Goodwin’s Private Equity, Healthcare, and Life Sciences teams advised Webster Equity Partners on three concurrent transactions, including: (i) the purchase of a 50% interest in Corium Pharma Solutions, Inc. (Corium Pharma), a CDMO formed through a spinoff of the contract development and manufacturing business of Corium, Inc. (Corium), with private equity firm Gurnet Point retaining 50% and Silicon Valley Bank providing debt financing; (ii) a substantial minority investment in Corium Therapeutics Holdings, LLC (Therapeutics), a neuroscience therapeutics commercialization company owned by Gurnet Point; and (iii) a substantial minority investment in the parent company of Radius Health, Inc. (Radius Health), a biopharmaceutical company focused on bone health and neuro-orphan diseases, acquired in partnership with Gurnet Point and Patient Square Capital in a take-private transaction in August 2022.
The transaction involved a close collaboration between Goodwin’s Webster team of private equity-healthcare lawyers headed by John LeClaire and a Goodwin life sciences team headed by Kingsley Taft, with support from many over six months of work. It offers yet another example of the increasing integration of healthcare services and life sciences companies and investors, a trend with an increasing number of examples including the combination of life sciences investment firm Abingworth earlier this year with the healthcare unit of private equity firm Carlyle, with Goodwin acting for Abingworth.
Webster, founded in 2003, is a Waltham, Massachusetts based private equity firm that focuses on control acquisitions of U.S. companies in the U.S. healthcare services sector with an initial EBITDA between $10 million and $25 million, with a special focus on roll ups and build ups.
Therapeutics is a commercial-stage biopharmaceutical company focusing on the development and commercialization of central nervous system healthcare therapies that provide clinicians with important treatment options for patients, their families, and their caregivers.
Radius Health is a global biopharmaceutical company focused on addressing unmet medical needs in the area of bone health.
Gurnet Point is an investment fund that enables established healthcare and life science businesses to accelerate growth and achieve their long-term vision.
Patient Square is dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health.
The deals teams for this transaction included (on the PE/healthcare services side) John LeClaire, Chris Wilson, Lindsay Reed, Michael Cain, Alex Alvarez, Cynthia Tremonte, and June Koo (Corporate M&A); (on the life sciences side) Kingsley Taft, Laurie Burlingame, Kathleen Kean, and Jake Hays (Corporate Life Sciences); David Patton (Tax); Anna Dodson, Christopher Steinroder, Wendy Lisman, and Ruby Wong (Debt Finance); Christopher Denn, and Xiaowei Wu (IP Life Sciences); Theresa Kavanaugh (Patent Life Sciences); Joel Lehrer (IP); Douglas Kline and Kelly Grosshuesch (IP Litigation); Lee Douhitt and Ana Alvarado (Employment); Malhar Naik, Bradley Stewart, and Zoe Li (ERISA & Executive Compensation); Roger Cohen and Simone Otenaike (Healthcare Regulatory); Boris Segalis and Karl Dragosz (Data, Privacy & Cybersecurity); Julie Tibbets, Steven Tjoe, Elizabeth Mulkey, and Joe Thomas (FDA); Nate Brodeur (Environmental); Kim Ginsburg (Real Estate); Ai Tajima and Shelby Hecht (RWI); Arman Oruc and Simone Waterbury (Antitrust); and Jim Donohue, Amy Gelfman and Arturo Cruz (Fund Formation); with invaluable assistance from Ludwell Strickler, Keith Janowitz, Danny Adames, and Michael McKenney.
For more details, read the press release.