RoundTable Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has completed the sale of Bioniche Pharma Holdings to Mylan, a pharmaceutical company, for USD550m in cash.
Bioniche Pharma is a sterile injectable pharmaceutical company based in Galway, Ireland, with a majority of its sales in the US.
Since its initial investment in 2006, RoundTable actively supported the company’s growth initiatives via the addition of several key members of the senior management team, a business development programme and investments in product development, including a new R&D facility in Galway.
Jack McGinley (pictured), founding partner of RoundTable and chairman of Bioniche Pharma, says: "The Bioniche Pharma team, led by chief executive Steve Thornton, did an excellent job of creating a significant, high quality company in the specialty injectables marketplace with excellent growth prospects, robust cash flows and high margins. We are thankful to the Bioniche Pharma management team and employees for such a great effort and wish them continued success as part of Mylan."
Steve Thornton, chief executive of Bioniche Pharma, adds: "RoundTable’s pharmaceutical operating expertise and industry knowledge significantly helped accelerate Bioniche Pharma’s growth. In addition, the transaction team worked closely with our team to source, identify and execute multiple accretive transactions which provided us with the cash flow to invest in long-term product development."
The sale of Bioniche Pharma marks the first portfolio realisation for RoundTable’s USD500m Fund II which closed in March 2005.