M&A Deal Summary

NovaQuest and QHP Capital Acquire CoreRx

On January 19, 2021, private equity firms NovaQuest and QHP Capital acquired life science company CoreRx

Acquisition Highlights
  • This is NovaQuest’s 8th and QHP Capital’s 3rd transaction in the Life Science sector.
  • This is NovaQuest’s 9th and QHP Capital’s 5th transaction in the United States.
  • This is NovaQuest’s 2nd and QHP Capital’s 2nd transaction in Florida.

M&A Deal Summary

Date 2021-01-19
Target CoreRx
Sector Life Science
Buyer(s) NovaQuest
QHP Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) William Blair (Financial)
Sheppard Mullin (Legal)

Target

CoreRx

Clearwater, Florida, United States
CoreRx is a provider of clinical and commercial CDMO services to a wide range of small to mid-sized pharmaceutical and biotech clients. CoreRx was founded in 2006 and is based in Clearwater, Florida.

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Buyer(S) 2

Buyer

NovaQuest

Investor


Category Private Equity Firm
Founded 2010
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

NovaQuest Capital Management is a private equity firm focused on acquiring and investing in growth-stage middle-market healthcare companies. Specific areas of interest include life science, medical technology, healthcare/facility services, and healthcare focused IT. The Firm targets profitable companies valued up to $500 million with $20 to $100 million of revenue. NovaQuest Capital Management was established in 2000 and is based in Raleigh, North Carolina.


DEAL STATS #
Overall 12 of 14
Sector (Life Science) 8 of 8
Type (Buyout (LBO, MBO, MBI)) 5 of 5
State (Florida) 2 of 2
Country (United States) 9 of 11
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 Argenta Global

Auckland, New Zealand

Argenta Global is an animal health-focused pharma services platform. Argenta is a fully integrated contract research organization (CRO) and contract manufacturing organization (CMO) specialized in animal health. Argenta Global was founded in 2006 and is based in Auckland, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Pro-ficiency

Raleigh, North Carolina, United States

Pro-ficiency is an eLearning provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training, and compliance monitoring tools, and real-time data & predictive analytics. Pro-ficiency was founded in 2014 and is based in Raleigh, North Carolina.

Buy -
DESCRIPTION

QHP Capital is a private equity firm focused on healthcare businesses in the middle-market. Specific areas of interest include tech-enabled life sciences and pharma service companies. The Firm seeks to partner with management teams in founder or family-owned companies, and invests in buyouts and other transaction types. QHP Capital was founded in 2022 and is headquartered in Raleigh, North Carolina.


DEAL STATS #
Overall 5 of 11
Sector (Life Science) 3 of 5
Type (Buyout (LBO, MBO, MBI)) 2 of 5
State (Florida) 2 of 3
Country (United States) 5 of 11
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-04 Clinical Ink

Horsham, Pennsylvania, United States

Clinical Ink is a clinical technology company that offers data certainty from source to submission. The company's Lumenis eSource clinical technology and configurable direct data capture, eCOA, ePRO, and eConsent modules a suite of solutions for capturing and integrating electronic data from sites, clinicians, and patients at its source naturally enhances clinical trial workflow by reducing manual labor, providing anytime, anywhere data access, and saving resources as trials progress. Clinical Ink was founded in 2007 and is based in Horsham, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Pro-ficiency

Raleigh, North Carolina, United States

Pro-ficiency is an eLearning provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training, and compliance monitoring tools, and real-time data & predictive analytics. Pro-ficiency was founded in 2014 and is based in Raleigh, North Carolina.

Buy -