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Great Point Partners II Exits Investment in Corrona LLC, a Leading Provider of Clinical Real-World Evidence
Introduction
GREENWICH, CT and WALTHAM, MA – Great Point Partners (“GPP”), a Greenwich-based private investment firm focused exclusively on the health care industry, has exited its investment in Corrona to Audax Private Equity after accelerating the Company’s growth. Corrona provides clinical real-world evidence to pharmaceutical and biotechnology companies by establishing and operating patient registries in the United States, Europe, and Asia.
Noah Rhodes, III, Managing Director at GPP commented, “We are very proud of what we accomplished with CEO Raymond Hill and the entire Corrona team. In 2014 we were looking for an investment in the clinical real-world evidence sector and were immediately impressed with the business that founder Dr. Joel Kremer had built. Corrona expanded to six registries during our ownership and grew into related areas of UK electronic medical records and claims data and patient experience studies. We look forward to watching the Company continue to flourish under Ray’s leadership.”
“Great Point was an outstanding partner, providing insight gained from their extensive experience in the pharmaceutical services sector and supporting our search for related businesses to expand Corrona’s offerings with their dedicated sourcing team,” Raymond Hill, Chief Executive Officer at Corrona, stated. “Additionally, through their deep network in the biopharmaceutical industry, Great Point recruited a talented board of directors that provided valuable guidance.” Noted Jeff Greenberg, MD, CMO of Corrona, “GPP helped to enhance our capabilities in many areas, while ensuring we retained a strong focus on patients and our core investigator network.”
“We increased Corrona’s growth trajectory by providing capital to expand the number of registries the Company manages and completing two accretive acquisitions: Health iQ of London, England and HealthiVibe of Arlington, Virginia, which made Corrona a global business. Corrona’s impressive growth is a significant achievement for the management team,” added Jeffrey Jay, Co-Founder and Managing Director at Great Point Partners.
Allen & Company LLC served as exclusive financial advisor to Corrona, and Morrison Cohen LLP served as the Company’s legal counsel.
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm, currently with approximately $1.9 billion of equity capital currently under management and 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP III. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III which has $306 million in committed capital) and public (BioMedical Value Fund family, approximately $1.4 billion) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 growing health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical services and supplies, outsourcing and alternate site care, and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or www.gppfunds.com.
About Corrona
Corrona provides real world evidence through syndicated registry data and analysis services, helping biopharmaceutical companies demonstrate the value of their products to clinicians, patients, payers, and regulators. Corrona operates six major autoimmune registries across the US, Canada and Japan, collecting data from over 500 participating investigator sites. In addition to supporting hundreds of manuscripts and abstracts, Corrona has supported post approval safety commitments for multiple advanced therapies approved for autoimmune conditions. Corrona is headquartered in Waltham, MA. Through its subsidiary Health iQ, Corrona has access to a broad range of UK and international data sets across primary and secondary care, as well as deep relationships with the NHS, Public Health England, and leading UK academic institutions. The Company’s HealthiVibe business complements and strengthens Corrona’s strong presence in disease registries by providing market-leading expertise in supporting innovative, evidence-based patient engagement initiatives across the product lifecycle. Learn more at www.corrona.org, or via email at info@corrona.org.