaris. Intricon was advised by Piper Sandler & Co. and Blank Rome LLP.

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 more than 45 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Rafael Torres as a Managing Director to lead the firm’s coverage of the life sciences & diagnostics sectors, effective January 1, 2022. Mr. Torres previously served as an Altaris Operating Partner.

Prior to joining Altaris, Mr. Torres was the head of Corporate Development & Strategy at Varian Medical Systems (NYSE:VAR), which was recently sold to Siemens Healthineers for $16.4 billion. Before joining Varian, Mr. Torres spent 14 years at GE, where he led the healthcare investing teams at GE Equity and GE Ventures. Mr. Torres received a BA in Economics from Universidad del Pacifico in Lima, Peru, and an MBA from Harvard Business School. Mr. Torres serves on the Board of Directors of Analogic and HealthTronics.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Altaris’ operating companies are addressing some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and outcomes for patients. Since inception in 2003, Altaris has invested in more than 45 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $6.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it completed the acquisition of Meridian Medical Technologies (“Meridian”), a global leader in emergency response and health security solutions with a focus on complex drug-device combination products, from Pfizer Inc. (NYSE:PFE).

Founded in 1958, Meridian is a pioneer in the field of emergency response auto-injectors. Meridian designs, develops, manufactures and supplies on-the-scene treatment solutions in partnership with a range of commercial customers and Government agencies. Meridian’s product portfolio includes critical medical countermeasures that are supplied to the United States Department of Defense, Emergency Medical Services and Homeland Security. Meridian has more than 750 employees and facilities in St. Louis, MO and Columbia, MD.

Milton Boyer has been appointed Chief Executive Officer of Meridian, with Tom Handel assuming the role of Chief Commercial Officer. Mr. Boyer is a seasoned industry executive with more than 25 years of experience in the development and manufacturing of pharmaceutical products, including previously serving as Chief Executive Officer of OsoBio, a sterile contract development and manufacturing organization that was a prior Altaris operating company.

Mr. Handel has more than 25 years of experience working at Meridian in various leadership positions. As Chief Commercial Officer, Mr. Handel will manage all commercial operations for Meridian, including corporate affairs, business development, global sales and marketing, and strategic client programs and alliance management.

Bass, Berry and Sims, PLC acted as legal counsel for Altaris, while Pfizer was advised by Wachtell, Lipton, Rosen & Katz.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Altaris’ operating companies are addressing some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and outcomes for patients. Since inception in 2003, Altaris has invested in more than 45 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $6.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the sale of BK Medical to General Electric Company (NYSE: GE) for a cash purchase price of $1.45 billion.

Headquartered in Boston and Copenhagen, BK Medical is a global intraoperative imaging and surgical navigation company. Through advanced ultrasound technology and sophisticated software algorithms, BK Medical enables surgeons to make real-time, data-based decisions during surgical procedures, resulting in better clinical outcomes and reduced costs for patients, physicians, and the healthcare system. BK Medical has a global installed base of more than 14,000 advanced imaging platforms and its proprietary technology is protected with more than 136 patent families.

J.P. Morgan Securities LLC served as lead financial advisor, Morgan Stanley & Co. LLC served as financial advisor, and Latham & Watkins LLP and Schiff Hardin LLP acted as legal counsel to BK Medical.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Altaris’ operating companies are addressing some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and outcomes for patients. Since inception in 2003, Altaris has invested in more than 45 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $6.0 billion of equity capital. For more information, visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to acquire Johnson Matthey Health (“JM Health”) from Johnson Matthey PLC (LSE: JMAT) for total consideration of £325 million. The acquisition is expected to close in the first half of 2022, subject to customary conditions. Following closing of the transaction, JM Health will be renamed and headquartered in the United States.

JM Health is a leading global developer and manufacturer of specialist and complex active pharmaceutical ingredients for pharma and biotech companies. Founded in 1970, JM Health has approximately 1,000 employees across seven global development and manufacturing sites.

Linklaters LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel for Altaris. Citibank is serving as financial advisor and Herbert Smith Freehills LLP is acting as legal advisor to Johnson Matthey.

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Altaris’ operating companies are addressing some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and outcomes for patients. Since inception in 2003, Altaris has invested in more than 45 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $6.0 billion of equity capital. For more information, please visit www.altariscap.com.

• Leading contract development and manufacturing organization (CDMO) announces road map to bring the first two inhalers using lower Global Warming Potential (GWP) propellant gases to market by 2025, subject to regulatory approvals
• Two new propellant gases in active development, HFA-152a and HFO-1234ze, have respectively c.90% and c.99.9% lower climate impact than current alternatives^[1]

Loughborough, UK, and Saint Paul, MN, US—Kindeva Drug Delivery L.P. (Kindeva) has announced a long-term commitment to manufacture the next generation of pressurized metered-dose inhaler (pMDI) products using lower Global Warming Potential (GWP) propellants. Kindeva’s aerosol scientists have been working with these new propellants for some time and are making good progress towards transitioning several products.

As the next step on this journey, Kindeva will install a new manufacturing line capable of filling inhalers with either HFA-152a or HFO-1234ze, supported by appropriate R&D facilities. These propellant gasses have respectively 90% and 99.9% lower GWP than P134a, the greenest propellant used in the industry currently. This is the first step in a series of equipment installations and facility conversions reflecting Kindeva’s global leadership in inhalation product development and manufacturing.

Kindeva intends to install this new manufacturing line by the end of 2022. The company is working closely with its partners to plan for the commercialization of a range of existing and new pMDI products containing the new low GWP propellants, and currently has a number of active R&D programs carrying out early-stage development work. Kindeva’s goal is for the first two pMDI products using these gases to reach the market by 2025, subject to regulatory approvals.

Aaron Mann, Kindeva’s CEO said: “We believe that once industry leaders like Kindeva enter this space and make transitioning products a reality, procurement and prescribing policy will rapidly move in favor of new greener pMDIs. Customers and health systems in the UK, EU and USA are becoming increasingly focused on decarbonization and the transition to Net Zero, and Kindeva is well placed to service their needs. There is simply no substitute for our experience in formulating and commercializing pMDIs and we are looking forward to making a major contribution to decarbonizing the global inhaler market.”

“We are therefore pleased that several key clients are already working with Kindeva on reformulating their existing products using low GWP propellants and are choosing to select the new propellants for future products, too. We will lead this transition to next-generation green propellants, just as we led the move from CFC to HFA propellants in the 1990s by launching the first CFC-free pMDI globally.”

Today’s announcements, timed to coincide with the closing day of the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow, mark the next chapter in Kindeva’s leadership in driving sustainable innovation in pMDIs and, more broadly, complex drug and combination products. As a leading global CDMO, Kindeva’s track record stretches back more than 65 years to the development of the first-ever pMDI. Kindeva also led the industry’s transition from CFC- to HFA-based inhalers in the 1990s, developing the world’s first CFC-free pMDI and the world’s first CFC-free nasal pMDI.

About Kindeva Drug Delivery

Headquartered in Saint Paul, Minnesota, Kindeva Drug Delivery is a leading global contract development and manufacturing organization (CDMO) in the pharmaceutical industry. Kindeva provides unique technologies and quality 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 drug delivery, transdermal drug delivery, microstructured transdermal systems (microsystems), and connected drug delivery. Kindeva employs approximately 1,000 people worldwide. For more information, visit www.kindevadd.com.

^[1] P134a, the most commonly used propellant in pMDIs today, has a GWP of 1430. R152a has a GWP of 124 while R1234ze(E) has a GWP of <1.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to acquire Meridian Medical Technologies (“Meridian”), a global leader in emergency response and health security solutions with a focus on complex drug-device combination products, from Pfizer Inc. (NYSE:PFE).
Founded in 1958, Meridian is a pioneer in the field of emergency response auto-injectors. Meridian designs, develops, manufactures and supplies on-the-scene treatment solutions in partnership with a range of commercial customers and Government agencies. Meridian’s product portfolio includes critical medical countermeasures that are supplied to the United States Department of Defense, Emergency Medical Services and Homeland Security. Meridian has more than 750 employees and facilities in St. Louis, MO and Columbia, MD.
Bass, Berry and Sims, PLC acted as legal counsel for Altaris, while Pfizer was advised by Wachtell, Lipton, Rosen & Katz.
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver innovation and efficiency to the healthcare system. Altaris’ operating companies seek to address some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and quality of life for patients. Since inception in 2003, Altaris has invested in more than 40 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and currently manages $6.0 billion of equity capital. For more information, please visit www.altariscap.com.