The transaction focuses on Therakos, a delivery system for autologous immunomodulatory therapies that is approved to treat a range of immune-related diseases across the US, Canada, Europe, Japan, Australia and Latin America. The deal also includes key employees who work on the delivery platform, who will transition to CVC Capital along with the business.
The technology behind Therakos is known as extracorporeal photopheresis (ECP), where a small amount of white blood cells are collected from the patient and treated to modulate the immune response. In the US alone, the Therakos ECP treatment is available in approximately 170 centers.
"We see significant opportunities ahead to expand Therakos' indications, enter new geographies and bring this innovative treatment to more patients around the world. We look forward to working closely with the talented Therakos team and adding this best-in-class ECP system with an unparalleled efficacy, safety and tolerability profile to our portfolio of healthcare businesses." said Cathrin Petty, Managing Partner, and Phil Robinson, Managing Director at CVC Capital Partners.
Autologous immunomodulatory therapies
Based in Luxembourg, CVC Capital Partners is a venture capital firm with a large portfolio of life sciences companies across pharma, med-tech and healthcare service industries. The acquisition of Therakos happened under the company’s ninth fund, which closed at €26 billion in July 2023. With Therakos now in its portfolio, the firm plans to continue investing in the expansion of the platform’s indication and geographic locations.
Mallinckrodt, a global pharmaceutical company with headquarters in Dublin, Ireland, consists of multiple subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. In the announcement of the Therakos acquisition, which is expected to close later this year, the company stated its intentions to use the proceeds from the acquisition to reduce its debt by more than 50%.
"Today's announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders," said Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt. "This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees."
