Healthcare Industry News: Ortho-Clinical Diagnostics
News Release - October 15, 2012
The Gores Group Extends Binding Offer to Acquire Therakos, Inc. from Ortho-Clinical Diagnostics, Inc.LOS ANGELES--(Healthcare Sales & Marketing Network)--The Gores Group, a global investment firm focused on acquiring controlling interests in mature and growing businesses, today announced that it has made a binding offer to acquire Therakos, Inc. from Ortho-Clinical Diagnostics, Inc. Terms of the transaction were not disclosed.
Therakos, which is based in Raritan, New Jersey, is a global leader in advancing the science of extracorporeal photopheresis (ECP) immune modulation therapy. THERAKOS® Photopheresis Systems are the only regulatory approved integrated systems for extracorporeal photopheresis. In the U.S., THERAKOS® Photopheresis is approved for the palliative treatment of the skin manifestations of cutaneous T-cell lymphoma (CTCL) that is unresponsive to other forms of treatment. Indications in other regions enable the use of the therapy for treatment of certain other immune-based diseases. THERAKOS® Photopheresis has a demonstrated track record of efficacy and safety and has been used in more than 700,000 treatments since initial regulatory approval.
The Gores Group is excited to announce that Michael Rechtiene will be joining Therakos as CEO upon closing of the transaction. Rechtiene brings 20 years of healthcare leadership experience, including leading the Therakos business between 2003 and 2006. Rechtiene stated, “For 25 years, Therakos employees have pioneered new technologies and advanced the science of photopheresis applications that empower immune system response and can help improve patient outcomes. We are excited by the opportunity to build on this history and create strong growth path for the company.”
Commenting on the partnership with The Gores Group, Rechtiene added, “The Gores Group’s tremendous experience and operational expertise can help Therakos accelerate its growth, innovation and impact on patients globally.”
“Therakos’ leadership position and our ability to partner with former company executives, combined with our expertise and experience in quickly and efficiently executing corporate carve-outs will allow us to hit the ground running,” stated Steven C. Yager, Senior Managing Director of The Gores Group.
Commenting on The Gores Group’s interest in the healthcare industry, Yager added, “This is another vital step in our strategic thrust into the healthcare industry. We are very excited about Therakos’ potential and our aggressive expansion plans in this sector.”
The transaction is expected to close by the end of the year, subject to the satisfaction of customary closing conditions.
About the Gores Group
The Gores Group, LLC is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
Source: The Gores Group
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