Avista Capital Partners to Acquire Express Scripts' Subsidiary United BioSource
Express Scripts (NASDAQ: ESRX) and Avista Capital Partners, a leading private equity firm, announced today that Avista has signed a definitive agreement to acquire United BioSource (UBC), a wholly-owned subsidiary of Express Scripts Holding Company.
Founded in 2003 and headquartered in Blue Bell, Pennsylvania, UBC is a leading provider of pharmaceutical and patient support services, partnering with life science companies to make medicine and medical products safer and more accessible. The company has 13 locations in the U.S., Europe, and Canada. A core strength of UBC is generating, analyzing, and communicating real-world evidence throughout a medical product's lifecycle.
Patrick Lindsay, UBC president, said, "Our team of clinical and commercial experts understands the many facets of drug development, market access, and safety. Avista's commitment to the healthcare industry makes them the ideal partner as we continue to improve patient care. Together, we will provide our clients, their patients, and their prescribers with innovative services that meet the demands of a dynamic industry."
Rob Girardi, Partner of Avista Capital Partners, said, "UBC is a best-in-class pharmaceutical services provider whose service offerings are in increasing demand throughout the industry. We are excited to partner with UBC at this moment in the company's growth cycle, and look forward to leveraging both Avista's and UBC's expertise in the healthcare sector to deliver on the significant opportunities ahead."
Charles Harwood, Healthcare Industry Executive at Avista, said, "UBC has contributed unique capabilities and insights to the biopharmaceuticals industry, which have enabled countless pharmaceutical companies to accelerate approvals of their therapies, expand access to patients in need, and help ensure medications are safe to use. Avista is proud to work with the UBC team to advance and expand the company's services and help it realize its full growth potential."
Centerview Partners LLC acted as financial advisor and Bryan Cave LLP acted as legal counsel to Express Scripts. Ropes & Gray LLP acted as legal counsel to Avista.