Altaris Closes Acquisition of Veranova from Johnson Matthey
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.