KKR Acquires Prometic Bioseparations from Liminal BioSciences for £45 Million to Expand Bioprocessing Capabilities

VCBeat (WeChat ID:vcbeat) learned that,2019Year11Month4Day, a globally leading investment firmKKRAnnounce to4500Acquisition of Clinical-Stage Biopharmaceutical Company for £10,000Liminal BioSciencesIsle of Man subsidiaryPrometic Bioseparations（PBL）。

Under the terms of the agreement, Liminal BioSciences’ proposed sale of all shares in PBL entitles the company to receive up to £45 million in acquisition proceeds. KKR is required to pay up to £32 million as completion consideration at the closing of the proposed sale, along with deferred payments of up to £13 million, subject to adjustments based on working capital and debt levels before and after the transaction. Subject to customary closing conditions, the proposed sale is scheduled to close in the fourth quarter of 2019 and is not contingent upon any financing conditions.

It is reported that Lazard will serve as the exclusive financial advisor to Liminal BioSciences.

Liminal BioSciences is a biopharmaceutical company currently developing a portfolio of small-molecule therapies for the treatment of liver, respiratory, and kidney diseases, with a focus on therapies for rare or orphan diseases. Its wholly owned subsidiary, Prometic Bioproduction, is an industry leader in bioseparation technologies, dedicated to the isolation and purification of biopharmaceuticals from plasma. The company’s flagship product is Ryplazim™ (plasminogen), a plasma-derived therapeutic.

KKR is a global investment firm headquartered in New York, managing a diverse range of alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and hedge funds. In recent years, KKR has focused on investing in high-growth healthcare companies through its Healthcare Strategic Growth Fund.

Kenneth Galbraith, Chief Executive Officer of Liminal BioSciences, stated in a press release: “We are delighted to announce that this acquisition will accelerate our strategic shift toward a renewed focus on our small-molecule therapeutics division. The initial cash proceeds from the proposed divestiture will help strengthen our financial position, and the Company will have the opportunity to receive additional potential cash payments contingent on PBL’s future business performance.”

Kenneth Galbraith added, “PBL will remain a key partner in the manufacturing of our plasma-derived therapeutic products. Through a long-term supply agreement, Liminal BioSciences will continue to collaborate with PBL to provide affinity adsorbents for the manufacture of Ryplazim™.”

Dr. Steve Burton, CEO of PBL, stated, “This proposal will enable PBL to independently develop its bioseparation business and strengthen our leadership in the bioseparation sector. We look forward to working closely with KKR to continue growing our business to meet customer needs, including Liminal BioSciences’ plasma-derived therapeutics business.”

(Compiled by Xiong Hui)