Avista Capital Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, today announced its acquisition of Taconic Biosciences (“Taconic” or the “Company”), a leading provider of genetically engineered research models (GEMs) and related services, from H.I.G. Capital. Transaction terms were not disclosed.
Founded in 1952 and headquartered in Rensselaer, NY, Taconic specializes in genetically engineered research models and services, specifically murine models for use in drug discovery research and non-clinical safety testing. Taconic sells across four primary product and service categories: GEMs, standard models, colony management, and custom model generation. The Company offers its products and services to a highly loyal customer base, which includes 40 of the top 50 global pharmaceutical companies, innovative biotech customers, leading contract research organizations and government and academic research institutions at the forefront of drug discovery and development.
Rob Girardi, Partner at Avista, said: “Our acquisition of Taconic represents Avista’s ninth investment in the outsourced pharma services sector, a testament to the value and growth potential we continue to see in the space. Given Taconic’s reputation for high-touch consultative service, diversity of high-quality models, and proven track record of innovation, we believe the Company is poised to continue its growth trajectory in the attractive GEMs market. We look forward to providing support for the acceleration of Taconic’s strategic priorities.”
Garrett Lustig, Principal at Avista, added: “We are excited to partner with CEO Nancy Sandy and the team to build upon Taconic’s market-leading profile. Leveraging Avista’s industry knowledge, operational expertise, and financial resources, we look forward to helping Taconic capitalize on the opportunity for continued organic growth and strategic acquisitions.”
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Nancy Sandy, CEO of Taconic, said: “Avista’s support will enable us to provide our customers with even more enhanced therapeutic drug discovery and safety testing products and services, as we have done for 70 years, allowing for accelerated advancements in human health. Avista has a strong track record of creating value for companies in the outsourced pharma services sector, and we look forward to benefitting from the firm’s experience and resources as we grow our company.”
Ropes & Gray LLP acted as legal advisor to Avista.
Source: Biospace
