CVC, a leading global private markets manager, today completed the previously announced acquisition of the Therakos business from Mallinckrodt plc (“Mallinckrodt”), a global specialty pharmaceutical company. The investment in Therakos from CVC Capital Partners Fund IX will provide the resources and expertise to further develop the business and its services which improve the lives of patients.
Therakos is the leading company in Extracorporeal Photopheresis (ECP) delivery systems for autologous immunomodulatory therapy. With approvals for use in the U.S., Canada, Europe, Japan, Australia, Latin America and South Korea, the Therakos’ systems are the platform-of-choice among healthcare providers and patients to treat a range of immune-related diseases.
Healthcare executives Michael Rechtiene and Sandra Thompson will be returning to lead the business as Co-CEO’s and have partnered with CVC Capital through the acquisition process. “We are incredibly excited to have another opportunity to invest in advancing the science and technology of ECP,” stated Michael Rechtiene. “We share the passion of the entire Therakos team for this therapy and the impact it has on the lives of patients globally,” added Sandra Thompson.
Cathrin Petty, Managing Partner and Global Head of Healthcare, said: “We are delighted with this latest addition to our healthcare portfolio. We are committed to building a world class photophoresis company under the outstanding leadership of Mike and Sandra, and CVC has a strong track record in delivering corporate carve outs. We would like to thank the entire Mallincrodt team for their hard work and committment to delivering this carve out with us. Phil Robinson, Senior Managing Director at CVC added: “We see significant opportunities ahead to expand Therakos and bring this innovative treatment to more patients around the world.”
UBS is serving as CVC’s financial advisor, together with Freshfields Bruckhaus Deringer (legal counsel), PWC (financial) and Candesic (commercial).