TAKE Solutions Forms Strategic Partnership with HIG Capital; Shares zoom 7.5%
TAKE Solutions, a global life sciences intensive services provider, announced that it has entered into a definitive agreement for a strategic partnership with an affiliate of HIG Capital, a leading $45 billion global alternative investment firm. dollars of equity under management.
Through this strategic alliance, a subsidiary of HIG will acquire a 75% stake in Navitas Life Sciences, a wholly owned subsidiary of TAKE, to help the current management team accelerate its growth plan and enable TAKE to seize the future growth potential of Navitas.
Headquartered in Princeton, New Jersey, Navitas Life Sciences provides full-service CRO and FSP data science expertise, as well as regulatory and safety solutions for top-tier large pharmaceutical and biotech customers in North America, Asia-Pacific and Latin America.
Navitas has over 30 years of rich experience in over 550 Phase I-IV clinical trials, 1100 bioequivalence studies, over 20 therapeutic areas and over 40 successful GCP/non-GCP audits.
The HIG family of funds includes private equity, growth equity, real estate, debt/credit and a dedicated life sciences fund. Their seasoned investment team has extensive and diverse experience across the healthcare and life sciences value chain, new products targeting unmet medical needs, manufacturers and distributors of APIs or medical device companies, large pharma and small biotechnology companies, to health care payers and benefit managers.
“We are thrilled to partner with HIG in our mission to accelerate access to exceptional drug development outcomes for people around the world by harnessing the power of technology and domain knowledge. HIG, with its global network and diverse experience in healthcare and life sciences, makes it an ideal partner to support Navitas’ continued growth as a next-generation global CRO,” said Srinivasan HR, VP -President and CEO of TAKE Solutions.
“HIG has an excellent track record of building businesses and creating shareholder value, so this partnership is crucial for TAKE and TAKE shareholders. This transaction is a validation of our business model and its future growth prospects.
“The strength of Navitas’ global platform, with delivery centers in the United States and India, provides unparalleled solutions for its premier global customer base. We are delighted to partner with the talented management team of Navitas and highly dedicated employees to further enhance the power of the platform and invest in creating added value for clients,” said Camilo Horvilleur, Managing Director of HIG Capital.
“Navitas’ capabilities go far beyond a traditional CRO, as the company leverages its expertise and technology for innovation and growth. As technology becomes an integral part of the drug development value chain, we expect Navitas to become an increasingly important strategic partner for life science companies.
The transaction is expected to close in the fourth quarter of 2021, subject to shareholder, regulatory and other customary approvals.
Avendus Capital acted as financial advisor, Cyril Amarchand Mangaldas and Stark & Stark acted as legal advisors, and Ernst & Young acted as accounting and tax advisor for TAKE Solutions. Crosstree Capital Partners served as advisor to HIG, McDermott Will & Emery and AZB & Partners provided legal advice.
At around 10:55 a.m., Take Solutions was trading at 64.65 rupees per piece, up 4.6 rupees or 7.66% on Sensex.