Advent buys majority stake in US, China-based BioDuro
Advent International has acquired a majority stake in BioDuro, a pharmaceutical contract research and development organization (CRO) with operations in the US and China, from the Bridgewest Group conglomerate.
BioDuro provides fully integrated drug discovery and development services to biopharmaceutical manufacturers from initial target identification to manufacture of limited runs for clinical trials. It claims to have reached the approval phase at the US Food & Drug Administration for 25 drugs.
The company was founded in 2005 by Bridgewest and opened its research facility in Beijing the same year, later adding another research center in Shanghai and a factory in San Diego that manufactures drugs for clinical trials. Advent’s investment is expected to help BioDuro launch a new research base in China and expand its US manufacturing facility. Financial terms of the transaction have not been disclosed.
“Advent has closely followed the US and Chinese healthcare sector over the past years and we view our partnership with BioDuro as an excellent opportunity to capture growth in the fast growing CRO market worldwide,” said Filippo de Vecchi, Advent’s managing director and co-head of Greater China. “As global pharma and biotech companies increase their drug discovery efforts, BioDuro will be well positioned to increase market share by leveraging its superior quality reputation with the customers.”
Bridgewest has interests in real estate, banking, capital markets, and wireless technology, along with biotech and pharmaceuticals. Following the Advent deal, Bridgewest will remain a minority shareholder in BioDuro.
Advent had $39 billion in assets under management worldwide as of September 2018, having invested in over 340 private equity transactions in 41 countries. The firm is investing its eighth global fund, which closed in 2016 at $13 billion. It pursues buyouts, recapitalizations, and growth investments worldwide, with its Asia investments focusing on the chemicals, healthcare, education, and retail sectors.
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