Corrected 8:39 a.m., Aug. 4, 2010
The private equity firm behind the recent acquisition of the Ethicon Endo-Surgery breast care unit near Cincinnati, Ohio, is on its way to raising a $3 billion fund.
GTCR is raising its 10th fund, according to peHUB. The Chicago firm raised $2.75 billion for its ninth fund in 2006 — before the bottom fell out of financial markets.
Behavioral Health, Interoperability and eConsent: Meeting the Demands of CMS Final Rule Compliance
In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
Chairman Bruce Rauner’s transition to an advisory role (from sourcing deals) becomes official with the new fund, peHUB reported.
Apparently GTCR’s latest fund isn’t doing too well. GTCR Fund IX had an internal rate of return of -16 percent, as of Dec. 31, according to data from the Washington State Investment Board, peHUB said. But Fund VII posted a return of 25.3 percent, while Fund VIII stood at 28.7 percent, the Washington State Board said.
Founded in 1980, GTCR says it pioneered the “leader strategy,” that is, finding and partnering with leaders as the first step to building market-leading companies through acquisitions and organic growth.
In late 2008, the Chicago firm partnered with veteran medical device executive Tom Daulton to set up Devicor Medical Products Group LLC in Pleasant Prairie, Wisconsin, to buy “established interventional medical device businesses that make and sell products to clinicians in hospitals, surgery centers or ambulatory clinics.”
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
And in early July, Devicor Medical made its first acquisition — the breast care division from Johnson & Johnson’s Ethicon Endo-Surgery unit, for undisclosed terms. The Wisconsin holding company is moving to Sharonville, Ohio, where it has moved the breast care division and its 300 employees, which it renamed Mammotome, a division of Devicor Medical Products.
By the way, Devicor Medical said in a regulatory filing last week that it had raised $151.5 million. Daulton declined to specify his intentions for that investment. But he did tell the Cincinnati Enquirer that he planned to invest nearly $300 million in Mammotome over the next few years.
