Avantor Divests Clinical Services to Audax in $650 Million Deal

 With a transaction value of roughly $650 million, Avantor, a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, today announced the signing of a definitive agreement to divest its clinical services business to Audax Private Equity ("Audax"), which includes kitting, biorepository, and related equipment and ancillaries (collectively, "Clinical Services").

Michael Stubblefield, President and Chief Executive Officer of Avantor, stated, "Today's announcement is an important step for Avantor as we continue to optimise our portfolio in line with our new operating model." "The divestiture enables us to enhance our focus on strategic growth opportunities in our lab and production businesses, while strengthening our balance sheet."

stating, "In Audax, we are pleased to have found a new owner that recognises the value proposition of this business and is ideally positioned to invest and grow the platform for the benefit of all stakeholders."