Athyrium Capital Management Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, Athyrium Capital Management has acquired 1 company. It has also invested in 6 others.

Athyrium Capital Management’s most common sectors for investment arelife science (53%) and healthcare services (19%) . The Firm’s most common investment types include stake purchase (35%) and growth capital (19%). In total, Athyrium Capital Management has invested in 17 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Team Health Holdings for $6.1B.

In the last 3 years, Athyrium Capital Management has exited 5 companies. The Firm’s most common exit type is ipo (43%). Athyrium Capital Management’s largest (disclosed) exit occurred in 2015 when it sold Ikaria for $2.3B.

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M&A Summary

  • M&A Total Activity51
    • M&A Buy Activity44
    • M&A Sell Activity7
  • Total Sectors Invested 7
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 23
  • M&A Advisors 4

Athyrium Capital Management LP

505 Fifth Avenue, 18th Floor,
New York, New York 10017
United States
(212) 402-6925
www.athyrium.com
info@athyrium.com

Athyrium Capital Management is a large asset manager focused on the healthcare sector. Athyrium invests in a wide range of financial instruments including royalties, structured credit, and equities as well as select special situations. Athyrium Capital was established in 2008 and is headquartered in New York City.


Investment Criteria

Sectors of Interest: Healthcare Services, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 25 150
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (2.2/yr) # 33 4 1 3 3 - 44
vol $12.6B $12.6B
Sell (1.0/yr) # 2 - 2 3 - - 7
vol $2.4B $2.4B
  51

Most Recent M&A

Company Date Value Type
Basilea Pharmaceutica Ltd. 2022-09-07 - Stake Purchase
Allschwil, Switzerland · www.basilea.com
uMotif Ltd. 2022-05-25 - Growth Capital
London, United Kingdom · www.umotif.com
Paratek Pharmaceuticals, Inc. 2022-05-01 - Stake Purchase
Boston, Massachusetts · www.paratekpharma.com
Oui Therapeutics, Inc. 2021-12-01 - Venture
New Haven, Connecticut · www.ouitherapeutics.com
InnovaCare Health Solutions LLC 2021-11-19 - Secondary Buyout
Orlando, Florida · www.innovacarehealth.com
Summit Behavioral Healthcare LLC 2021-09-09 - Secondary Buyout
Franklin, Tennessee · www.summitbhc.com
Puma Biotechnology, Inc. 2021-07-26 - Stake Purchase
Los Angeles, California · www.pumabiotechnology.com
Valneva SE 2021-05-06 - IPO
Saint-Herblain, France · www.valneva.com
Clover Health 2021-01-08 - IPO
Jersey City, New Jersey · www.cloverhealth.com
IMC Health Medical Centers 2020-12-21 - Merger
Miami Lakes, Florida · www.imchealth.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ArisGlobal LLC 2019-06-16 Boehringer Ingelheim's Benefit-Risk Analytic System (BRASS) 2022-05-11 1
Coral Gables, Florida · www.arisglobal.com Ingelheim am Rhein, Germany
Upstream Rehabilitation, Inc. 2015-12-15 Results Physiotherapy 2021-08-02 4
Birmingham, Alabama · www.urpt.com Nashville, Tennessee · www.resultspt.com
Clario 2016-03-08 BioClinica, Inc. 2020-12-10 5
Philadelphia, Pennsylvania · www.clario.com Princeton, New Jersey · www.bioclinica.com
Alvogen, Inc. 2015-06-23 Assertio Therapeutics, Inc. - Gralise Business 2020-01-13 4
Morristown, New Jersey · www.alvogen.com Newark, California
Alvogen, Inc. 2015-06-23 Alvogen CEE 2019-10-25 1
Morristown, New Jersey · www.alvogen.com , Poland
TEAM Services Group 2015-04-20 Ameribest Home Care, Inc. 2019-09-20 3
San Diego, California · www.teamsvc.com Philadelphia, Pennsylvania · www.ameribesthomecare.com
PharMerica Corp. 2017-08-02 BrightSpring Health Services, Inc. 2018-12-11 2
Louisville, Kentucky · www.pharmerica.com Louisville, Kentucky · www.brightspringhealth.com
Elara Caring 2018-04-10 Jordan Health Services 2018-04-10 3
Dallas, Texas · www.elara.com Addison, Texas · www.jhsi.com
Elara Caring 2018-04-10 Great Lakes Home Health Services, Inc. 2018-04-10 2
Dallas, Texas · www.elara.com Jackson, Michigan · www.greatlakescaring.com
Elara Caring 2018-04-10 National Home Health Care Corp. 2018-04-10 1
Dallas, Texas · www.elara.com Scarsdale, New York · www.nhhc.net

M&A by Sector

Sector Current # Value All-time # Value
Life Science 20 (51%) 3.4B (31%) 23 (52%) 5.0B (40%)
Healthcare Services 6 (15%) 1.5B (13%) 8 (18%) 1.5B (12%)
Medical Products 6 (15%) - 6 (14%) -
Consumer Services 3 (8%) - 3 (7%) -
Software 2 (5%) - 2 (5%) -
Staffing 1 (3%) 6.1B (56%) 1 (2%) 6.1B (49%)
Consumer Products 1 (3%) - 1 (2%) -
Total 39 $11.0B 44 $12.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (87%) 11.0B (100%) 39 (89%) 12.6B (100%)
  California 6 (15%) - 8 (18%) -
  Pennsylvania 4 (10%) - 4 (9%) -
  Massachusetts 4 (10%) - 4 (9%) -
  New Jersey 2 (5%) 2.0B (18%) 4 (9%) 3.6B (29%)
  Illinois 3 (8%) 1.5B (13%) 3 (7%) 1.5B (12%)
  Florida 2 (5%) - 3 (7%) -
  Tennessee 2 (5%) 6.1B (56%) 2 (5%) 6.1B (49%)
  Kentucky 2 (5%) 1.4B (13%) 2 (5%) 1.4B (11%)
  Connecticut 1 (3%) - 1 (2%) -
  Alabama 1 (3%) - 1 (2%) -
  Washington 1 (3%) - 1 (2%) -
  Virginia 1 (3%) - 1 (2%) -
  Texas 1 (3%) - 1 (2%) -
  North Carolina 1 (3%) - 1 (2%) -
  New York 1 (3%) - 1 (2%) -
  Nevada 1 (3%) - 1 (2%) -
  Georgia 1 (3%) - 1 (2%) -
United Kingdom 1 (3%) - 1 (2%) -
Australia 1 (3%) - 1 (2%) -
Denmark 1 (3%) - 1 (2%) -
Ireland 1 (3%) - 1 (2%) -
Switzerland 1 (3%) - 1 (2%) -
Total 39 $11.0B 44 $12.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Stake Purchase 15 (38%) - 15 (34%) -
Growth Capital 7 (18%) - 8 (18%) -
Secondary Buyout 6 (15%) 3.5B (32%) 6 (14%) 3.5B (27%)
Venture 3 (8%) - 5 (11%) -
Buyout (LBO, MBO, MBI) 2 (5%) - 4 (9%) 1.6B (13%)
PIPE 3 (8%) - 3 (7%) -
Going Private 2 (5%) 7.5B (68%) 2 (5%) 7.5B (60%)
Consolidation 1 (3%) - 1 (2%) -
Total 39 $11.0B 44 $12.6B

Exits by Deal Type

Type Total # Value
IPO 3 (43%) -
Trade Sale - Public Company 2 (29%) 2.4B (100%)
Merger 1 (14%) -
Secondary Sale 1 (14%) -
Total 7 $2.4B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
1
Legal Deals
Covington & Burling LLP
1
Advokatfirmaet Thommessen AS
1
Ropes & Gray LLP
1

Deal Values

buy # Total
> $1B 5 $12.6B
TOTAL $12.6B
Largest Team Health Holdings, Inc.
$6.1B (2016-10-31)
sell # Total
> $1B 1 $2.3B
< $100M 1 $62M
TOTAL $2.4B
Largest Ikaria, Inc.
$2.3B (2015-04-16)

M&A Connections

Deals
Acquired from
Investor(s)
14%
6 (14%)
Exited to
Investor(s)
14%
1 (14%)
Strategic(s)
43%
3 (43%)

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