Scientific consulting firm acquires Houston biopharmaceutical logistics company
A private-equity backed firm has acquired a Houston tech company. The combined entity will enhance logistics for the drug industry.
ToxStrategies, headquartered in Katy, announced the acquisition of Houston-based Modality Solutions this week. ToxStrategies, a portfolio company of Pennsylvania-based Renovus Capital, did not disclose the terms of the deal.
Modality Solutions, founded in 2011 by Gary Hutchinson and Dan Littlefield, focuses on optimized "biopharmaceutical cold chain for novel, fragile, and controlled-temperature medical therapies," per a news release. The company also developed technologies for shipping validation testing. With the acquisition, Hutchison and Littlefield will continue leading Modality as a division of ToxStrategies.
"We are thrilled to become part of the ToxStrategies platform," Hutchinson says in the release. "The combination of our capabilities will provide continued growth opportunities by allowing us to engage with a broader client base, as well as with additional segments of the drug development life cycle than before."
The two Houston-area companies will combine platforms and customers, which include pharmaceutical and biotech clients who need Modality's platform for transporting and storing the increasing amount of therapies that have become more sensitive to changes in temperature.
"The partnership between ToxStrategies and Modality is an ideal strategic fit," says Laurie Couture Haws, president of ToxStrategies, in the release. "Our centralized platform will allow us to cross leverage expertise to better serve our clients across life sciences sectors."
Last November, Renovus Capital Partners backed ToxStrategies partnered with the goal of growing the company's customer base. Renovus manages over $1 billion distributed across its three sector-focused funds. Its current portfolio consists of around 25 businesses based in the United States and specializing in education and training, health care services, technology services, and professional services.
"ToxStrategies has benefitted from being one of several Renovus portfolio companies in the life sciences industry, giving it access to a vast network of relationships, capabilities, and industry expertise," Jesse Serventi, a founding partner at Renovus Capital Partners, says in the release. "We are confident that this acquisition will further enhance ToxStrategies' capabilities as a leading life sciences consultant and create numerous growth opportunities for the company."
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