PE Tech Report


Like this article?

Sign up to our free newsletter

NovaQuest Capital Management acquires TechAccel’s interest in Covenant Animal Health Partners

NovaQuest Capital Management (NovaQuest), a biopharma and life sciences investment firm specialising in human and animal health investing, has acquired TechAccel’s ownership stake in Covenant Animal Health Partners (Covenant). 

Covenant is a novel product development partnership originally formed by TechAccel and Reliance Animal Health Partners (Reliance) in 2018.

The acquisition leverages NovaQuest’s capital and expertise, and Covenant’s development and registration know-how and ability to bring “revenue-ready” animal health products to market. Covenant will address critical market needs across production and companion animals and will advance new assets into industry partner portfolios.

“We are truly excited to be a part of Covenant and work with their accomplished industry leaders,” says Brian Axe, Managing Director at NovaQuest. “The investment in Covenant will allow NovaQuest to expand the development universe and continue to support innovation growth in animal health.”

“NovaQuest brings welcome infrastructure and resources to Covenant’s revenue-ready business model,” says Michael Helmstetter, PhD, President, and Chief Executive Officer of TechAccel. “This acquisition is a win for all involved and we at TechAccel, while no longer having ownership in Covenant, look forward to a new phase of collaboration with NovaQuest and Covenant in advancing animal health with innovation.”

“Covenant is excited to move into the next phase of our growth as a development engine for the animal health industry,” says Dr Overbay, CEO of Covenant. “We are appreciative and thankful to TechAccel for their confidence and support in laying the foundation for the company. Having NovaQuest’s backing and the experience of the NovaQuest team, positions us to take full advantage of the company’s capability to lead innovation for the benefit of the animal health industry and, more importantly, for the benefit of animals as well as their owners and caretakers around the world.”

“This is a historic milestone for NovaQuest animal health and will be instrumental in advancing our funding commitment to the animal health industry across products and companies,” says Jonathan Tunnicliffe, Chief Investment Officer of NovaQuest.

Wyrick Robbins Yates & Ponton LLP acted as legal counsel to NovaQuest, Polsinelli acted as legal counsel to TechAccel, and Barbara Renda, Esq. acted as legal counsel to Reliance.

Like this article? Sign up to our free newsletter