Nordic Capital and Astorg invest in pharmaceutical technology and advanced analytics company
Nordic
Capital and Astorg today announced an agreement to jointly acquire
Cytel Inc. (“Cytel”), from New Mountain Capital. Cytel is one of the
largest providers of statistical software and advanced analytics for
clinical trial design and biometrics execution. Building on Cytel’s
advanced software platform and leading biometrics services offerings, the
new owners will invest in the continued development of the business and
its software. Cytel’s mission is to continue providing life
sciences companies with cutting-edge clinical trial optimization
technologies and harness the full value of their clinical and real-world
data. Cytel’s management team, led by CEO Josh Schultz, will continue to
lead the organization, building on a strong track-record of organic growth and
strategic acquisitions.
Cytel
is recognized as an industry pioneer of adaptive clinical trials and
other innovative quantitative methods, helping biotech and pharmaceutical
companies to reduce risk, increase R&D productivity and support
medical innovation, improving speed, productivity and efficiency of
clinical trials. The Company was founded over 30 years ago by renowned
statisticians Cyrus Mehta and Nitin Patel, thought-leaders in statistical
science, who will continue to be active in the Company.
Headquartered
in Waltham, Massachusetts, Cytel has more than 1,500 employees across
North America, Europe and Asia. Cytel’s software and services are used
by over 500 life sciences customers, including the world’s 30 top
pharmaceutical companies, as well as regulatory bodies such as the FDA.
“We
are delighted to welcome Nordic Capital and Astorg as our new owners
and partners. They have an extensive track-record of commitment to
medicine and data science, and we share several common experiences in
developing and growing leading healthcare and technology businesses. It is
this common foundation of vision and values which makes them ideal to
support our continued growth and strategy. With Nordic Capital and Astorg, we have strong new partners at
our side with expertise networks, cultural fit and a
focus on innovation and quality that will benefit both our customers and employees. I also
want to thank New Mountain Capital for their support over the last several
years. They have helped us achieve our strategic objectives and we are now ready
to take the next step on our journey,” said Joshua Schultz, CEO, Cytel.
“Cytel is a fantastic company. We’ve been
impressed with its unique position, outstanding reputation and trust within complex
clinical trials and statistical science, and we look forward to supporting Cytel’s
expansion in partnership with the management team and founders,” said Judith
Charpentier, Partner and Head of Healthcare, Astorg. “Together, we will fuel
Cytel’s growth, with a shared vision of building a leading provider of advanced
analytics and software for the life sciences industry,”
said Daniel Berglund, Partner, Nordic Capital Advisors.
“We are proud of Cytel’s leading position and
growth in enabling clinical trial optimization for the advancement of life-saving
therapeutics. Over the past three years, New Mountain supported the
transformation of Cytel into a cutting-edge pharma technology and analytics platform
through strategic acquisitions and organic business building,” said Kyle Peterson,
Managing Director, New Mountain Capital. “New Mountain partnered with Cytel in
2017 as a result of the firm’s sector deep dive in life sciences and
technology-enabled business service companies that both
raise quality and lower cost. We believe in the strong value proposition of the Company
and are confident that Cytel’s management, in partnership with Nordic Capital
and Astorg, will continue the Company’s successful path forward,” said Matt Holt,
Managing Director, and President of Private Equity at New Mountain Capital.
The terms of the transaction were not
disclosed. The transaction is subject to customary regulatory approvals.
Barclays and Rothschild & Co served as
financial advisors to New Mountain Capital.
About
Cytel – Cytel is the largest provider of statistical software and advanced
analytics for clinical trial design and execution. For over thirty years,
Cytel’s scientific rigor and operational excellence have enabled biotech
and pharmaceutical companies to navigate uncertainty, prove value and make
confident, evidence-based decisions. Its experts deliver industry-leading
software, data-driven analytics, real-world evidence and strategic
consulting. Headquartered in Waltham, Massachusetts, Cytel has more than
1,500 employees across North America, Europe and Asia. For more
information about Cytel, please visit us at www.cytel.com.
About
Nordic Capital – Nordic Capital is a leading private equity investor with
a resolute commitment to creating stronger, sustainable businesses through
operational improvement and transformative growth. Nordic Capital focuses
on selected regions and sectors where it has deep experience and a long
history. Focus sectors are Healthcare, Technology & Payments,
Financial Services, and selectively, Industrial & Business Services.
Key regions are Europe and globally for Healthcare and Technology
& Payments investments. Since inception in 1989, Nordic Capital has
invested more than EUR 15.5 billion in over 110 investments. The most
recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed
capital, principally provided by international institutional investors
such as pension funds. Nordic Capital Advisors have local offices in
Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further
information about Nordic Capital, please visit www.nordiccapital.com.
About
Astorg – Astorg is a leading independent private equity firm with over €9
billion of assets under management. We work with entrepreneurs and
management teams to acquire market leading global companies headquartered
in Europe or the US, providing them with the strategic guidance,
governance and capital they need to achieve their growth goals. Astorg
enjoys a distinct entrepreneurial culture, a long-term shareholder perspective,
and a lean decision-making body. We have valuable industry expertise in
healthcare, software, business-to-business professional services and
technology- based industrial companies. Astorg has offices in
London, Paris, New York, Frankfurt, Milan and Luxembourg. For more
information about Astorg: www.astorg.com.
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About
New Mountain Capital – New Mountain Capital is a New York-based investment
firm that emphasizes business building and growth, rather than debt, as it
pursues long-term capital appreciation. The firm currently manages private
equity, public equity, and credit funds with $28 billion in assets under
management. New Mountain seeks out what it believes to be the highest quality
growth leaders in carefully selected industry sectors and then works
intensively with management to build the value of these companies. For
more information on New Mountain Capital, please visit www.newmountaincapital.com