KKR Forms Life Sciences Tools Platform

KKR has formed Gamma Biosciences, a new investment platform to acquire a portfolio of companies in the bioprocessing technology sector.

KKR and its co-investors have committed $200 million of capital to Gamma, with KKR’s share coming from the firm’s Health Care Strategic Growth Fund, a $1.45 billion fund that was raised in 2017.

Gamma has already made its first acquisition with the November 2019 buy of Prometic Bioseparations from Liminal BioSciences for $58 million. At closing, Prometic Bioseparations, a UK-based maker of lab-scale and industrial-scale adsorbents that are used to purify and separate the components of a biotherapeutic mixture, was renamed Astrea Bioseparations.

In addition, just last week, Gamma agreed with Univercells to acquire a controlling stake in the Belgium-based company’s manufacturing equipment business, including its NevoLine biomanufacturing platform – an automated, closed and small footprint manufacturing system – which is used to manufacture biologic therapeutics and vaccines.

Leading Gamma Biosciences is Matt Gunnison who was the head of business development for GE Healthcare from 2016 to 2019, and a managing director at GE Ventures from 2014 to 2016. Mr. Gunnison began his career in 2007 as an attorney with Sidley Austin.

“We are very excited to welcome Astrea and Univercells to the Gamma platform,” said Mr. Gunnison. “Each of these businesses has developed leading technologies in its respective field and harbors world-class expertise in the area of bioprocess. Together, they will provide us with a foothold in both upstream and downstream process from which to build.”

“We are thrilled to be working with Matt and the highly experienced team at Gamma at a time when there is growing demand for advanced biologic therapies and a rapidly advancing field of biomanufacturing,” said Kugan Sathiyanandarajah, a director on KKR’s health care team and the head of KKR’s European health care investing efforts.”

KKR (NYSE: KKR) makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. KKR was founded in 1976 and in addition to its New York headquarters has offices in 19 cities around the world.

© 2020 Private Equity Professional | February 19, 2020