Private equity group Livingbridge has invested in UK biostatistics and programming CRO Veramed.
The deal – financial terms of which were not disclosed – was announced late last week, with the investment being made through Livingbridge’s Enterprise 3 fund which backs “fast growth SMEs.”
London, UK-based Livingbridge said the funding will be used to facilitate Veramed’s plan to grow its business globally and broaden its biostatistics and services offering.
Investment director Sanjay Panchal cited the approach taken by Veramed founders Matthew and Emma Jones as a major motivation for the move.
He said, “Their focus on quality and building a best-in-class culture has proven to be a winning formula in what is an exciting market.
“We feel privileged to partner with them and are looking forward to supporting their growth ambitions, while ensuring the business maintains the essence of what has made it successful to date.”
Veramed was set up in 2012 to provide statistical consulting, programming and study reporting as well as market launch and commercialization services to biopharmaceutical industry customers.
According to its website Veramed has worked on 347 clinical trials, including - in 2020 – a program assessing interferon beta-1a in patients hospitalized with COVID-19.
The contract research organization (CRO) has offices in the UK, mainland Europe, Ukraine and the US.
In July advisors from Reorg Research reported that Rothschild & Co – through its UK subsidiary Arrowpoint – had been hired to find a buyer for Veramed.
According to the report, Veramed was “marketed at EBITDA of £10 million to £11 million.”
Livingbridge’s current portfolio of healthcare investments include several mobility and GP services companies as well as dental laboratories and a provider of education services.
In a press statement Veramed’s Emma Jones cited the private equity firm’s healthcare experience as an advantage.
“Livingbridge’s significant prior experience in both the healthcare and services sectors makes them the perfect partner to work alongside the existing Veramed leadership team and help to support us in the next phase of our development.”
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