Rye, New York-based private equity firm SFW Capital Partners has invested in Sannova Analytical, citing growing drug industry interest in outsourcing to specialists as motivation for the deal.
Roger Freeman, co-founder and partner at SFW said Sannova, a provider of analytical and chemistry manufacturing and controls testing services to biopharmaceutical and biotech companies, is well placed to capitalize on industry demand for expert contractors as pharmas look to outsource more activities to specialty CROs.
However, Freeman also hinted at SFW’s plans for Sannova, suggesting the intention is to flesh out the contractor's offering with additional services.
“We believe Sannova’s growth can be further accelerated through diversifying the breadth of its service offering, generating greater awareness of its capabilities in the market and pursuing strategic acquisitions," Freeman said in a release.
This was echoed by Venkat Reddy, president and co-founder of Sannova, who called SFW the ideal partner that could help the CRO capitalize on significant market opportunity as the drug discovery and development industry grows.
The investment deal, financial terms of which were not provided, will see Michael Silvon, SFW Operating Advisor, join Sannova’s board of directors as executive chairman.
Prior to joining SFW, Silvon served as vice president for Charles River Labs’ Global Biopharmaceutical Services division. Prior to that he was vice president of corporate planning and development at bioanalytical systems, now known as Inotiv.