Overview
Innovative bioanalytical CRO Pyxant Labs has acquired Covance by Labcorp’s Salt Lake City Bioanalytical Site, integrating the two companies’ leading bioanalytical capabilities within a single organization in this transformative transaction. Financing to both recapitalize Pyxant’s shareholder base and finance the acquisition has been provided by ArchiMed.
Significance
Pyxant Labs’ solutions advance leading-edge and challenging drug development programs. The addition of Covance by Labcorp’s Salt Lake City Bioanalytical Site will allow Pyxant Labs to offer even more comprehensive bioanalytical services to the pharmaceutical and biotech industry in support of early-stage discovery studies through NDA submission. Pyxant has materially strengthened its large molecule bioanalysis offering through the combination of each organization’s growing high-resolution mass spectrometry capabilities, creating differentiated services for a high-growth market.
Crosstree’s Role
Crosstree assisted Pyxant in the negotiation, funding, and execution of a unique opportunity to expand their capabilities within the high-growth bioanalytical CRO space:
- Assisted Pyxant in the negotiation and closing of the acquisition of the Covance by Labcorp divestiture
- Conducted an accelerated and targeted private equity process to both recapitalize Pyxant’s existing shareholder base and fund the acquisition of the Covance by Labcorp divestiture
- Identified healthcare-focused private equity firm Archimed as the ideal financial partner for Pyxant and the Covance divestiture
