M&A Deal Summary

Patient Square Capital, Gurnet Point Capital and Webster Equity Partners Acquire Radius Health

On June 23, 2022, private equity firms Patient Square Capital, Gurnet Point Capital and Webster Equity Partners acquired life science company Radius Health for 890M USD

Acquisition Highlights
  • This is Patient Square Capital’s 1st, Gurnet Point Capital’s 3rd and Webster Equity Partners’ 2nd transaction in the Life Science sector.
  • This is Patient Square Capital’s 3rd, Gurnet Point Capital’s and Webster Equity Partners’ largest (disclosed) transaction.
  • This is Patient Square Capital’s 4th, Gurnet Point Capital’s 5th and Webster Equity Partners’ 43rd transaction in the United States.
  • This is Patient Square Capital’s 1st, Gurnet Point Capital’s 3rd and Webster Equity Partners’ 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2022-06-23
Target Radius Health
Sector Life Science
Buyer(s) Patient Square Capital
Gurnet Point Capital
Webster Equity Partners
Deal Type Going Private
Deal Value 890M USD
Advisor(s) J.P. Morgan Securities (Financial)
Ropes & Gray (Legal)

Target

Radius Health

Boston, Massachusetts, United States
Radius Health is a global biopharmaceutical company focused on addressing unmet medical needs in the areas of bone health, neuro- orphan diseases, and oncology. Radius’ lead product, TYMLOS® (abaloparatide) injection, was approved by the U.S. Food and Drug Administration for the treatment of postmenopausal women with osteoporosis at high risk for fracture. Radius Health was founded in 2003 and is based in Boston, Massachusetts.

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Buyer(S) 3

DESCRIPTION

Patient Square Capital is a private investment firm specializing in the healthcare sector. The Firm seeks opportunities to invest broadly across the healthcare industry, including technology-enabled services, biopharmaceuticals, the pharmaceutical value chain, medical devices, diagnostics, providers, digital health and consumer health. Patient Square Capital was formed in 2020 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 4 of 8
Sector (Life Science) 1 of 2
Type (Going Private) 2 of 4
State (Massachusetts) 1 of 1
Country (United States) 4 of 8
Year (2022) 3 of 5
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-02 Enavate Sciences

Menlo Park, California, United States

Enavate Sciences is a platform dedicated to supporting therapeutic companies advancing medicines and enabling technologies with transformative potential to address patient need. Through the application of capital support and operational experience, Enavate strives to enable and empower a diverse portfolio of therapeutics companies to accelerate innovation. Enavate Sciences is based in Menlo Park, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-27 Eargo

San Jose, California, United States

Eargo is a consumer-focused medical device company that develops and sells hearing aids to assist people with hearing loss in the United States. The company sells its products through online stores. Eargo was formed in 2010 and is based in San Jose, California.

Buy -
DESCRIPTION

Gurnet Point Capital is private investment group focused on the healthcare and life sciences sectors. The Firm looks to invest across all stages of product development through to commercialization and does so with an approach that is a hybrid of venture and private equity investing strategies. Gurnet Point Capital was formed in 2015 and is headquartered in Cambridge, Massachusetts.


DEAL STATS #
Overall 5 of 7
Sector (Life Science) 3 of 5
Type (Going Private) 3 of 4
State (Massachusetts) 3 of 3
Country (United States) 5 of 7
Year (2022) 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 Corium

Boston, Massachusetts, United States

Corium is a commercial-stage biopharmaceutical company focused on the development, manufacture, and commercialization of specialty pharmaceutical products that leverage the company’s broad experience with advanced transdermal and transmucosal delivery systems. Corium was founded in 1995 and is based in Boston, Massachusetts.

Buy $504M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-20 Corium Innovations

Grand Rapids, Michigan, United States

Corium Innovations is a full-service contract development and manufacturing organization specializing in novel drug delivery technologies, including transdermal modalities. Corium Innovations is based in Grand Rapids, Michigan.

Buy -
Buyer

Webster Equity Partners

Waltham, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 6.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Webster Capital is a private equity firm that targets growth capital and buyout investments in profitable, middle-market healthcare and consumer companies. Prospective business characteristics of interest include differentiated products or services, distinctive brands, and loyal/repeat customers. Webster looks for companies generating sales of $20 to $200 million, EBITDA of $5 to $20 million, and valued up to $200 million. Webster Capital was formed in 2003 and is based in Waltham, Massachusetts.


DEAL STATS #
Overall 45 of 48
Sector (Life Science) 2 of 3
Type (Going Private) 2 of 2
State (Massachusetts) 2 of 2
Country (United States) 43 of 46
Year (2022) 2 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-18 Epic Staffing Group

El Segundo, California, United States

Epic Staffing Group is a provider of outsourced employment to the biopharmaceutical and healthcare industries. Epic Staffing Group verticals include life sciences recruitment process outsourcing, life sciences consulting, travel nurse jobs, Interim executive placement, travel allied, school special education jobs, therapy and perfusionists, government healthcare staffing, and international clinician placement. Epic Staffing Group is based in El Segundo, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-20 Corium Innovations

Grand Rapids, Michigan, United States

Corium Innovations is a full-service contract development and manufacturing organization specializing in novel drug delivery technologies, including transdermal modalities. Corium Innovations is based in Grand Rapids, Michigan.

Buy -