Audax Private Equity Announces Agreement to Sell CorEvitas to Thermo Fisher Scientific

Rhea-AI Summary

Audax Private Equity has entered into an agreement to sell CorEvitas, a provider of real-world evidence for medical treatments, to Thermo Fisher Scientific. The transaction is expected to be completed by the end of 2023. CorEvitas has integrated five add-on acquisitions during its hold period, which have strengthened its value proposition. Under Audax' ownership, CorEvitas has also experienced organic growth and expanded into international markets.

Positive

• Audax Private Equity has reached an agreement to sell CorEvitas to Thermo Fisher Scientific. The sale is expected to be completed by the end of 2023, potentially providing a positive impact on Audax' stock price.
• CorEvitas has integrated five add-on acquisitions, enhancing its value proposition as an integrated data intelligence platform for the life sciences industry. This could lead to increased revenue and improved stock performance for Audax Private Equity.

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• None.

BOSTON & SAN FRANCISCO--(BUSINESS WIRE)-- Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner for North American middle market companies, announced today it has entered into a definitive agreement to sell CorEvitas, LLC (“CorEvitas”), a leading provider of real-world evidence for regulatory approved medical treatments and therapies, to Thermo Fisher Scientific Inc. (NYSE: TMO) (“Thermo Fisher”). The transaction is expected to be completed by the end of 2023.

Based in Waltham, MA, CorEvitas is a provider of real-world evidence, leveraging proprietary data to help pharmaceutical customers uncover clinical insights that lead to safer, more effective treatments and better patient care.

Audax invested in CorEvitas in December 2019 through Audax Private Equity Fund VI. During its hold period, CorEvitas integrated five add-on acquisitions, three of which were completed following Audax’ initial investment. These acquisitions helped bolster CorEvitas’ value proposition as an integrated data intelligence platform for the life sciences industry by generating new proprietary datasets and capabilities. Under Audax’ ownership, CorEvitas also accelerated organic growth through the launch of new syndicated clinical registries, entry into new therapeutic areas and expansion into international markets.

“The strategic sale represents a tremendous outcome for all involved,” said Audax Private Equity Partner Joe Rogers. “Thermo Fisher is gaining a great asset with a phenomenal management team, while CorEvitas will benefit from Thermo Fisher’s industry leadership, its global presence, and their deep relationships across healthcare. The combination with Thermo Fisher should only add momentum to CorEvitas’ impressive growth.”

“I want to thank Raymond Hill, Jeffrey Greenberg, MD, DB Kartik, and the entire CorEvitas team for their leadership over the last nine years and, in particular, the last three years under Audax’ ownership,” added Stephen Weaver, Managing Director at Audax Private Equity. “Our thesis was premised on recognizing the long-term tailwinds in the RWE space and helping the company build out its offerings and expand into other therapeutic areas, while complementing these organic initiatives with M&A. The management team was integral in crystallizing this vision and then executing against it to create tremendous value for the company and our investors.”

The successful realization of CorEvitas builds on Audax’ track record in healthcare, one of six core industry specializations within its Flagship fund. Since inception, Audax has invested in over 160 platforms and completed over 1,200 add-on acquisitions.

“Our team has built CorEvitas to become a leading company in the real-world evidence space, while maintaining focus on our core mission of advancing patient care,” noted Raymond Hill, CEO and Chairman of CorEvitas. “Audax has proven to be a first-rate partner, who aligned themselves to our mission, understood the nuances of our industry, and brought considerable resources to bear to help clear a path for accelerated growth.”

The sale to Thermo Fisher is subject to regulatory approvals and other customary closing conditions.

William Blair served as lead advisor and Guggenheim Securities LLC served as co-advisor, while Ropes & Gray served as legal advisor to CorEvitas and Audax Private Equity.

About CorEvitas

CorEvitas is a science-led, real-world data intelligence company. Using syndicated registry data and analytic services to understand the post-approval comparative effectiveness and safety of approved therapies, CorEvitas provides biopharmaceutical companies with objective data and clinical insights to demonstrate the value of their products to clinicians, patients, payers, and regulators. The company operates nine major autoimmune and inflammatory registries across the U.S., Canada, and Japan, collecting data from over 400 participating investigator sites, including collection of biosamples linked to the deep clinical data. CorEvitas also conducts client-sponsored registries through its Patient Powered Registries business, employing a transformative patient-focused registry model to support research needs for patient-centered outcomes across all therapeutic areas. The company’s regulatory-grade registry data is complemented by its Patient Experience business, supporting evidence-based patient engagement initiatives across the product lifecycle, as well as its Specialty EMR Data business and retinal data set. CorEvitas is headquartered in Waltham, MA. www.corevitas.com

About Audax Private Equity

Based in Boston and San Francisco, Audax Private Equity is a leading middle market investment firm with approximately $16 billion of assets under management, over 185 employees, and 85-plus investment professionals. Since its founding in 1999, the firm has invested in more than 160 platforms and 1,200 add-on acquisitions. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute on organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value.

Audax Private Equity is a part of Audax Group, a leading alternative investment manager with approximately $36 billion of assets under management. For more information, visit audaxprivateequity.com or follow us on LinkedIn.

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Zak Tramonti / Julie Rudnick

FGS Global

Audax@fgsglobal.com

Source: Audax Private Equity

FAQ

Who is selling CorEvitas?

Audax Private Equity is selling CorEvitas to Thermo Fisher Scientific.

When is the sale expected to be completed?

The sale is expected to be completed by the end of 2023.

What impact could the sale have on Audax' stock price?

The sale could potentially have a positive impact on Audax' stock price.

How has CorEvitas expanded under Audax' ownership?

CorEvitas has integrated five add-on acquisitions, expanded into international markets, and experienced organic growth under Audax' ownership.