Category: news

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.

New York, NY— Solesis, an operating company of Altaris, LLC (collectively with its affiliates, “Altaris”), announced today that it has completed the acquisition of Polyzen, LLC. Polyzen is a leading developer and manufacturer of polymer-based films, coatings, components and assemblies for the medical device and biopharmaceutical industries. Polyzen is based in Apex, NC. Following the acquisition, Polyzen will operate as a subsidiary of Solesis.

Solesis is an advanced biomaterials company that develops, manufactures and sells critical components and technologies for customers in the medical device, biopharmaceutical and life sciences industries. The acquisition of Polyzen expands Solesis’ capabilities to include polymer-based coating and film technologies, which have complementary applications across Solesis’ existing customer base and end markets, including implantable medical devices, bioprocessing, drug delivery and cell and gene therapy. Solesis is headquartered in Telford, PA with manufacturing facilities in Pennsylvania and North Carolina. Altaris acquired a majority ownership interest in Solesis as part of a corporate partnership transaction with Michelin in 2021.

Cleary Gottlieb acted as legal counsel to Solesis. Polyzen was advised by Piper Sandler & Co. and Bagchi Law.

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 over $5.0 billion of equity capital.

New York, NY—Clearwater, an operating company of Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”), announced today that it has completed the acquisition of CynergisTek, Inc. in a take-private transaction. CynergisTek is a leading cybersecurity, privacy, compliance, and IT audit firm that services organizations in healthcare and other highly regulated industries. CynergisTek was previously listed on the NYSE under the ticker “CTEK.” Following the acquisition, CynergisTek will operate as a subsidiary of Clearwater.

Clearwater is a leading provider of cybersecurity, risk management, and HIPAA compliance solutions for the healthcare industry. The acquisition of CynergisTek bolsters Clearwater’s scale, expertise and offerings across a broad range of cybersecurity, privacy, and compliance domains.

ArentFox Schiff LLP served as legal counsel to Clearwater. Kirton McConkie PC and Holland & Hart LLP served as legal counsel to CynergisTek.

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 over $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 Greg Sargen as an Operating Partner. Mr. Sargen will support Altaris’ investment and portfolio company development activities in the pharmaceutical and pharma services sectors. Mr. Sargen currently serves as a Board Director and Audit Committee Chair for Kindeva Drug Delivery and Veranova, both Altaris portfolio companies.

Mr. Sargen has over twenty five years of experience in the pharmaceutical services industry and has served on the boards of two publicly traded biopharmaceutical companies. Previously, Mr. Sargen was with Cambrex Corporation, a global manufacturer and provider of services to life sciences companies, where he served as Executive Vice President and Chief Financial Officer, and as Executive Vice President of Corporate Development and Strategy. Prior to Cambrex, Mr. Sargen held various executive and finance leadership positions at several technology and healthcare companies, including Fischer Scientific International (now ThermoFisher) and Merck & Co. Mr. Sargen received a BS in Accounting from Pennsylvania State University 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 over $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

New York, NY—Clearwater, an operating company of Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”), announced today that it has completed the acquisition of TECH LOCK, an industry-leading provider of managed detection and response (MDR), and compliance services, in a carve-out transaction from RevSpring.

Clearwater is the leading provider of cybersecurity, risk management, and HIPAA compliance solutions for the healthcare industry. The addition of TECH LOCK’s 24/7 MDR service and security operations center (SOC) analysts will expand on Clearwater’s capabilities and offerings as a healthcare cybersecurity and compliance solutions provider. TECH LOCK previously operated as a subsidiary of RevSpring, a patient engagement and payment solutions provider.

ArentFox Schiff LLP served as legal counsel to Clearwater and Waller Lansden Dortch & Davis, LLP served as legal counsel to RevSpring and TECH LOCK.

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 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.