PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Celtic Therapeutics announces first closing and two senior appointments

Celtic Therapeutics Management, a private equity firm based at Charlotte Amelie in the US Virgin Islands that focuses on building a portfolio of mid-to-late stage drug development progr

Celtic Therapeutics Management, a private equity firm based at Charlotte Amelie in the US Virgin Islands that focuses on building a portfolio of mid-to-late stage drug development programmes, has announced the first closing for Celtic Therapeutics Holdings and two senior appointments.

The management team plans to deploy the capital from the first closing for initial product acquisitions that are already advanced in the negotiation and due diligence process, while continuing to focus on raising funds towards their USD700m objective.

Celtic Therapeutics Holdings is a successor fund to Celtic Pharmaceutical Holdings.

Celtic Therapeutics is led by biotechnology industry veteran, Stephen Evans-Freke, and Dr Peter Corr, former senior vice president for science and technology and head of research and development at Pfizer and former president of research and development at Warner Lambert / Parke Davis Pharmaceuticals.

Michael Forer has joined as partner in charge of european origination, based in Lausanne, Switzerland.

Forer was previously co-founder of Bioscience Managers, a London-based advisory and private equity firm. Prior to that he was a member of the life science investment team at Rothschild Asset Management, managing a USD1bn portfolio of life science investments.

Celtic Therapeutics has also announced the appointment of Dr Tomasz Sablinski as managing director in charge of European development and a member of the executive committee of Celtic Therapeutics Development Services.

He was previously vice president at Novartis in charge of US clinical development and medical affairs.

Evans-Freke says: "With substantial commitments for our new fund now in hand, the majority of these from pension funds and investment management groups who participated in the predecessor fund, Celtic Pharmaceutical Holdings, we are entering the new year with the confidence that we will be able to achieve our fundraising objectives for Celtic Therapeutics in 2009 despite the uncertain global economic climate. Celtic Therapeutics is well positioned to take advantage of the extraordinary opportunities in the US and internationally to acquire some of the most exciting mid-stage drug development programs in the capital-starved global biotech sector."

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured

Blackstone Private Equity