Category: news

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.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to sell BK Medical to General Electric (“GE”) (NYSE:GE) for a cash purchase price of $1.45 billion. The transaction is expected to close in 2022, subject to customary closing conditions.
Headquartered in Boston and Copenhagen, BK Medical is a global leader with over 40 years of experience in intraoperative imaging and surgical navigation. BK Medical’s Active Imaging technology provides surgeons with critical information to enable real-time, data-based decisions during surgical procedures, resulting in better clinical outcomes and increased cost efficiencies for the healthcare system. With a global installed base of more than 14,000 platforms, BK Medical’s ultrasound technology is used to guide clinicians during minimally-invasive and robotic surgeries, and to visualize deep tissue during ultrasound urology procedures as well as neuro- and abdominal surgeries. BK Medical has more than 650 employees across its offices.
BK Medical’s President and CEO, Brooks West, said, “We are immensely proud of the intraoperative imaging and surgical navigation platform that we have developed at BK. The partnership with Altaris has enabled BK to accelerate our growth and thrive as an independent organization, and we now look forward to integrating our technology with GE Healthcare’s formidable imaging expertise and global presence as we continue to advance the standard of care for surgical interventions.”
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 for BK Medical.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.9 billion of equity capital under active management and is headquartered in New York, NY. 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 Paramit to the Tecan Group (SIX Swiss Exchange: TECN) for total upfront consideration of $1.0 billion.
Headquartered in Morgan Hill, CA, Paramit is a developer and manufacturer of complex electronic medical devices and life science instruments for industry leaders in many of the fastest growing segments of healthcare. Paramit utilizes its proprietary “transfer-less” workflow and vPoke^® computer directed assembly process to partner with its customers to deliver high quality products from initial concept to scaled commercial production. Paramit employs approximately 1,000 people across its global design and manufacturing footprint in California, Massachusetts, and Malaysia.
Morgan Stanley & Co. LLC acted as financial advisor, and Schiff Hardin LLP acted as legal counsel to Paramit.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.9 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of Padagis LLC (“Padagis”), formerly the generic prescription pharmaceuticals business of Perrigo Company plc (NYSE; TASE: PRGO), for total consideration equal to $1.55 billion.

Padagis is a leader in the generic prescription pharmaceutical industry and has more than 1,300 employees across six locations in the United States and Israel. The company’s diversified portfolio consists of over 200 product families and 800 SKUs, with a focus on extended topical dosage forms, including creams, ointments, lotions, gels, foams, liquids and nasal sprays.

The company has a long track record of launching first-to-file and first-to-market generic pharmaceutical products that have helped to make prescription products more affordable for patients and reduce costs for the healthcare system.

J.P. Morgan served as lead financial advisor and Lead Left Arranger, Goldman Sachs & Co. served as financial advisor and Arranger, and UBS served as Arranger to Altaris. Schiff Hardin LLP,

Cleary Gottlieb, and Yigal Arnon & Co. provided legal counsel to Altaris.

Altaris is an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

New York, NY–Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Tim Callahan, Shawn Cavanagh and Rafael Torres as Operating Partners. Messrs. Callahan, Cavanagh and Torres bring a broad range of experience across the pharmaceutical, medical devices and life sciences sectors, and will leverage their expertise to support Altaris’ investment and portfolio company development activities.
Mr. Callahan has over 25 years of board and operational leadership experience in the biopharmaceutical industry, most recently serving as SVP, Commercial Operations for Actavis Plc (subsequently sold to AbbVie). Mr. Callahan has served on the boards of public, private, and non-profit healthcare organizations, he served as a Senior Advisor to McKinsey & Company, and he holds a Bachelor of Science degree in Applied Economics and Business Management from Cornell University. Mr. Callahan currently serves on the Board of Directors of CMP Pharma and will be joining the board of Padagis upon the completion of the carveout from Perrigo, which is expected to close in the third quarter of 2021.
Mr. Cavanagh has over thirty years of experience in the pharmaceutical services industry, predominantly with contract development and manufacturing organizations. Previously, Mr. Cavanagh was President, Chief Operating Officer, and member of the Board of Directors at Cambrex Corporation. Mr. Cavanagh has also held leadership roles at Lonza, where he served as President of Lonza Bioscience. He holds a degree in Chemical Engineering from the University of New Hampshire. Mr. Cavanagh serves as the Executive Chairman of Kindeva.
Mr. Torres was previously the head of Corporate Development & Strategy at Varian Medical Systems (NYSE:VAR), which was recently sold to Siemens Healthineers for $16.4 billion. Prior to 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 an investment firm focused exclusively on the healthcare industry. Altaris seeks to invest in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, visit www.altariscap.com.

Nashville, TN/PRNewswire—Tivity Health, Inc. (Nasdaq: TVTY) (the “Company”), a leading provider of healthy life-changing solutions, including SilverSneakers^®, today announced the pricing of a $400 million senior secured term loan B facility (the “term facility”) and a $100 million senior secured revolving facility (the “revolving facility”, and together with the term facility, the “credit facilities”).
The loans under the term facility will be issued at 99.5% of their face value and bear interest at a rate equal to LIBOR plus 4.25%, with a zero percent LIBOR floor. Loans under the revolving facility will bear interest at a rate equal to LIBOR plus 3.75% to 4.25% based on the Company’s total net leverage ratio from time to time. The Company intends to use the proceeds of the credit facilities to repay all outstanding amounts under its existing credit agreement and for general corporate purposes.
“The syndication of the new term facility was significantly oversubscribed, and as a result, achieved more favorable terms than the initial price talk,” said Adam Holland, Chief Financial Officer. “Our new credit facilities will provide us with a solid financial foundation to grow the business with enhanced flexibility and extended tenor. The reduction in margin spread is expected to result in cash interest savings of over $3 million during the first 12 months, and the lower amortization is expected to reduce our annual required principal payments by $56 million, positioning us well to execute on our new strategic direction and fund growth initiatives.”
The closing of the proposed term facilities is expected to occur by early July 2021 and is subject to customary closing conditions. The commitments in respect of the credit facilities and the terms and conditions thereof remain subject to the finalization and execution of definitive documentation.
Morgan Stanley, Credit Suisse and Truist Bank are acting as joint lead arrangers and bookrunners for the transaction.