US-based PE firm, GTCR, has agreed for Corza Medical, a US-based global medtech company, to sell its Biosurgery business unit, including the TachoSil product portfolio, to EQT. Tachosil is a dual-action active biologic patch that both controls bleeding and seals tissue during surgery. With surgical volumes rising on the back of aging populations, increasing prevalence of chronic disease, and ongoing advances in surgical techniques, EQT believes TachoSil is well-positioned to continue expanding its impact on patients and healthcare providers worldwide.
Corza Biosurgery is at the forefront of medical innovation, with its flagship haemostasis product, the TachoSil Fibrin Sealant Patch, a vital tool in surgical procedure. TachoSil is a dual-action active biologic patch that both controls bleeding and seals tissue during surgery. The company has a track record of over 20 years in highly specialised manufacturing at its facility in Linz, Austria. It employs approximately 400 people worldwide.
“TachoSil has a unique clinical value proposition that improves patient outcomes across critical surgical procedures around the world, and is backed by strong physician preference and extensive clinical evidence,” said Ethan Waxman, partner at EQT. “We are deeply impressed by the dedication of the Corza Biosurgery team and look forward to partnering with them to expand access globally, invest in growth, and further strengthen the company’s position as a leading biosurgery platform.”
EQT will support Corza Biosurgery in its next phase of growth with significant investments in commercial capabilities, innovation and a globally scaled organisation. It will focus on accelerating growth in the US and broadening adoption across other underpenetrated markets. EQT also sees opportunities to build a broader biosurgery platform through partnerships and acquisitions.
“We are excited to partner with EQT during a pivotal moment for TachoSil,” said Thierry Leclercq, president of Corza Biosurgery. “EQT’s healthcare expertise, operational resources, and commitment to long-term growth align perfectly with our vision to expand access to TachoSil globally and advance innovation.”
Corza Health was formed in 2019 as a partnership between GTCR and healthcare executive Greg Lucier with the aim of building a market-leading healthcare business focused on medical technology and life sciences sector. In 2021, Corza Health’s acquisition and merger of Surgical Specialties Corporation and the TachoSil Fibrin Sealant Patch created a new company, Corza Medical.
Following the transaction, GTCR will retain ownership of Corza Medical and its Wound Closure, Ophthalmology and Biomedical Textiles business units.
“Today’s announcement marks an important milestone for Corza Medical,” said Lucier, executive chairman and CEO of Corza Medical. “The Biosurgery team has built an exceptional business, and we believe EQT is the right partner to support its next phase of growth. At the same time, this transaction enables us to continue investing in and growing our Wound Closure, Ophthalmology and Biomedical Textiles businesses as we build the next chapter of Corza Medical.”
EQT has also announced that Sheri McCoy, former chair of Johnson & Johnson’s Surgical Care Group, will serve as chair of the standalone company upon closing of the transaction.
Piper Sandler acted as financial advisor to EQT and Latham & Watkins provided legal counsel.
Citi and Moelis & Company are financial advisors, and Kirkland & Ellis is legal counsel to Corza Medical.
Press release: EQT to acquire the TachoSil® biosurgery business from Corza Medical
