Swiss private equity firm Partners Group has acquired a majority stake in FairJourney Biologics, a biotech known for its work on antibody treatments for major drugmakers such as Johnson & Johnson, in a deal that values the business at €900m, according to a report by the Financial Times.
London-based healthcare investor GHO Capital, which acquired a majority stake in FairJourney for just over €50m in 2020, will retain a minority shareholding alongside the company’s founder, António Parada.
The sale marks the largest exit in GHO’s history, potentially delivering a near 10-fold return on its initial investment, according to PitchBook data.
FairJourney, with laboratories in Porto, Portugal, and Cambridge, UK, has significantly contributed to research behind 14 antibody treatments currently in clinical trials for diseases such as cancer and autoimmune disorders. The company’s EBITDA are projected to reach €44m this year, up from €10m in 2020, while group revenues are expected to hit €79m in 2024.
The acquisition followed a competitive auction process, which saw Partners Group outbid other private equity investors.
Partners Group has invested billions in the healthcare and life sciences sectors in recent years, including the €1.6bn purchase of Greek generics manufacturer Pharmathen in 2021 and co-investment with GHO in Sterling Pharma Solutions.
