GHO backs Portuguese biotech company FairJourney

The GP deployed capital from its GHO Capital Fund II, which was launched in October 2018 with an €800m target and held a final close on its €975m hard-cap in November 2019. The fundraise was the largest for a private equity fund dedicated to European healthcare.

The fund targets 8-12 deals by investing in companies operating in the healthcare industry, primarily pharmaceuticals, medical technology and outsourced services, through buyout investments and expansion capital. It invests in businesses with enterprise values of €100-400m and writes equity cheques of €50-150m.

This is the third deal made by the fund, following its investments in London-headquartered Sterling Pharma Solutions, a provider of small-molecule API development and manufacturing services to the global pharmaceutical industry; and in Hamburg-based BioAgilytix, an independent global provider of large-molecule bioanalytical testing solutions.

GHO intends to support FairJourney's organic growth by providing further capital, sector expertise and a wide international network to build on the company's market position.

Furthermore, the GP plans to develop FairJourney's footprint, product offering and capabilities through M&A opportunities.

Company
Established in 2012 and headquartered in Porto, FairJourney specialises in antibody discovery, engineering and production. It has worked on 460 antibody discovery projects so far, serving 70 customers globally, primarily small and mid-sized pharma companies. 

People
FairJourney – Antonio Parada (co-founder, CEO); Maria Gonzalez-Pajuelo (co-founder).

Advisers
Equity – Reed Smith (legal); Vieira de Almeida (legal); Telles Advogados (legal); Alvarez & Marsal (financial due diligence); Deloitte (financial due diligence); LEK Consulting (commercial due diligence); Willis Towers Watson (corporate finance).
Company – Torreya Partners (corporate finance); BDO (tax); Primaz Advogados (legal).

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• Topics
• Buyouts
• Southern Europe
• Healthcare
• Portugal