Private equity company Avista Capital Partners has acquired Taconic Biosciences, a provider of genetically engineered research models (GEMs) and related services, from H.I.G. Capital.
Transaction terms were not disclosed.
Taconic, an organization established in 1952 with headquarters in Rensselaer, New York, focuses on genetically altered research models and services, particularly murine models for use in drug discovery research and non-clinical safety assessment. Taconic provides its goods and services under the following four main headings: GEMs, standard models, colony management, and the creation of bespoke models.
40 of the top 50 pharmaceutical firms in the world, biotech clients, contract research organizations, as well as governmental and academic research institutes, are among the company’s clientele.
Partner at Avista Rob Girardi stated: “Our purchase of Taconic marks Avista’s ninth investment in the outsourced pharmaceutical services industry, a testament to the value and development potential we continue to perceive in the area. We think Taconic is well-positioned to continue its growth trajectory in the lucrative GEMs market given its reputation for high-touch consulting service, diversity of high-quality models, and established track record of innovation. We are eager to assist Taconic’s strategic initiatives as they move forward.
“We are thrilled to work with CEO Nancy Sandy and the team to grow upon Taconic’s market-leading reputation,” said Garrett Lustig, principal at Avista. We look forward to assisting Taconic to take advantage of the possibility of continuing organic expansion and smart acquisitions by leveraging Avista’s sector knowledge, operational skills, and financial resources.
The chief executive officer of Taconic, Nancy Sandy, stated: “Avista’s backing will enable us to provide our clients with even more improved therapeutic drug development and safety testing goods and services, as we have done for 70 years, enabling for quicker improvements in human health. We anticipate gaining from the expertise and resources of the company as we expand our business. Avista has a proven track record of generating value for businesses in the outsourced pharma services sector.