M&A Deal Summary

Linden Capital Partners Acquires Alcresta Therapeutics

On March 12, 2024, private equity firm Linden Capital Partners acquired life science company Alcresta Therapeutics from Frazier Healthcare Partners and Athyrium Capital Management

Acquisition Highlights
  • This is Linden Capital Partners’ 10th transaction in the Life Science sector.
  • This is Linden Capital Partners’ 47th transaction in the United States.
  • This is Linden Capital Partners’ 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2024-03-12
Target Alcresta Therapeutics
Sector Life Science
Buyer(s) Linden Capital Partners
Sellers(s) Frazier Healthcare Partners
Athyrium Capital Management
Deal Type Secondary Buyout

Target

Alcresta Therapeutics

Newton, Massachusetts, United States
Alcresta Therapeutics is a specialty pharmaceutical company focusing on discovering and developing a new generation of enzyme-based products that improve digestion and absorption of important nutrients. The company's lead program is a point-of-care, enzyme-based product that improves the bioavailability of long-chain fatty acids (such as DHA, EPA, and AA) for patients with impaired pancreatic output. Compromised pancreatic function is a complication of many diseases such as cystic fibrosis, chronic pancreatitis, and cancer as well as developmental immaturity, and Alcresta's products are aimed at meeting the nutritional needs of these patients. Alcresta Therapeutics was formed in 2011 and is based in Newton, Massachusetts.

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Buyer(S) 1

Buyer

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 48 of 48
Sector: Life Science M&A 10 of 10
Type: Secondary Buyout M&A Deals 18 of 18
State: Massachusetts M&A 3 of 3
Country: United States M&A 47 of 47
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Specialty Networks

Cleveland, Ohio, United States

Specialty Networks is a technology-enabled group purchasing organization (GPO) that serves independent specialty medical practices, pharmaceutical companies, and medical device companies. Specialty Networks’ service offerings include UroGPO, a urology-specific GPO and provider of educational programs for providers, PPS Analytics, a clinical and business intelligence company serving providers and industry partners, GastroGPO, a gastroenterology-specific GPO, United Rheumatology, a rheumatology-specific GPO, and SN Research, a decentralized clinical research platform. Specialty Networks was founded in 2018 and is headquartered in Cleveland, Ohio.

Sell $1.2B

Seller(S) 2

SELLER

Frazier Healthcare Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1991
PE ASSETS 3.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Frazier Healthcare Partners is a private equity and venture capital firm specializing in Growth buyout investment specifically targets businesses that deal Healthcare, Life Sciences, Pharmaceutical services, medical products, and related sectors. Frazier Healthcare Partners was formed in 1991 and is based in Seattle, Washington with an additional office in Palo Alto, California; Boston, Massachusetts; and Menlo Park, California.


DEAL STATS #
Overall 27 of 29
Sector: Life Science M&A 10 of 10
Type: Secondary Buyout M&A Deals 10 of 12
State: Massachusetts M&A 1 of 1
Country: United States M&A 27 of 29
Year: 2024 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-12 RevSpring

Nashville, Tennessee, United States

RevSpring is a provider of multi-channel billing and communications solutions to the healthcare and financial services industries. The company helps customers accelerate revenue through an end-to-end platform of offerings that includes physical and electronic invoices, consumer payment portals, data cleansing solutions, and analytics tools that validate consumer identities and optimize engagement. It serves a diversified client base of approximately 2,000 health systems & hospitals, revenue cycle management providers, and financial services organizations. RevSpring was formed in 1997 and is based in Wixom, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-20 Caravel Autism Health

Green Bay, Wisconsin, United States

Caravel Autism Health delivers in-home intensive, post-intensive, pre-intensive, and diagnostic evaluation services to children with Autism Spectrum Disorder. Caravel Autism Health emphasizes individualized goals based on proven, evidence-based treatment approaches mainly applied behavior analysis. Caravel Autism Health was founed in 2009 and is based in Green Bay, Wisconsin.

Sell -
SELLER

Athyrium Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2008
PE ASSETS 4.6B USD
Size Large
Type Sector Focused
DESCRIPTION

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, New York.


DEAL STATS #
Overall 9 of 13
Sector: Life Science M&A 5 of 7
Type: Secondary Buyout M&A Deals 2 of 2
State: Massachusetts M&A 1 of 1
Country: United States M&A 8 of 12
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-04 Lannett Company

Trevose, Pennsylvania, United States

Lannett Company is a developer, manufacturer, packager, marketer and distributor of generic pharmaceutical products for a wide range of medical indications. Lannett Company was founded in 1942 and is based in Trevose, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 Pharmaceutics International

Hunt Valley, Maryland, United States

Pharmaceutics International (Pii) is a privately held contract development and manufacturing organization providing dosage form development and manufacturing services to the global pharmaceutical industry. It provides preformulation testing, formulation development, clinical and commercial CGMP manufacturing of solid, parenteral, inhalation, semi-solid and liquid dosage forms, clinical packaging and labeling, and analytical services. Pharmaceutics International was founded in 1994 and is based in Hunt Valley, Maryland.

Sell -