Rochester, NY, September 28, 2022 – iuvo BioScience, a specialty CRO providing laboratory services, preclinical and clinical development services, and scientific consulting services, today announced it has signed a definitive agreement to be acquired by Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the life science and healthcare sectors. Ampersand’s investment will support the expansion of iuvo’s integrated service portfolio and laboratory capacity, and fund an active inorganic growth strategy. As part of the transaction, iuvo also announced the appointment of Daniel Spasic as Chairman of the company’s Board of Directors. Daniel is a pharmaceutical services executive with over 25 years of experience in the CRO industry.
Founded by Ben Burton and Mary Richardson in 2015, iuvo offers a broad suite of integrated services to small- and midsized biotech and medical device companies globally. The company’s services include laboratory services, toxicology and preclinical testing, clinical development and trial execution, as well as scientific and regulatory consulting. Having supported 8 of the last 22 NDA approvals in ophthalmology, iuvo is a clear leader in this therapeutic market segment while also serving an array of customers across additional therapeutic areas. Ben and Mary will continue in their current executive leadership roles and remain shareholders alongside Ampersand.
Ben Burton, President and CEO of iuvo, stated, “iuvo’s partnership with Ampersand comes at a pivotal moment in the company’s history. With support from Ampersand, iuvo is well-positioned to continue its strong growth trajectory and expand our abilities to provide unrivaled service to our customers. Ampersand’s deep industry expertise, broad network, and capital resources will fortify iuvo’s position as a leading specialty CRO.”
Daniel Spasic, who previously founded and led TFS HealthSciences, commented “iuvo enjoys a unique market position given its ability to provide such a broad service offering, enabling biotech and medical device companies to partner with the company from early laboratory and preclinical research through the entire clinical development process. I’ve been impressed by Ben and Mary’s leadership and strategic decision to serve their clients, while deepening the company’s expertise in strategic therapeutic areas. We all see numerous opportunities to leverage iuvo’s unique market position and become a stronger partner to our customers, while also staying committed to delivering high-touch services.”
Trevor Wahlbrink, Partner at Ampersand, added, “iuvo is an excellent fit with Ampersand’s strategy of supporting growth-oriented life science organizations with leadership positions in attractive industries. We believe iuvo is poised for continued success given its quality science, exceptional service, and broad capability set supporting pharmaceuticals and medical devices from research to release. We are excited to partner with Ben and Mary and are pleased to welcome industry veteran Daniel Spasic to the team.”
Headquartered in Rochester, NY, iuvo BioScience is a highly specialized provider of preclinical, clinical, and consulting services to biotech and medical device customers. The company’s facility features laboratories for analytical chemistry, microbiology, pharmacology, and toxicology, as well as an on-site AAALAC-accredited vivarium to support preclinical testing. Through the company’s Oculos Clinical Research subsidiary, iuvo provides a suite of clinical trial services including clinical trial design, regulatory, biometrics, pharmacovigilance, project- and site management. Under the Lumino Advisors brand, the company also has an end-to-end scientific consulting offering spanning from regulatory strategy, dossier development, preclinical- and CMC consulting and strategic planning through trial execution and regulatory submission. Additional information about iuvo is available at www.iuvobioscience.com.
Founded in 1988, Ampersand is a middle market private equity firm with more than $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit ampersandcapital.com or follow us on LinkedIn.