Novo Holdings to acquire majority stake in Single Use Support

Update : 17th May, 2024

Novo Holdings A/S ("Novo Holdings") announced that it has agreed to acquire a majority stake in Single Use Support, a fast-growing life science tools company providing advanced technology solutions for the pharmaceutical production process.

Founders & CEO from Single Use Support - Thomas Wurm, Co-Founder (l.), Christian Praxmarer, CEO (m.), Johannes Kirchmair, Co-Founder (r.)

Novo Holdings will acquire an approximately 60% controlling stake, alongside the two company founders who will each retain 10% and Danaher which will retain 20% of the share capital.

Founded in 2017 in Kufstein, Austria by Johannes Kirchmair and Thomas Wurm, Single Use Support is at the forefront of transforming the production process for advanced pharmaceutical modalities with its equipment and consumables used in the bioprocessing value chain. With a focus on solutions for biological drug substances, cell and gene therapies, and mRNA vaccines, the company's customers include leading pharma companies, biotech companies and CDMOs.

Single Use Support's products have rapidly gained widespread adoption by enhancing operational efficiency, minimising leakage, and effectively mitigating contamination risks in the pharmaceutical production process.

Johan Hueffer, Senior Partner, Principal Investments, Novo Holdings, said: "We are pleased to announce the acquisition of a majority stake in Single Use Support, a leading provider of advanced fluid management solutions. This transaction marks an important and complimentary addition to our fast-growing life science tools & diagnostics portfolio and represents our first control investment in the DACH region, a vital hub for life sciences. This investment also underscores our commitment to advancing leading healthcare therapies and technologies."
Tuomas Toiviainen, Partner, Principal Investments, Novo Holdings, added: "We are excited to partner with existing shareholders and management to support the next phase of growth and drive further innovation in the rapidly expanding bioprocessing market. This acquisition demonstrates our expertise and investment focus in backing high-quality life science tools companies. We look forward to working with the Single Use Support management team and employees who share our passion for innovation in the life science space."
Johannes Kirchmair and Thomas Wurm, founders of Single Use Support and board members, said: "Welcoming Novo Holdings as a partner marks a significant milestone in our growth journey at Single Use Support. We take pride in having nurtured and developed our company into a key player in the life sciences sector. As we embark on this new chapter, we are enthusiastic about the prospects of partnering with Novo Holdings, a global leader in life science investments. The collaboration aligns perfectly with our mission and complements our existing partnership with Danaher, which will continue as a valued partner. Together, we look forward to advancing our impact and innovation in the life sciences industry."
Chris Riley, Executive Vice President, Biotechnology Group, Danaher, said: "We are pleased to continue our involvement in Single Use Support and to partner with Novo Holdings as we take the company to the next level. At Danaher, we are focused on leveraging the power of science and technology to meaningfully improve human health, which makes Novo Holdings a very good long-term partner for us in the collaboration at Single Use Support and beyond."
Christian Praxmarer, CEO, Single Use Support, said: "Novo Holdings is joining us at a crucial moment as we prepare to further strengthen our global footprint, focusing on markets outside of Europe such as the US and Asia, and to engage with new customers. With significant insights into the life science tools sector and a comprehensive industry network, I am excited to work alongside Novo Holdings and make new strides in our shared mission of bringing better treatments to patients."

The transaction is subject to regulatory approvals. Kromann Reumert, DORDA, Linklaters and Wilson Sonsini served as legal advisors and William Blair served as financial advisor to Novo Holdings. E+H served as legal advisor while Jefferies LLC served as financial advisor to Single Use Support.

 

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (formerly Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, Asia, Bioindustrial and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion.

About the Novo Nordisk Foundation

Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people's health and the sustainability of society and the planet. The Foundation's mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.

About Single Use Support

Single Use Support is a pioneering process solution provider specializing in fluid and cold chain management of drug substances. The company focuses on the development of solutions to provide manufacturers with 100% safe and efficient handling, liquid transfer, freezing and cold chain shipping of advanced therapies and biologics in pharmaceutical production.

Founded in 2017, the company made its way to a highly respected innovation leader in a fast-growing market and serves customers globally. Single Use Support is headquartered in Kufstein/Austria and also operates from a US subsidiary in Lexington MA. Approximately 200 associates globally ensure that innovation continuous and products and services simplify the life of global biopharma and advanced therapies clients. Explore more at www.susupport.com.

Source : Novo Holdings


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