December 21 2020 14:00 UTC
WALTHAM, Mass .– (COMMERCIAL THREAD) – Nordic Capital and Astorg today announced an agreement to jointly acquire Cytel Inc. (âCytelâ) from New Mountain Capital. Cytel Inc. is a leading provider of statistical and advanced analytics software for clinical trial design and biometric execution. Building on Cytel’s advanced software platform and leading biometric service offerings, the new owners will invest in the continued development of the company and its software. Cytel’s mission is to continue to provide life science companies with cutting-edge clinical trial optimization technologies and to harness the full value of their clinical and real-world data. Cytel’s leadership team, led by CEO Josh Schultz, will continue to lead the organization, building on a strong history of organic growth and strategic acquisitions.
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Cytel is recognized as an industry pioneer in adaptive clinical trials and other innovative quantitative methods, helping biotech and pharmaceutical companies reduce risk, increase R&D productivity, and support medical innovation, by improving the speed, productivity and efficiency of clinical trials. The company was founded over 30 years ago by renowned statisticians Cyrus Mehta and Nitin Patel, thought leaders in statistical science, who will continue to be active in the company.
Based in Waltham, Massachusetts, Cytel has more than 1,500 employees in North America, Europe and Asia. Cytel’s software and services are used by more than 500 life science customers, including the world’s 30 largest pharmaceutical companies, as well as regulatory bodies such as the FDA.
âWe are delighted to welcome Nordic Capital and Astorg as new owners and partners. They have a long history of commitment to medicine and data science, and we share several common experiences in the development and growth of leading companies in the field of health and technology. this common base of vision and values ââthat makes them ideal to support our continued growth and strategy. With Nordic Capital and Astorg, we have strong new partners by our side with networks of expertise, a cultural fit and a focus on innovation and quality that will benefit both our clients and our employees. I would also like to thank New Mountain Capital for their support over the past few years. They have helped us achieve our strategic goals and we are now ready to take the next step in our journey, âsaid Joshua Schultz, CEO, Cytel.
âCytel is a fantastic company. We have been impressed with its unique position, outstanding reputation and trust in complex clinical trials and statistical science, and we look forward to supporting Cytel’s expansion in partnership with the management team and founders, âsaid said Judith Charpentier, Partner and Head of Healthcare, Astorg. âTogether, we will fuel the growth of Cytel, with a shared vision of creating a leading provider of advanced analytics and software for the life sciences industry,â said Daniel Berglund, Partner, Nordic Capital Advisors .
âWe are proud of Cytel’s leadership position and growth in enabling the optimization of clinical trials for the advancement of life-saving therapies. Over the past three years, New Mountain has supported Cytel’s transformation into a leading analytics and pharmaceutical technology platform through strategic acquisitions and the creation of organic businesses, âsaid Kyle Peterson, Director General of New Mountain Capital.
âNew Mountain partnered with Cytel in 2017 following the company’s deep exploration of the life sciences and technology-driven business service companies, which both improve quality and reduce costs. We believe in the strong value proposition of the company and are confident that the management of Cytel, in partnership with Nordic Capital and Astorg, will continue the successful course of the company, âsaid Matt Holt, Managing Director and President of Private Equity at New Mountain Capital. .
Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.
Barclays and Rothschild & Co served as financial advisers to New Mountain Capital.
Cytel is the leading provider of statistical and advanced analytics software for the design and execution of clinical trials. For more than thirty years, Cytel’s scientific rigor and operational excellence have enabled biotech and pharmaceutical companies to navigate uncertainty, prove their worth, and make safe, evidence-based decisions. Its experts provide cutting-edge software, data-driven analytics, hard evidence, and strategic advice. Based in Waltham, Massachusetts, Cytel has more than 1,500 employees in North America, Europe and Asia. For more information about Cytel, please visit us at www.cytel.com.
About Nordic Capital
Nordic Capital is a leading private equity investor with a strong commitment to building stronger, more sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors for which it has extensive experience and a long history. The targeted sectors are healthcare, technology and payments, financial services and, selectively, industrial and commercial services. The key regions are Europe and the world for healthcare and technology investments and payments. Since its creation in 1989, Nordic Capital has invested more than 15.5 billion euros in more than 110 investments. The most recent fund is Nordic Capital Fund X with â¬ 6.1 billion of committed capital, mainly provided by international institutional investors such as pension funds. Nordic Capital Advisors has local offices in Sweden, Denmark, Finland, Norway, Germany, UK and USA. For more information on Nordic Capital, please visit www.nordiccapital.com
Footnote: âNordic Capitalâ refers to all or part of the Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by several non-discretionary sub-advisor entities, all or part of which is referred to as âNordic Capital Advisorsâ.
Astorg is a leading independent private equity firm with over â¬ 9 billion in assets under management. We work with entrepreneurs and management teams to acquire market-leading global companies headquartered in Europe or the United States, providing them with the strategic advice, governance and capital they need to achieve their goals. growth. Astorg benefits from a distinct entrepreneurial culture, a long-term shareholder perspective and a light decision-making body. We have valuable industry expertise in healthcare, software, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg. For more information on Astorg: www.astorg.com. Follow us on LinkedIn.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business creation and growth rather than leverage, as it seeks long-term capital appreciation. The company currently manages private equity, private equity and credit funds with $ 28 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors, then works intensely with management to create value from these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com