Audax Private Equity Announces Growth Investment in Pyramid Laboratories, Inc.
COSTA MESA, Calif.--(BUSINESS WIRE)--Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner, announced today that it has made a growth investment in Pyramid Laboratories, Inc. (“Pyramid” or the “Company”) to support the continued growth of the Company’s clinical and commercial biologics and advanced therapeutics manufacturing and service operations.
Founded in 1988 by Medhat Gorgy and headquartered in Costa Mesa, CA, Pyramid is a leading drug product contract development and manufacturing organization (“CDMO”). The company provides formulation development, analytical and stability testing, as well as aseptic fill-finish manufacturing services focused on large molecule therapeutics. Pyramid has built a strong reputation for quality, technical expertise, and dedication to customer service with a comprehensive offering spanning preclinical development to scaled commercial manufacturing and distribution services.
Medhat Gorgy, founder and CEO of Pyramid, said, “We are excited to partner with Audax as we embark on an exciting new chapter in our growth story. Audax’ track record of partnering with founders to accelerate growth in the healthcare space will strengthen our ability to service our existing customers, build new commercial relationships, and enhance our service offerings, while maintaining our commitment to quality.”
Pyramid focuses on high-growth specialties within the drug development and manufacturing process, including formulation development, lyophilization, aseptic fill-finish of biologics, and other analytical and stability services to both clinical and commercial customers, including GMP storage and distribution. Pyramid, in partnership with Audax, has committed capital to complete a planned expansion of its facilities that will grow vial-filling capacity by more than 30% and syringe filling by more than 50%, which is expected to come online later this year.
Keith Palumbo, Co-President and Senior Managing Director of Audax Private Equity, said, “Pyramid has established itself as a best-in-class partner to pharmaceutical companies globally for their development, testing, storage, fill-finish, and analytical testing needs. We have been impressed with the organization and team that Medhat has built over the last 35 years and are excited to partner with Pyramid on this next phase of growth.”
“Pyramid is a longstanding leader in the CDMO space and we look forward to this partnership with Medhat and his team, as the business scales its offering, capacity and geographic reach,” said Steve Weaver, Managing Director of Audax Private Equity.
Pyramid was sourced through Audax Private Equity’s Healthcare vertical, one of six core industry specializations within its Flagship fund. Audax has significant experience in the pharmaceutical services space with previous investments including Altasciences, a leading pre-clinical CRO, and Advarra (formerly known as Chesapeake IRB), a leading provider of independent institutional review board services to pharmaceutical companies and other research institutions. Audax also maintains an active portfolio of pharmaceutical services investments, including CorEvitas, a gold-standard provider of regulatory-grade real-world evidence to biopharmaceutical companies. Since inception, Audax Private Equity has acquired more than 160 platforms and completed over 1,200 add-on acquisitions.
William Blair served as financial advisor and Ropes & Gray LLP served as legal counsel to Audax. Fairmount Partners served as financial advisor and Troutman Pepper served as legal counsel to Pyramid.
ABOUT PYRAMID LABORATORIES
Pyramid Laboratories, Inc. (“Pyramid”) is a California-based CDMO focused on formulation development, analytical and stability testing, and aseptic fill-finish manufacturing focused on large molecule therapeutics. Founded in 1988 by CEO Medhat Gorgy and headquartered in Costa Mesa, California, Pyramid operates three leading-edge manufacturing facilities that allow the Company to offer its pharmaceutical and biotech customers a wide range of services, ranging from preclinical development to scale up aseptic fill-finish commercial manufacturing and distribution.
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-and-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.
Audax Private Equity is a part of Audax Group, a leading alternative investment manager with approximately $36 billion of assets under management.
For more information, visit AudaxPrivateEquity.com or follow us on LinkedIn.
Julie Rudnick / Catherine Livingston