Water Street Announces Agreement to Invest in Solvias
Health Care Firm Partners with Management to Build Solvias into Leading Global Pharmaceutical Laboratory Services Company
CHICAGO, Feb. 25, 2020 /PRNewswire/ -- Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has signed a definitive agreement to invest in Solvias AG. Headquartered in the biotech hub of Basel, Switzerland, Solvias is one of the largest independent pharmaceutical laboratory platforms in Europe. Water Street, which has years of experience in the pharmaceutical services sector, will partner with the company's management team to build Solvias into a premier global pharmaceutical laboratory services business.
Formed in 1999, Solvias has a deep history of collaborating with the world's leading pharmaceutical organizations to develop, test and analyze a wide range of new products. The company has grown to serve a diverse base of more than 600 biotech, medical device, cosmetic and pharmaceutical companies as it has expanded its platform of testing and analytical services to support biopharmaceutical products and emerging cell and gene therapies. Highly regarded for its scientific expertise and technical capabilities, Solvias operates nearly 200,000 square feet of laboratory space in Switzerland and France in accordance with the highest industry standards, including ISO, cGMP and GLP.
"Solvias stands out for its deep expertise, outstanding quality of work and commitment to continuous innovation to support its clients with bringing new products to market. We're excited to collaborate with Karen Huebscher and her leadership team to continue expanding their platform. Working together, we will invest in organic initiatives and strategic acquisitions that will extend Solvias' capabilities into new and complementary areas and expand their geographic reach on a global scale," said Peter Strothman, partner, Water Street.
Karen Huebscher, PhD, chief executive officer, Solvias, added, "Water Street is the right partner to help us take our strategic expansion to the next level. Its team possesses extensive industry knowledge and a network of resources to build on our strong foundation of expertise and services to bring greater value to our customers and position Solvias as a global leader at the forefront of our industry."
Dr. Huebscher and her management team will continue to lead Solvias once the transaction closes, which is expected to occur in the second quarter of this year. Financial terms of Water Street's agreement with Solvias are not being disclosed.
About Water Street
Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world's leading companies on its investments including Humana, Johnson & Johnson, Medtronic and Walgreen Co. Water Street's team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.
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