The 2012 shot in the arm that West Chester’s immunotherapy pioneer Therakos received through a buyout by The Gores Group has, in three short years, reaped a healthy $1.33 billion for the private equity firm.
The Gores Group just sold off Therakos to acquisition-thirsty multibillion-dollar global specialty biopharmaceutical company Mallinckrodt Pharmaceuticals for that sum, according to a Philadelphia Business Journal report.
“We are proud of Therakos’ success, especially its innovation and impact on patients globally, and believe it is a classic example of Gores’ strength in acquiring corporate carve-outs and partnering with management teams to successfully transition corporate subsidiaries into thriving standalone businesses,” The Gores Group Chairman and CEO Alec Gores said in the article.
Therakos was formerly part of the Johnson & Johnson spinoff Ortho-Clincial Diagnostics, and The Gores Group revamped its leadership team and infused it with business growth and expansion.
“This marks our largest healthcare investment to date, and we look forward to continuing our success in the space, as well as in our core industrial and technology verticals,” The Gores Group Managing Director Ed Johnson added.
Read more about the deal in the Philadelphia Business Journal here.
_______
