BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”) announced today that it has recapitalized, in partnership with the management team, Corrona, LLC (“Corrona” or the “Company”). The Company, founded in 2000 and headquartered in Waltham, MA, provides real world evidence through syndicated registry data and analysis services. Corrona maintains and operates comprehensive, proprietary patient registries collecting data from clinical sites across the U.S., Canada, and Japan. All of Corrona’s registries collect disease-specific clinician-reported and patient-reported outcomes, yielding a comprehensive longitudinal dataset that stands apart from other siloed datasets derived from electronic medical records or claims. As a result, Corrona registry data has become a gold standard for real-world evidence on drug effectiveness and safety across major autoimmune diseases.
Raymond Hill, Chief Executive Officer of Corrona, said, “The management team of Corrona and I are excited to partner with Audax. They have a proven track record of helping companies scale and are committed to investing to fund our growth. We are excited to start a new chapter in the history of Corrona.” He continued, “Audax has complementary assets in the healthcare space we can partner with, and also supports Corrona’s commitment to high quality research and advancing patient care.” Jeff Greenberg, MD, Chief Medical Officer of Corrona, noted, “We believe the investment from Audax will strengthen our capabilities to generate regulatory-grade evidence on the effectiveness and long-term safety of advanced therapies for key stakeholders including patients, physicians, pharma companies, payers, and regulators.”
Keith Palumbo, Managing Director at Audax Group, said, “Corrona has established itself as a gold standard provider of real-world evidence and is positioned well to expand its service offerings with additional data sources and therapeutic areas. We have been very impressed with the Corrona science and management team and we look forward to partnering with them on this next phase of growth.”
Joe Rogers, Managing Director at Audax Group, said, “We are impressed by the high-quality business that Ray and his team have built at Corrona as a pioneer in the rapidly growing real-world evidence industry. Corrona has laid out an exciting plan for growth over the next five years. We are excited to support Corrona as it launches new registries and continues to expand its footprint in related adjacencies, both organically and through strategic acquisitions.”
Terms of the transaction were not disclosed. Ropes & Gray LLP served as legal counsel to Audax.
Corrona provides real world evidence through syndicated registry data and analysis services, helping biopharmaceutical companies demonstrate the value of their products to clinicians, patients, payers, and regulators. Corrona operates six major autoimmune registries across the US, Canada and Japan, collecting data from over 500 participating investigator sites. In addition to supporting hundreds of manuscripts and abstracts, Corrona has supported post approval safety commitments for multiple advanced therapies approved for autoimmune conditions. Corrona is headquartered in Waltham, MA. Through its subsidiary Health iQ, Corrona has access to a broad range of UK and international data sets across primary and secondary care, as well as deep relationships with the NHS, Public Health England, and leading UK academic institutions. The Company’s HealthiVibe business complements and strengthens Corrona’s strong presence in disease registries by providing market-leading expertise in supporting innovative, evidence-based patient engagement initiatives across the product lifecycle. Learn more at www.corrona.org, or via email at firstname.lastname@example.org.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $26 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 130 platforms and 800 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, please visit the Audax Group website www.audaxgroup.com.