Private Equity Firm Backs Purchase of Lyophilization CDMO LSNEBy
An undisclosed company backed by Permira, a London-headquartered private equity firm, has agreed to acquire Lyophilization Services of New England (LSNE), a contract development and manufacturing organization that specializes in aseptic fill/finish and lyophilization services and provides development and manufacturing services to the pharmaceutical, biotechnology, and medical device industries.
As part of the transaction, LSNE founder and chief executive officer (CEO), Matt Halvorsen, will maintain a significant equity stake in the company and will continue to lead the company in his current role. In addition, Claes Glassell, the former CEO of CMC Biologics, will join as chairman of the board of LSNE in support of the management team and growth strategy.
The Permira funds’ investment will support LSNE’s growth opportunities, including expanding the company’s service capacity, addressing commercial-stage opportunities, extending its capabilities in manufacturing and development services, and pursuing selective acquisitions.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second quarter 2017.