Audax Private Equity Completes Sale of CorEvitas

Rhea-AI Summary

Audax Private Equity has completed the sale of CorEvitas, a leading provider of real-world evidence for medical treatments, to Thermo Fisher Scientific. CorEvitas leverages proprietary data to help pharmaceutical customers uncover clinical insights. Under Audax's ownership, CorEvitas completed five add-on acquisitions and launched six new clinical registries. Audax has raised $5.25 billion for its seventh flagship fund and $774 million for its debut lower middle market strategy.

Positive

• Audax successfully sold CorEvitas to Thermo Fisher Scientific, completing the investment thesis to build an industry-leading platform in the real-world evidence space.
• CorEvitas completed the integration of five add-on acquisitions and launched six new syndicated clinical registries under Audax's ownership.
• Audax has raised $5.25 billion for its seventh flagship fund, Fund VII, and $774 million for its debut lower middle market strategy, Origins Fund I.

Negative

• None.

BOSTON & SAN FRANCISCO--(BUSINESS WIRE)-- Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner for North American middle market companies, announced today it has completed the previously announced sale of CorEvitas, LLC (“CorEvitas”), a leading provider of regulatory-grade, real-world evidence (“RWE”) for approved medical treatments and therapies. Thermo Fisher Scientific Inc. (NYSE: TMO) (“Thermo Fisher”) acquired the company in a deal that closed on August 14, 2023.

Based in Waltham, MA, CorEvitas is a provider of real-world evidence, leveraging proprietary data to help pharmaceutical customers uncover clinical insights that lead to safer, more effective treatments and better patient care.

Audax invested in CorEvitas in December 2019. Over the past three and half years, Audax and management executed on an investment thesis to build an industry-leading platform in the RWE space through strategic M&A and de novo expansion into new therapeutic areas, capabilities, and geographies. Under Audax’ hold, CorEvitas completed the integration of five add-on acquisitions and launched six new syndicated clinical registries. The company also completed a comprehensive ERP implementation and onboarded key leaders across business development, finance, HR, and IT. The successful realization of the CorEvitas investment builds on Audax’ experience and track record in healthcare, one of the firm’s six core industry specializations.

Audax invested in CorEvitas through its sixth flagship fund. The firm has since completed fundraising for its successor, Audax Private Equity Fund VII, which closed on $5.25 billion in commitments earlier this year. Audax also raised $774 million for its debut lower middle market strategy, Origins Fund I, which combined with an additional $1.8 billion commitment from the Audax team, provides approximately $7.8 billion to deploy across the middle and lower middle markets.

About Audax Private Equity

Based in Boston and San Francisco, Audax Private Equity is a leading middle market investment firm with approximately $16 billion of assets under management, over 185 employees, and 85-plus investment professionals. Since its founding in 1999, the firm has invested in more than 160 platforms and 1,200 add-on acquisitions. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute on organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit audaxprivateequity.com or follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230814477222/en/

Media

Julie Rudnick / Catherine Livingston

FGS Global

Audax@fgsglobal.com

Source: Audax Private Equity

Who acquired CorEvitas?

CorEvitas was acquired by Thermo Fisher Scientific.

What does CorEvitas provide?

CorEvitas is a leading provider of real-world evidence for medical treatments.

What did Audax achieve under its ownership of CorEvitas?

Under Audax's ownership, CorEvitas completed five add-on acquisitions, launched six new clinical registries, and achieved a comprehensive ERP implementation.

How much did Audax raise for its seventh flagship fund?

Audax raised $5.25 billion for its seventh flagship fund, Fund VII.

How much did Audax raise for its debut lower middle market strategy?

Audax raised $774 million for its debut lower middle market strategy, Origins Fund I.