CVC Credit is pleased to announce that it has co-arranged the debt facilities to support leading global private markets firm Astorg, in its acquisition of OPEN Health, a leading global provider of scientific communications and market access services to the pharmaceutical industry.
Established in 2011 and with more than 1,000 employees in 15 locations and six countries, OPEN Health provides best-in-class scientific communications, health economics and outcomes research and market access services for more than 170 life sciences customers. Driven by new specialty drug launches and increased outsourcing by pharmaceutical companies, OPEN Health’s large addressable market is forecast to grow at 9-10% p.a. between 2021 and 2025 and enjoys high barriers to entry with large pharma companies looking for credible partners with long track records. OPEN Health is highly cash generative and has a track record of capitalising on cross-selling opportunities across its sticky customer base.
OPEN Health is a great business, with significant sector experience, a high-quality management team and a blue chip customer baseMoris NachmiasDirector, CVC Credit
Moris Nachmias, Director at CVC Credit, commented: “OPEN Health is a great business, with significant sector experience, a high-quality management team and a blue chip customer base. We are confident that Astorg, with its market expertise, will be the perfect partner to accelerate growth at OPEN Health and continue to build on the company’s successful track record of innovation.”
Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit added: “I am delighted that we were able to secure our position as a partner for this opportunity. Our aim is always to partner with top-quality sponsors and back strong, stable businesses, and this is certainly the case with OPEN Health.”