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Movetis, the European gastrointestinal pharmaceutical company, has received a conditional offer from a Luxembourg incorporated wholly-owned subsidiary of Shire, the biopharmaceutical company.
The offer is to acquire all outstanding shares and warrants of Movetis at an offer price of EUR19.00 in cash per share, valuing the company’s equity, on a fully diluted basis, at EUR428m.
The public tender offer is expected to start upon approval by the Belgian supervisory authority of the bid prospectus.
Movetis’ board of directors unanimously support this offer and certain shareholders, including Sofinnova Partners, Sofinnova Ventures and Life Sciences Partners, holding in aggregate 38.9 per cent
Law firm Dechert has appointed M. Holland West, a private funds and derivatives lawyer, as a partner in the financial services practice group in New York.
West was previously at Shearman & Sterling, where he was the head of its global hedge fund, private equity, derivatives and structured finance practices.
He was also previously a partner at Cadwalader, Wickersham & Taft where he was the head of its asset management and derivatives practices, and an assistant general counsel at Goldman Sachs advising its capital markets, derivatives, and commodity businesses.
“Holland’s three decades of experience as a Wall Street lawyer adds
MBF Healthcare Partners, a middle market healthcare focused private equity firm, has sold Medical Specialties Distributors to private equity firm Water Street Healthcare Partners.
Medical Specialties Distributors, based in Massachusetts, is a provider of infusion products, supplies, biomedical services and technology solutions to the growing home infusion therapy market.
Medical Specialties Distributors offers customers a range of infusion equipment and disposable supplies, as well as services that encompass biomedical rental and repairs, equipment management and tracking, and formulary development.
The company employs more than 250 people, and operates eight fulfilment and service centres across the country.
"MSD has experienced tremendous
The proportion of activity coming from private equity groups fishing in each other’s portfolios for so-called “pass-the-parcel” deals has reached a record level, accounting for more than half of the almost EUR20bn of European buy-outs in the first six months of the year.
Mark Spinner, private equity partner and head of the corporate team at international law firm Eversheds, says direct investment opportunities continue to be scarce and in many cases expensive.
In addition, the increase in secondary activity has been fuelled by the fact that there are still a large number of underinvested funds raised in the boom years
Catalysed by new government policies favouring solar energy and multiple demand-driven opportunities for water-related companies, private equity and venture capital firms are focusing on these cleantech sectors, a report from Venture Intelligence shows.
The private equity and venture capital firms surveyed recently by Venture Intelligence chose water and wastewater engineering, energy efficiency, waste management and recycling, energy infrastructure, pollution control and cleantech in manufacturing/industrial environments as their favourite sectors within the industry.
Articles by private equity and venture capital investors and advisory firms in the report point to rising investor interest in solar energy.
Citing how the accelerated depreciation incentive
During the past 24 months Castle Private Equity’s geographical exposure to Asia has increased to 13.8 per cent.
Hans Markvoort, head of private equity investment solutions at LGT Capital Partners and lead manager of Castle Private Equity, says the Asian private equity landscape is a widely diverging geography with numerous opportunities.
China continues to be the key market for the fund, in particular for growth capital investments in private companies and small sized buyouts of state owned enterprises undergoing privatisation.
India is another area of interest, although the competitive intensity of this market and higher valuations must be taken into account.
Venture capital firm Cross Atlantic Capital Partners has invested USD4m in a USD6.1m series B financing for Health Market Science, a data and analytics provider for the healthcare industry.
Cross Atlantic led the round with follow-on investments from other institutional investors, including Edison Venture Fund.
Health Market Science is a source for healthcare provider data, software and regulatory compliance solutions in the US.
The investment will enable the company to accelerate development of its technology platform and compliance solutions.
“We believe the company’s data products and services help solve complex business challenges at the core of all healthcare company operations,”
Perella Weinberg Partners has appointed Steven Asciutto as a partner in its corporate advisory group.
Based in New York, Asciutto will focus on providing strategic and financial advice to investment managers and alternative asset managers.
Asciutto has nearly 15 years of investment banking experience. He was most recently a managing director in the financial institutions group at Bank of America Merrill Lynch, focusing on investment managers and alternative asset management firms.
Prior to that, Asciutto spent ten years at Morgan Stanley in its financial institutions group, where he served as head of the investment management advisory group.
Peter Weinberg, a
Payfone has closed its series B financing, with Opus Capital and BlackBerry Partners Fund joining founding series A investor RRE Ventures in a USD11m round.
Bob Borchers (pictured) of Opus Capital and Kevin Talbot of BlackBerry Partners Fund will join Payfone’s board of directors in connection with this financing.
Payfone has built the first mobile payments platform that leverages the capabilities of existing inter-operator networks. It connects application stores and content brands to mobile operators via existing network infrastructure.
"Mobile payments today are plagued by fraud and failure," says Rodger Desai, Payfone’s chief executive. "Payfone was built from the ground
RoundTable Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has established a platform business in the ophthalmology market.
The new platform company, Beaver-Visitec International, consists of ophthalmology products and assets recently acquired from BD (Becton, Dickinson and Company) and Medtronic.
Beaver-Visitec brings together the brands of Beaver blades, Visitec cannulas and instruments, Merocel and Weck-Cel ophthalmic fluid management products, and Wet-Field Eraser electrosurgery products.
Beaver-Visitec is the fifth platform company from RoundTable’s Fund II and the tenth in its current portfolio, joining five other medical device and four pharmaceutical entities.
"RoundTable’s platform investment in ophthalmology represents
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