HEALTH TECHNOLOGY

Harris Williams Advises The CM Group on its Pending Sale to OPEN Health

Harris Williams | August 01, 2022 | Read time : 04:00 min

Harris Williams

Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising The CM Group, a portfolio company of NaviMed Capital (NaviMed), on its pending sale to OPEN Health, a portfolio company of Astorg. The CM Group is a leading medical communications platform offering a set of integrated solutions to the U.S. domestic biotech and pharma industries. The transaction is being led by Paul Hepper, Nick Owens, Lucas Scholl, Rob Crampton and Gabby Struckell of the Harris Williams Healthcare & Life Sciences Group.

“Investor interest in outsourced pharma commercialization services is driven by complex therapies becoming an increasing portion of new drug launches, declining access to physicians, and the increasing importance of directly reaching patient populations. Differentiated platforms such as The CM Group are benefiting disproportionally from these trends,” said Paul Hepper, a managing director at Harris Williams.

“The combination of OPEN Health and The CM Group brings together two best-in-class commercialization businesses, with stellar reputations in the industry and an exciting opportunity to service leading pharmaceutical companies globally,” said Nick Owens, a director at Harris Williams.

Harris Williams was a phenomenal partner and exceeded our expectations throughout the transaction. The team’s knowledge of the sector and extensive buyer relationships led to an optimal outcome. We look forward to the next phase of growth with the OPEN Health and Astorg teams and are excited about building a global leader in pharma commercialization,”

Daniel Leonard, CEO of The CM Group

Grounded in science—and powered by the patient voice—The CM Group is an integrated healthcare agency of innovative and imaginative subject-matter experts dedicated to providing scientific and commercialization strategies and services to the life sciences industry.

NaviMed is a Washington, D.C.-based private capital firm with over $400 million of assets under management, focused exclusively on the healthcare industry. NaviMed invests in fast-growing lower-middle market healthcare businesses that it believes are poised to benefit from the reform and technology innovation reshaping the healthcare industry. The firm focuses on healthcare services, healthcare IT, hospital products and pharmaceutical services businesses. NaviMed targets profitable private companies with up to $10 million of EBITDA and double-digit revenue growth. NaviMed’s senior investment team has a track record of value creation spanning, in the aggregate, dozens of investments and more than $11 billion of enterprise value created over the course of their combined careers.

OPEN Health brings together deep scientific knowledge, global understanding, and broad specialist expertise to support its clients in improving health outcomes and patient wellbeing. OPEN Health is united as one flexible organization, harnessing the power of the collective to solve complex challenges.

Astorg is a European private equity firm with over €17 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the U.S., providing them with the strategic guidance, governance and capital they need to achieve their growth plans. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London; Paris; New York; Frankfurt, Germany; Milan; and Luxembourg.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc.

The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. 

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

Spotlight

When your child’s body produces too much heat (e.g., when running vigorously) or is unable to cool down when exposed to intensive heat (e.g., sitting in a hot car with the windows rolled up), it struggles to maintain a normal internal body temperature.


Other News
HEALTH TECHNOLOGY

TELUS and LifeWorks receive court approval and key regulatory approvals for proposed acquisition

TELUS Corporation | August 12, 2022

TELUS Corporation and LifeWorks Inc. announced that the Ontario Superior Court of Justice has granted its final order approving the plan of arrangement in respect of the acquisition by TELUS of LifeWorks previously announced on June 16, 2022. TELUS and LifeWorks also announced that the Competition Bureau of Canada has issued a no action letter in respect of the Arrangement. Accordingly, Competition Act Approval, as defined and as required by the Arrangement Agreement previously entered into between LifeWorks and TELUS, has been obtained. In addition, the applicable waiting period in relation to the Arrangement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with the result that the acquisition is clear to proceed in the United States as well as Canada. The Court Approval, the Competition Act Approval and the HSR Approval are significant milestones toward closing TELUS’ acquisition of LifeWorks and follows LifeWorks’ shareholder approval, which was obtained at a special meeting of LifeWorks’ shareholders on August 4, 2022. Pending receipt of regulatory approvals in the United Kingdom and Australia, and the satisfaction of customary closing conditions, the Arrangement is expected to proceed to closing which is anticipated to be on or about the fourth quarter of 2022. “We are pleased to have reached this significant milestone, with clearance to proceed with the TELUS – LifeWorks transaction in Canada and the United States. Importantly, we have seen overwhelming support from LifeWorks’ team members, customers and shareholders, and I am confident that the potent combination of the respective skills and capabilities of LifeWorks and TELUS Health will create a world-leading, end-to-end, digital-first employee primary and preventative healthcare, mental health and wellness platform, covering more than 50 million lives, and growing, on a global basis. We look forward to welcoming LifeWorks employees into our TELUS family so that, together, we can help even more people around the world lead their healthiest and most productive professional and personal lives.” Darren Entwistle, President and CEO of TELUS “This is an exciting new chapter for LifeWorks and together with TELUS we will be able to accelerate our shared vision of empowering individuals to take a more proactive role in the management of their health by unifying the continuum of care through digital-first innovations, as well as our unmatched in-person care,” said Stephen Liptrap, President and CEO of LifeWorks. “Our two organizations are aligned as leading purpose-driven companies that are committed to improving the lives of people around the world.” About TELUS Corporation TELUS is a dynamic, world-leading communications technology company with $17 billion in annual revenue and 17 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Our social purpose is to leverage our global-leading technology and compassion to drive social change and enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of TELUS’ global-leading networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to the people, resources and information that make our lives better. TELUS Health is Canada’s leader in digital health technology, improving access to health and wellness services and revolutionizing the flow of health information across the continuum of care. TELUS Agriculture & Consumer Goods is a global technology provider of innovative data insights and digital solutions, creating a unified, trusted and sustainable value chain. TELUS International is a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands across high-growth industry verticals, including tech and games, communications and media and ecommerce and FinTech. TELUS and TELUS International operate in 28 countries around the world. Driven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy to give where we live has inspired TELUS, our team members and retirees to contribute more than $900 million, in cash, in-kind contributions, time and programs, and 1.8 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world. Together, let’s make the future friendly. About LifeWorks LifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals – mental, physical, financial and social. As the trusted leader in mental health and wellbeing, LifeWorks delivers a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business. Guided by our purpose to improve lives and improve business, we help our clients improve the wellbeing of their people, we help them improve workforce engagement and productivity, thereby improving the performance of our clients’ organizations. LifeWorks is a publicly traded company on the Toronto Stock Exchange (TSX: LWRK). LifeWorks has approximately 7,000 employees, 25,000 clients, and serves 36 million individuals and their families in more than 160 countries.

Read More

HEALTHTECH SECURITY

Komodo Health Appoints Lauren Stahl as Head of Sales

Komodo Health | September 29, 2022

Healthcare technology company Komodo Health announced that Lauren Stahl has been appointed as the company’s Vice President and Head of Sales, effective immediately. In this capacity, Stahl’s responsibilities include sales team leadership across Komodo’s entire portfolio of customers, overseeing operational strategy to drive business efficiencies amid year-over-year growth and market expansion. As Komodo’s new Head of Sales, Stahl will oversee the company’s entire sales organization, with responsibilities for driving business and revenue growth as Komodo scales its offerings and footprint across more than a dozen market segments. Today’s appointment is the latest example of strategic business enhancements being made to power the next phase of innovation, growth, and productivity for the company. The new sales structure will further optimize business development and customer collaboration opportunities as the company introduces new capabilities across its technology platform and software applications. “Lauren has demonstrated an exceptional track record of deepening customer relationships and unlocking new market and customer sales channels. As Komodo continues to invest in its end-to-end technology platform, having Lauren at the helm of our sales teams will only further accelerate our efforts to put Komodo’s best-in-class technology platform and patient-centric insights in the hands of organizations across Life Sciences, payers, government entities, and more.” Aswin Chandrakantan, MD, Chief Operating Officer at Komodo Health Stahl has been driving value for Komodo and its customers for more than three years, quickly rising through the ranks as an individual sales executive to their most recent position as Komodo’s Vice President of Healthcare Sales, where Lauren and their team focused on strategic partnerships with a variety of healthcare innovators to deliver data-driven impact for health plans, digital marketers, consultancies, and more. In this new role overseeing Komodo’s entire sales organization, Stahl will serve as a key sales leader to deliver impact in new market segments and continue to drive hypergrowth revenue for the company. “I’m humbled and inspired to expand my leadership responsibilities and am eager to continue building on the company’s success and impact in the market,” said Stahl. “Representing Komodo means being a champion for how we are redefining the way healthcare and Life Sciences companies drive innovation into the market. Our technology platform and solutions empower our customers to transform extraordinary amounts of data into rich and meaningful insights that can improve health outcomes.” Stahl brings nearly 15 years of deep healthcare expertise to this new role, along with extensive financial and sales knowledge drawn from their career on Wall Street and leadership at several digital health companies. Before joining Komodo, Stahl was Head of Customer Success at Datavant, and was previously the CEO and founder of Sparkite, a company focused on addiction and substance abuse aftercare treatment. About Komodo Health Komodo Health is a technology platform company creating the new standard for real-world data and analytics by pairing the industry’s most complete view of patient encounters with enterprise software and machine learning that connects the dots between individual patient journeys and large-scale health outcomes. Across Life Sciences, payer, provider, and developers, we help our customers unearth patient-centric insights at scale — marrying clinical data with advanced algorithms and AI-powered software solutions to inform decision making, close gaps in care, address disease burden, and help the enterprise create a more cost-effective, value-driven healthcare system.

Read More

HEALTH TECHNOLOGY

RefleXion Announces Multi System Contract with Select Healthcare

RefleXion Medical | August 22, 2022

RefleXion Medical, a therapeutic oncology company pioneering biology-guided radiotherapy* a new modality that uses emissions generated from the cancer itself to direct radiotherapy, announced a three-system contract with Select Healthcare, a developer of affiliated cancer facilities throughout the United States. The multi-year, multi-site contract will create new free-standing treatment centers that showcase the dual modality of the RefleXion® X1 platform for treating all stages of cancer with external beam radiotherapy. “The creation of these initial three new free-standing radiotherapy centers will bring RefleXion’s novel BgRT to local communities so that patients with solid tumor cancers can receive state-of-the-art cancer care near their home. The X1 is the only system to offer breakthrough motion management for moving tumors using biological guidance and anatomic guidance for earlier stage cancers. We envision that this future capability will be attractive to our physician partners because it brings radiotherapy as a new treatment option to patients with late-stage cancer.” Matthew Cutler, CEO, president and founder of Select Healthcare Solutions The RefleXion X1 machine with BgRT is designed to overcome the technical limitations that restrict radiotherapy to one or two tumors. Instead, it will one day allow radiotherapy to reach more tumors during the same treatment session, even those tumors that move due to patient motion, such as breathing or digestion. “We applaud the Select Healthcare vision of bringing advanced cancer care to patients being treated at the community level through the establishment of these new centers,” said Todd Powell, president and CEO of RefleXion. “As we move forward commercializing the X1 and our future release of BgRT, we are proud to count Select Healthcare among our early customers.” BgRT uses emissions from a patient’s cancer cells created by injecting a small amount of a targeting molecule carrying a positron-emitting radioisotope, known as a PET tracer, to guide EBRT. As the PET tracer binds to the tumor cells, it produces emissions that signal the cancer’s location. The RefleXion X1 machine design integrates PET arcs with a linear accelerator to detect these emissions and then direct radiotherapy to each tumor. About Select Healthcare Select Healthcare provides capital-intensive and leading-edge medical technologies and services to local medical communities for the direct benefit of their patients in a cost-effective manner and has successfully led the development and/or acquisition of over 25 healthcare projects in California, Arizona, Nevada, Washington, Idaho, Alaska and the New England area. The first Select Healthcare center offering BgRT is expected to open in late 2023. About RefleXion Medical RefleXion is a privately held medical device company founded in 2009. RefleXion’s biology-guided radiotherapy is the first and only technology that uses a single radiotracer injection to transform cancer cells into real-time biological beacons that guide radiotherapy delivery. Granted Breakthrough Device designation by the FDA for use in lung tumors, BgRT is designed to expand radiotherapy from single to multiple tumor therapy for all stages of cancer. The RefleXion X1 is currently cleared for stereotactic body radiotherapy stereotactic radiosurgery and intensity modulated radiotherapy for tumors located anywhere in the body.

Read More

HEALTH TECHNOLOGY

Alexandra Clyde appointed to Sequana Medical Board of Directors

Sequana Medical NV | August 29, 2022

Sequana Medical NV a pioneer in the treatment of drug-resistant fluid overload in liver disease, heart failure and cancer, announces the appointment of Alexandra Clyde as an independent Non-Executive Director of the Company. Ms. Clyde is a highly experienced global business executive with an exceptional understanding and track record of successfully navigating health economics and reimbursement in the medical device industry. The Company also announces that Erik Amble will step down as a member of the Board of Directors after the board meeting of 7 September 2022, and will continue to attend the meetings as a board observer in a non-voting capacity. “Alex will be a critical member of our Board as Sequana Medical prepares to expand commercialization of the alfapump. Her experience from more than 25 years at Medtronic, a global leader in healthcare technology, and her understanding of healthcare systems around the world will prove invaluable as we continue to grow our business and seek to transform the care of liver disease and heart failure. On behalf of the Board, I would also like to thank Erik for his tremendous contributions to the Company and we are pleased to still have him as an observer on the Board.” Pierre Chauvineau, Chairman of the Board at Sequana Medical Ms. Clyde added: “I believe that both of Sequana Medical’s programs – the alfapump® and DSR® therapy – have the potential to deliver tremendous benefit to patients and the healthcare community. In these two large and growing patient populations, liver disease and heart failure, drug-resistant fluid overload is a significant and burdensome challenge with limited effective treatment options. Sequana Medical is in an exciting position to help these patients and reduce the burden of disease. I look forward to working with the Board and management team to help the Company reach its potential.” Mr. Amble added: “At this time in the Company’s evolution, it is critically important that the Board brings expertise to help guide the Company’s commercial readiness activities in North America. With Doug and Alex now on the Board, I am confident that the Board is well positioned to guide Sequana Medical as it enters a period of potential exponential growth. It’s been a pleasure to work with Sequana Medical’s Board and management team for more than 15 years and I look forward to continuing my involvement as a Board observer.” Ms. Clyde is Senior Vice President of Global Health Economics, Policy, and Reimbursement for Medtronic plc. In this role, she leads a global function of more than 300 reimbursement and health economics professionals and provides company-wide leadership on health and payment policy. She is a member of the Duke Margolis Value-Based Payment and Innovative Technology Consortium, the Health Technology Assessment International (HTAi) Policy Forum, and the Advisory Board for the Center for the Evaluation of Value and Risk in Health at the Institute for Clinical Research and Health Policy Studies at Tufts Medical Center. She is a former member of the Health Care Payment Learning and Action Network’s Guiding Committee which is charged by the US Secretary of Health and Human Services with accelerating the health care system’s transition to alternative payment models (APMs) by combining the innovation, power, and reach of the public and private sectors. She has also participated in various Centers for Medicare and Medicaid Services technical advisory councils as well as other private and public sector initiatives to improve value in health care. Alex graduated from Colgate University with a B.A. in Economics and from Harvard University with a M.S. in Health Policy and Management. Sequana Medical NV is a pioneer in treating drug-resistant fluid overload, a serious and frequent clinical complication in patients with liver disease, heart failure and cancer. Fluid overload is a well-recognized problem in these growing diseases, causing severe problems for the large number of patients for whom current medicines are no longer effective. These patients can have up to 15 liters of extra fluid in their bodies, causing major medical issues including increased mortality, repeated hospitalizations, severe pain, difficult breathing and restricted mobility that severely impacts daily life.

Read More

Spotlight

When your child’s body produces too much heat (e.g., when running vigorously) or is unable to cool down when exposed to intensive heat (e.g., sitting in a hot car with the windows rolled up), it struggles to maintain a normal internal body temperature.

Resources