Private equity investor Cinven has said it will buy a majority stake in US CRO BioAgilytix, citing growing demand for bioanalytical services as the motivation for the deal.
The planned investment – financial terms of which were not disclosed – will see Cinven join Brussels-based private equity firm Cobepa as a BioAgilytix backer.
North Carolina, US-headquartered BioAgilytix will use the investment to expand its analytical services business says CEO, Jim Datin.
“As we move into our next chapter of our evolution, Cinven will provide the additional resources that will empower us to expand not only our geographical reach but will also enable us to invest further in our talent and facilities around the globe.”
Cobepa and GHO Capital acquired BioAgilytix in November of 2018 and have built the company’s capabilities in the field of large molecule bioanalytical testing.
Cinven’s investment comes just a month after BioAgilytix completed the acquisition of Australia based CRO 360 biolabs, a move that added first-in-human (FIH) clinical trial sites in in Melbourne and Brisbane.
A few months earlier BioAgilytix bought MicroConstants, a provider of method development, validation, and sample analysis services for small and large molecule therapeutics.
The firm – since renamed BioAgilytix San Diego – added LC/MS/MS, HPLC, immunoassay and qPCR techniques to its new owners offering.
The Cinven investment also follows hot on the heels of the formation of BioAgilytix’s partnership with fellow study contractor Clinical Trial and Consulting Services (CTI).
CRO investment
Cinven partner Matthew Norton said the investment was part of a strategic focus on emerging areas of demand.
“Cinven has long followed the ongoing shift in R&D, towards more innovative, complex large molecule drugs and cell and gene therapies.
“BioAgilytix was identified as extremely well placed to benefit from these trends given the Company’s focus on the fastest growing large molecule and advanced modality therapies and its reputation for being able to solve its customers’ most complex bioanalytical problems.”
Before BioAgilytix, Cinven’s most recent investment in the CRO space was its holding in Medpace, which it sold in 2018.
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