Gyrus Capital raises €600M Continuation Fund
Gyrus Capital Closes €600m Continuation Vehicle led by AlpInvest, to support the continued growth of Essential Pharma
GENEVA, Switzerland – 12 December 2024 – Gyrus Capital, a European investment firm dedicated to transformational investments in the healthcare and sustainability sectors, has raised a €600m single-asset continuation vehicle for Essential Pharma (“Essential”), an international specialty pharma group focused on ensuring that patients have access to low volume, clinically differentiated, niche pharmaceutical products across key therapeutic areas.
The continuation vehicle was led by AlpInvest and supported by a significant participation from StepStone Group and other high-quality new and existing investors, as well as a meaningful reinvestment from both Gyrus and management. In late 2019, funds advised by Gyrus Capital acquired Essential and have supported its transformation into a global, high-growth specialty pharma group with significant development opportunities.
The transaction, and a concurrent refinancing of the company’s debt facilities, will enable Essential to deploy additional capital to build on its diversified portfolio across established and rare disease medicines through its successful acquisition and development strategy, supporting Essential’s mission to ensure access to essential medicines for patients across new and existing markets. Since her appointment in 2023, CEO Emma Johnson has driven the company’s expansion into rare diseases, with the addition of marketed product Colobreathe® and Hu14.18, an immunotherapy in late-stage clinical development for the treatment of high-risk neuroblastoma.
Emma Johnson, CEO of Essential Pharma, commented: “This transaction provides us with substantial additional firepower, strengthening our ability to deliver essential medicines to patients who need them most. We are excited to continue our relationship with Gyrus Capital as we execute our strategy to become a leading, global specialty pharma group with a growing rare disease presence, where patient needs are often most acute.
Dr Robert Watson, Managing Partner at Gyrus Capital, said: “This is a landmark investment for Essential and for Gyrus Capital. We are delighted to partner with AlpInvest, as well as StepStone, and other significant private capital institutions, who believe in our shared vision of building an exceptional specialty pharma company, and bringing critical medical products to patients across the globe.”
Jorn Krenn, Principal at AlpInvest, said: “We are excited to partner with Gyrus Capital and Essential Pharma’s leadership team to support the company’s next phase of growth. We believe that the combination of Gyrus Capital’s skillset in building leading pharmaceutical companies and the management team’s strong industry experience will allow Essential Pharma to accelerate its expansion into rare diseases, while ensuring continued delivery of essential medicines to niche patient populations across the globe.”
About Gyrus Capital
Gyrus Capital is a European investment firm dedicated to transformational investments in the healthcare and sustainability sectors. Based in Geneva, Switzerland, Gyrus invests in businesses that address the structural needs of society and the environment and are positioned for long-term sustainable growth. The firm focuses on complex transactions, particularly corporate carve-outs in the €50 million to €500 million range. A renowned group of experienced partners and industry experts supports Gyrus’s active investment and value-creation approach, working closely with entrepreneurs and managers. To learn more, please visit www.gyruscapital.com
About Essential Pharma
Essential Pharma is an international specialty pharmaceutical group dedicated to maintaining access to clinically differentiated, niche, branded medicines across multiple therapeutic areas. The group has been an important and valued partner to healthcare providers for over 20 years by giving underserved patient populations access to medicines that otherwise might not be available, and addressing clinical unmet needs. Essential Pharma operates globally in more than 70 countries, supplying a portfolio of products with a focus on the central nervous system (CNS), gastroenterology, ophthalmology, and rare disease. The group’s growth strategy is centred on portfolio optimisation and a targeted M&A approach to acquire commercial and late-clinical stage assets in the four therapeutic areas of focus. It is a trusted partner to multiple pharma companies of all sizes, with a proven history of integrating assets and managing complex technology transfers seamlessly while ensuring continuous supply to patients. For more information, please visit www.essentialpharmagroup.com
About AlpInvest
AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $83+ billion of assets under management and more than 500 investors as of September 30, 2024. It has invested with over 370 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, London, Hong Kong, and Singapore. For more information, please visit www.carlyle.com.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of September 30, 2024, StepStone was responsible for approximately $682 billion of total capital, including $176 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. For more information, please visit www.stepstonegroup.com.
Advisors
Essential Pharma was advised by Rothschild & Co as sole financial advisor, Clifford Chance and Travers Smith as legal advisors, Oliver Wyman as commercial advisor, Deloitte LLP as debt, finance and tax due diligence advisor.
Gyrus Capital was advised by Rothschild & Co as secondaries advisor, and Clifford Chance, Carey Olsen and Weil, Gotshal & Manges as legal advisors.