Clarivate, a UK-based, New York-listed global provider of intelligence, has agreed to divest its Life Sciences & Healthcare segment to Altaris, a US-based investment firm exclusively focused on the healthcare industry, for US$600m.
Clarivate will receive US$500m in cash at closing, US$25m in cash deferred to the completion of a transition services agreement and a US$75m seller note. It intends to use the cash proceeds to reduce debt and strengthen its balance sheet.
The LS&H segment integrates domain expertise, data assets and analytical capabilities to support critical decision-making across the drug and device lifecycle, to deliver safe, effective and commercially successful treatments to patients faster.
“Under Altaris, the business will be well-positioned to build on its strong foundation and enter its next phase of growth, supported by continued investment and a strong focus on customer impact,” said Henry Levy, president, LS&H, at Clarivate.
Morgan Stanley is financial advisor. Davis Polk & Wardwell and Hogan Lovells Cadwalader are legal advisors. Joele Frank, Wilkinson Brimmer Katcher is strategic communications advisor.
Press release: Clarivate Announces Sale of Life Sciences & Healthcare Segment for $600 Million
