Inflexion and Novo Holdings invest in drug discovery; Charterhouse’s Funecap expands

Proteros Biostructure is a founder-led contract research organisation that focuses on early-stage drug discovery.

Good morning Eurohubsters, Craig McGlashan here with the opening Dealflow of the week.

I hope you had a good weekend. We have a strong healthcare focus this morning, with a pair of deals in the world of drug discovery by Inflexion and Novo Holdings. We also look at an acquisitive portfolio company in the crematoria world, owned by Charterhouse, and a hire by adviser Clearwater International.

Drug discovery. Inflexion has made a minority investment in Proteros Biostructure, a founder-led contract research organisation that focuses on early-stage drug discovery.

Proteros works in structural biology and allows users to map the shape of a drug target “with a high degree of precision”, according to a statement from Inflexion. The firm is based in Munich and works with companies in Europe, the US and Japan.

Inflexion’s minority investment will help Proteros scale globally, organically and via acquisition, particularly in the US, the firms said. Founder and CEO Torsten Neuefeind remains in charge of the company and retains a majority shareholding.

Read our full deal coverage to learn more about Inflexion’s healthcare investments over the last 12 months, including the amount of money it’s invested and the total enterprise value of the firms bought.

Standardisation. Sticking with drug discovery, Novo Holdings has invested $40 million in Evosep, a bioscience company working in the standardisation of proteomics – the large-scale study of proteins – for clinical use.

Evosep will use the proceeds from the investment to grow the number of applications of proteomics on his liquid chromatography platform and to expand globally, especially in the “rapidly growing” US market, according to a statement.

“Evosep’s technology can profoundly impact the diagnosis and treatment of diseases,” said Stephen Van Helden, principal, Novo Holdings, in the statement. “Its platform addresses some of the most common technical pain points that have historically held back the widespread application of proteomics.”

Evosep is headquartered in Odense in Denmark.

Away from private equity, the general healthcare M&A market is also having a busy start to the year. Chiesi Farmaceutici, an international research-focused biopharmaceuticals and healthcare group based in Italy, announced on Sunday that it had bought Amryt Pharma, a global, commercial-stage biopharmaceutical company based in Dublin. The total transaction value for the Nasdaq-listed firm was up to $1.48 billion.

Crematoria. Charterhouse Capital Partners’ portfolio company, Funecap Groupe, acquired Facultatieve Group, a provider of crematoria equipment and maintenance.

Headquartered in The Hague, Facultatieve offers crematoria management in Northern Europe and is the second largest provider of crematoria equipment and maintenance globally, according to Charterhouse.

Charterhouse acquired Paris-based Funecap in 2018. The acquisition of Facultatieve consolidates Funecap’s position in the Dutch crematoria management market and expands its crematoria management business in the German and Swiss markets, said Charterhouse. It also enables Funecap to expand into the UK, with the acquisition of Facultatieve’s UK subsidiary Facultatieve Technologies Limited, a provider of crematorium equipment and maintenance serving the UK, European and US markets.

Read more here about Funecap’s acquisitions under Charterhouse’s ownership.

Financial focus. Clearwater International, an advisor for mid-market deals in the private equity and M&A markets, has made a push in the financial services sector by appointing Greg Cant as partner and head of financial services.

Cant spent 30 years in mid-market corporate finance, most recently as chief of staff and director of corporate finance and development at banking group Provident Financial.

Cant will be based in Clearwater’s office in Leeds in the UK.

That’s it from me – we’ll chat again tomorrow.