BOSTON and NEW
YORK, Aug. 24, 2023 /PRNewswire/ -- Advent
International ("Advent"), one of the largest and most experienced
global private equity investors, and Warburg Pincus, a leading
global growth investor, today announced they have selected
Franco Negron to be chief executive
officer (CEO) of BioPharma Solutions (BPS) following its proposed
divestiture from Baxter International Inc. (NYSE:BAX). The
closing of the divestiture, which remains subject to the
satisfaction of customary closing conditions, is currently expected
to occur in the second half of 2023.
Mr. Negron is a highly accomplished leader with nearly 30 years
of experience in the pharmaceutical industry. Most recently, he
served for three years as the CEO of ApiJect Systems America. Prior
to joining ApiJect, Mr. Negron held several key leadership roles,
including President of Commercial Operations at Thermo Fisher
Scientific and President of Development and Commercial,
North America at Patheon
Pharmaceuticals. Mr. Negron has also held senior positions at other
leading pharmaceutical companies, including Valeant
Pharmaceuticals, Novartis and McNeil Consumer Healthcare.
"Franco will bring inclusive leadership, creative energy and
customer focus to help BPS further elevate its position as a
trusted and preferred partner of contract manufacturing services.
Franco's dedication to innovation aligns with BPS' focus on
advancing leading-edge, high-quality solutions that help address
the unique needs of pharmaceutical and biotech customers
worldwide," said Carmine Petrone, a
Managing Director on Advent's Healthcare team.
"Franco's impressive track record of partnering with
pharmaceutical companies around the world makes him uniquely
positioned to meet the challenges of today's healthcare
environment. We look forward to Franco driving the effort to carry
forward the strong legacy that BPS has built as part of
Baxter," added Ruoxi Chen, Managing Director at Warburg
Pincus.
BPS has been a leading provider of sterile contract
manufacturing solutions, parenteral delivery systems and customized
support services to the pharma and biotech industries for decades.
Following the proposed divestiture of BPS, BPS will operate as a
premier, independent end-to-end contract development and
manufacturing organization (CDMO) providing a range of services for
clients, from clinical research to commercial deployment.
Mr. Negron said, "BPS' success and record of innovation position
the company well to continue to grow its mission-critical services
across a variety of therapeutic areas. With the partnership of
Advent and Warburg, I am excited to lead the impressive team at
BPS, which has developed differentiated technical capabilities and
established an industry-leading reputation for quality and
reliability."
For over 30 years, Advent has been investing in the healthcare
sector. The firm has completed over 50 investments in 17 countries
worldwide across a range of sub-sectors, including pharmaceuticals,
life sciences and medical devices. Advent's recent healthcare
investments in the US include Iodine Software and RxBenefits, and
the firm's recent global pharmaceutical services investments
include BioDuro, GS Capsule, ICE Group, Suven
Pharmaceuticals/Cohance Lifesciences, and Syneos Health.
Since inception, Warburg Pincus has invested over $16 billion in more than 180 healthcare
companies, including Summit Health, Modernizing Medicine, Ensemble
Healthcare Partners, and Global Healthcare Exchange, and has been
an active investor in life sciences, with notable investments in
Polyplus, Norstella, Sotera Health, and Bausch + Lomb, among
others.
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About Advent International
Founded in 1984, Advent International is one of the largest and
most experienced global private equity investors. The firm has
invested in over 410 private equity investments across 42
countries, and as of March 31, 2023,
had $95 billion in assets under
management. With 15 offices in 12 countries, Advent has established
a globally integrated team of over 290 private equity investment
professionals across North
America, Europe,
Latin America and Asia. The firm focuses on investments in five
core sectors, including business and financial services; health
care; industrial; retail, consumer and leisure; and technology.
For over 35 years, Advent has been dedicated to international
investing and remains committed to partnering with management teams
to deliver sustained revenue and earnings growth for its portfolio
companies.
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
-------------------
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $83 billion in assets
under management. The firm's active portfolio of more than 250
companies is highly diversified by stage, sector, and geography.
Warburg Pincus is an experienced partner to management teams
seeking to build durable companies with sustainable value. Founded
in 1966, Warburg Pincus has raised 21 private equity and 2 real
estate funds, which have invested more than $112 billion in over 1,000 companies in more than
40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore.
For more information, please visit www.warburgpincus.com.
Follow us on LinkedIn.
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About Baxter
Every day, millions of patients, caregivers and healthcare
providers rely on Baxter's leading
portfolio of diagnostic, critical care, kidney care, nutrition,
hospital and surgical products used across patient homes,
hospitals, physician offices and other sites of care. For more than
90 years, we've been operating at the critical intersection where
innovations that save and sustain lives meet the healthcare
providers who make it happen. With products, digital health
solutions and therapies available in more than 100 countries,
Baxter's employees worldwide are
now building upon the company's rich heritage of medical
breakthroughs to advance the next generation of transformative
healthcare innovations.
To learn more, visit www.baxter.com and follow us on Twitter,
LinkedIn and Facebook.
Contact:
Kerrie Cohen
kerrie.cohen@warburgpincus.com
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SOURCE Warburg Pincus