Audax Private Equity Completes Sale of Altasciences to Novo Holdings

MAR 2021

Audax Private Equity (“Audax”) today announced that it has successfully completed the previously announced sale of Altasciences to Novo Holdings.

Altasciences is a leading, fully-integrated, early drug development services platform, providing the pharmaceutical and biotech industries with a trusted partner for drug development, from preclinical safety testing through clinical proof-of-concept studies. Headquartered in Laval, Quebec, Altasciences operates six facilities in the U.S. and Canada and employs over 1,300 people.

Audax invested in Altasciences in 2017, partnering with management to pursue strategic acquisitions and to accelerate organic growth. Altasciences completed three acquisitions under Audax’ ownership, growing its footprint and expanding its service offerings into preclinical safety testing and pharmaceutical contract development and manufacturing.

Joe Rogers, Managing Director at Audax, said, “We are pleased to complete the sale of Altasciences to Novo Holdings, and wish the team well as they continue their important work. We are proud of the tremendous growth Altasciences achieved under our ownership and are confident that the business is well-positioned to continue capitalizing on the growing market for drug development services.”

Chris Perkin, Chief Executive Officer of Altasciences, added: "On behalf of the Altasciences team, I would like to thank Audax for their support during the last four years. Audax was instrumental in helping us identify and execute strategic acquisitions while furthering our organic growth initiatives. We look forward to our next chapter as part of Novo Holdings and wish Audax continued success in their future endeavors.”

Abhijeet Lele, Senior Partner, Head of Principal Investments in the U.S. at Novo Holdings, added: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and that we believe is well-positioned to capture share in the fast-growing market for drug development services. We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”

Harris Williams & Co. served as lead financial advisor with Rothschild & Co. and Edgemont Partners serving as co-advisors to Altasciences. Kirkland & Ellis LLP and Blake, Cassels & Graydon, LLP served as legal advisors to Altasciences. Goodwin Procter LLP served as legal advisor to Novo Holdings.