M&A Deal Summary

Charles River Laboratories International Acquires Cognate BioServices

On February 17, 2021, Charles River Laboratories International acquired life science company Cognate BioServices from Tennenbaum Capital Partners, Medivate Partners and EW Healthcare Partners for 875M USD

Acquisition Highlights
  • This is Charles River Laboratories International’s 24th transaction in the Life Science sector.
  • This is Charles River Laboratories International’s 2nd largest (disclosed) transaction.
  • This is Charles River Laboratories International’s 17th transaction in the United States.
  • This is Charles River Laboratories International’s 1st transaction in Tennessee.

M&A Deal Summary

Date 2021-02-17
Target Cognate BioServices
Sector Life Science
Buyer(s) Charles River Laboratories International
Sellers(s) Tennenbaum Capital Partners
Medivate Partners
EW Healthcare Partners
Deal Type Add-on Acquisition
Deal Value 875M USD

Target

Cognate BioServices

Memphis, Tennessee, United States
website
Cognate BioServices, Inc. is a fully-integrated contract bioservices organization that provides a systematic level of scientific and management expertise. Cognate provides full development and cGMP manufacturing services to companies and institutions engaged in the development and manufacture of cell-based products. Cognate BioServices was founded in 2002 and is based in Memphis, Tennessee.

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Buyer(S) 1

Buyer

Charles River Laboratories International

Wilmington, Massachusetts, United States

website


Category Company
Founded 1947
Sector Life Science
Employees18,600
Revenue 3.5B USD (2021)
DESCRIPTION

Charles River Laboratories International is a provider of essential products and contract services to help pharmaceutical and biotechnology companies, government agencies and academic institutions around the globe accelerate their research and drug development efforts. Charles River Laboratories International was incorporated in 1947 and is based in Wilmington, Massachusetts.


DEAL STATS #
Overall 27 of 31
Sector (Life Science) 24 of 28
Type (Add-on Acquisition) 22 of 26
State (Tennessee) 1 of 1
Country (United States) 17 of 20
Year (2021) 2 of 4
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Distributed Bio

South San Francisco, California, United States

Based in South San Francisco, California, Distributed Bio is a next-generation antibody discovery company. Distributed Bio’s SuperHuman antibody libraries and integrated antibody optimization technologies help to enhance the probability of success for delivering high-quality, readily formattable antibody fragments to support antibody and cell and gene therapy candidates to biopharmaceutical clients. Distributed Bio’s libraries are computationally optimized for both sequence diversity and immuno-engineering fitness through the analysis of thousands of human antibody repertoires and all known monoclonal therapeutics in clinical trials, which can generate many unique binders against every antigen tested. This large molecule discovery platform improves the chance of successful hit finding, reduces optimization requirements, and thereby expedites the antibody discovery process by several months. Distributed Bio’s computational immunology expertise also enables optimization of existing client antibodies generated through more traditional platforms, such as hybridoma or traditional phage display.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-31 Retrogenix

Chinley, United Kingdom

Retrogenix is an early-stage contract research organization (CRO) providing specialized bioanalytical services utilizing its proprietary cell microarray technology. Retrogenix is based in Chinley, United Kingdom.

Buy £35M

Seller(S) 3

SELLER

Tennenbaum Capital Partners

Santa Monica, California, United States

website


Category Asset Manager
Founded 1999
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Tennenbaum Capital Partners' headquarters in Santa Monica, California.
Tennenbaum Capital Partners' headquarters in Santa Monica, California.

Tennenbaum Capital Partners is a private investment group focused on providing financing solutions to middle-market companies in a variety of sectors. The Firm separates its activity into two segments - performing and distressed. The performing group looks to invest $10 to $125 million to support recapitalizations, LBOs, acquisitions, and growth capital needs of companies valued between $100 million and $1.5 billion. The special situations group looks to provide $20 to $125 million to support rescue needs, as well as fund complex situations or secondary market purchases. Tennenbaum primarily considers opportunities in North America and Europe, but will consider other geographies. Tennenbaum Capital Partners was formed in 1999 and is based in Santa Monica, California.


DEAL STATS #
Overall 9 of 9
Sector (Life Science) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Tennessee) 1 of 1
Country (United States) 8 of 8
Year (2021) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-12 Hanley Wood

Washington, District of Columbia, United States

Hanley Wood is a media and information company serving the housing and commercial design and construction industries. Hanley Wood provides magazines and Web sites, marquee trade shows and events, market intelligence data and custom marketing solutions. Hanley Wood was founded in 1976 and is based in Washington. District of Columbia.

Sell -
DESCRIPTION

Medivate Partners is a private equity and venture capital firm focused on investment in the biotech/healthcare industry. The Firm looks will consider companies throughout Asia and North America and has a particular interest in businesses that can capitalize on cross border opportunities. Medivate Partners was established in 2012 and is headquartered in Seoul.


DEAL STATS #
Overall 1 of 2
Sector (Life Science) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Tennessee) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-20 Cognate BioServices

Memphis, Tennessee, United States

Cognate BioServices, Inc. is a fully-integrated contract bioservices organization that provides a systematic level of scientific and management expertise. Cognate provides full development and cGMP manufacturing services to companies and institutions engaged in the development and manufacture of cell-based products. Cognate BioServices was founded in 2002 and is based in Memphis, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-19 WCCT Global

Cypress, California, United States

WCCT Global LLC is a multi-site, full service global contract research organization (CRO) of outsourced early drug development and late phase services to the pharmaceutical, biotechnology and medical device industries. WCCT Global is based in Cypress, California.

Sell -
SELLER

EW Healthcare Partners

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1985
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Essex Woodlands Health Ventures is a growth equity and venture capital specialist investment firm focused on opportunities across the healthcare sector. Specific areas of interest include biotechnology, pharmaceuticals, medical devices, and healthcare services/IT. Historically, Essex invested primarily in early and later-stage situations; however, today the firm also makes growth capital investments between $20 - $60 million in companies valued between $50 - $250 million, as well as private investments in public entities (PIPEs). Essex Woodlands was formed in 1985 and offices in Palo Alto, California; New York City; Houston, Texas; Shanghai and London.


DEAL STATS #
Overall 51 of 52
Sector (Life Science) 17 of 17
Type (Add-on Acquisition) 33 of 34
State (Tennessee) 1 of 2
Country (United States) 44 of 45
Year (2021) 2 of 3
Size (of disclosed) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-04 Bioventus

Durham, North Carolina, United States

Bioventus provides clinical and cost-effective therapies and diagnostics to help patients regain active lifestyles. The company's innovative products include bone stimulation devices and osteoarthritis joint fluid therapies. Bioventus was incorporated in 2011 and is based in Durham, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-12 BreatheAmerica

Nashville, Tennessee, United States

BreatheAmerica develops and operates diagnostic and treatment centers for chronic airway and immune system-related diseases. Through its allergy, sinus and asthma programs and immune therapy programs, BreatheAmerica centers concentrate the resources needed to diagnose and care for these interrelated and complex diseases that affect 25% of the country’s population. BreatheAmerica is based in Nashville, Tennessee.

Sell -