Novo Holdings acquires pharma research company Altasciences
pharmafile | February 23, 2021 | News story | Manufacturing and Production | Novo Holdings, altasciences, pharma research
Novo Holdings has agreed a deal to buy Canadian pharmaceutical research company Altasciences from Audax Private Equity, the two companies announced this week.
Altasciences is an early drug development platform which provides the pharma and biotech industries with a proven approach to preclinical and clinical pharmacology studies, including formulation, manufacturing, and analytical services.
It is hoped the acquisition will help Altasciences continue to grow domestically and internationally.
The company, which was founded in 1992, operates six facilities in the US and Canada, and employs over 1,300 people.
Altasciences’ executive management team, led by CEO Chris Perkin, will continue to lead the business following the acquisition.
Abhijeet Lele, Senior Partner and Head of Principal Investments in the US at Novo Holdings, said: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and is well-positioned to capture share in the fast-growing market for drug development services.
“We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”
Chris Perkin, CEO of Altasciences, added: “This is an exciting day for Altasciences. We are very pleased to be partnering with Novo Holdings in the next phase of our exciting journey, given their exceptional reputation, track record, and broad portfolio of high-growth healthcare companies.
“We look forward to continuing our ambitious growth plans and commitment to providing clients with value-added services that offer a new paradigm of drug development outsourcing.”
The transaction is subject to customary closing conditions and is expected to close in the first half of this year.
Jack Goddard
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