Private equity firm GTCR has completed the previously announced sale of its portfolio company Cord Blood Registry (CBR) to AMAG Pharmaceuticals (AMAG), a specialty pharmaceutical company that focuses on maternal health and haematology, for USD700 million.
Founded in 1992, CBR is the world’s largest newborn stem cell company, entrusted by parents with storing over 600,000 stem cell samples. CBR is dedicated to supporting the clinical application of cord blood and cord tissue stem cells by partnering with institutions to establish FDA-regulated clinical trials for conditions that have no cure today. The Company provides services which enable expectant families to preserve their child's umbilical cord blood stem cells and cord tissue samples for potential future medical use by the child or a related family member. CBR has helped a significant number of families use their cord blood stem cells for established and experimental medical treatments. The Company’s goal is to expand the potential scope of newborn stem cell therapies that may be available to patients and their families.
In September 2012, GTCR partnered with life sciences executive Geoffrey Crouse to acquire and transform CBR. As part of the transaction, Crouse joined the Company as CEO. Together, GTCR and Crouse recruited a senior management team, transformed the digital marketing strategy and further leveraged CBR’s strong industry leadership position to grow the business. By further refining CBR’s commercial infrastructure, GTCR and Crouse have enabled more effective communication with consumers and OB/GYNs, creating an attractive platform to offer additional products and services in the consumer health and maternal health markets.
Houlihan Lokey served as CBR’s financial advisor and Kirkland & Ellis LLP provided legal counsel. Deutsche Bank Securities Inc. and Jefferies LLC served as AMAG’s financial advisors and Goodwin Procter LLP provided legal counsel.
