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HomeEconomyPortugal's FairJourney Biologics, valued at more than $920 million, has been sold...

Portugal's FairJourney Biologics, valued at more than $920 million, has been sold to a Swiss fund.

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The deal closed in July of this year. The valuation was not formally disclosed. FairJourney will be capitalized by Partners Group, along with the GHO Fund and FairJourney founder and CEO, Antonio Parada.

Global Healthcare Opportunities, or GHO Capital Partners LLP, a European investor specializing in global healthcare, has sold a majority stake in Portuguese company FairJourney Biologics to private equity fund Partners Group.

FairJourney will also be capitalized by Partners Group, along with GHO and FairJourney founder and CEO, Antonio Parada.

The deal closed in July this year. The value was not officially announced, but when the sale process was launched through JPMorgan, the news indicated a valuation of around $1 billion (around €922 million).

Mergermarket recently said the sellers have expectations of a valuation of 20 times EBITDA, with Fairjourney’s EBITDA expected to reach €45 million this year. If confirmed, that would give a valuation of €900 million.

Porto-based biotech company FairJourney Biologics has become a leader in antibody discovery and development, with revenues growing more than 5-fold since 2019.

“Since its founding in 2012 in Porto, by scientists António Parada and Maria Paguelo, FairJourney has grown to become one of the world’s leading antibody companies. In partnership with leading biopharmaceutical companies, FairJourney supports more than 250 clients worldwide. Since its inception, the company has discovered more than 1,000 lead antibody candidates on behalf of pharmaceutical groups, of which 14 antibody therapies are currently in active clinical development to address unmet patient needs in oncology, immunology and cardiovascular diseases.

The investment by GHO Capital, a “European healthcare investor who has supported FairJourney’s strategy to expand its service offerings and geographic presence and thus better serve its international customer base,” dates back to 2020.

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The buyer of the Portuguese company is Partners GroupHolding AG, a global private equity management firm based in Switzerland.

GHO Capital Partners commented on the deal, which has just been finalized, in a statement posted on their website, saying, “Realizing a significant return through the sale of FairJourney is a testament to the incredible ability of its founders and team to build an industry-leading company in the discovery and development of antibodies.

“We are very pleased to continue supporting Antonio Parada and his team in this next phase of the company’s growth and development, and have every confidence that the success we have achieved together will continue in the years to come. We look forward to working with Partners Group to expand FairJourney’s innovative offerings while maintaining its industry-leading position.”

“Since our founding in 2012, we have worked tirelessly to become the world’s leading antibody partner, providing our biopharmaceutical customers with the best services, cutting-edge science and innovative technology,” said Antonio Parada, founder and CEO of FairJourney Biologics, in the same note.

“Our partnership with the GHO Capital team, led by Andrea Ponti and Edward De Nord, has been instrumental in helping us achieve this. Their expertise and network in healthcare are invaluable in rapidly scaling a company like FairJourney and we could not have achieved our global success without them,” adds Antonio Parada.

“We are pleased to continue to be an investor and look forward to working with our new majority shareholder, Partners Group, who are well positioned to support us in expanding our technologies, scientific leadership and service delivery on a global scale,” says FairJourney CEO.

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J.P. Morgan acted as exclusive financial advisor to the UK fund GHO Capital, on the firm’s sales side. Reed Smith and CTSU acted as legal advisors and Alvarez & Marsal were financial and tax advisors.

LEK Consulting acted as a business consultant.

Deloitte provided tax and structuring advice to GHO and Jamieson Corporate Finance provided management consulting.

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