Press Release Details
Gurnet Point Capital and Patient Square Capital Complete Their Acquisition of Radius Health, Inc.
Aug 15, 2022
CAMBRIDGE, Mass., Aug. 15, 2022 (GLOBE NEWSWIRE) — Gurnet Point Capital (“Gurnet Point”) and Patient Square Capital (“Patient Square”) announced today the completion of their acquisition of Radius Health, Inc. (Nasdaq: RDUS) (“Radius”). Radius is a global, commercial-stage biopharmaceutical company focused on addressing unmet medical needs in the areas of bone health and neuro-orphan diseases. Radius’ lead product, TYMLOS® (abaloparatide) was launched in the U.S. in 2017 for the treatment of postmenopausal women with osteoporosis at high risk for fracture.
The consideration paid to shareholders in the transaction was $10.00 per share in cash, plus one non-transferable contingent value right (“CVR”) per share, which represents the contractual right to receive $1.00 per share in cash, payable upon TYMLOS net sales reaching $300 million (inclusive of U.S. sales and Japan royalties or supply payments based on supply of TYMLOS for sale in Japan) during any consecutive 12-month period prior to December 31, 2025.
As of the tender offer expiration, the shares validly tendered and not withdrawn represented over 50% of the outstanding shares of common stock of Radius. Pursuant to the terms of the merger agreement, the purchaser entity for Gurnet Point and Patient Square merged with and into Radius, and as a result, Radius has become a wholly-owned indirect subsidiary of Gurnet Point and Patient Square. Radius will be delisted from the NASDAQ Global Market.
About Gurnet Point Capital
Gurnet Point Capital is a leading healthcare fund that invests in de-risked life sciences companies. Gurnet Point primarily focuses on businesses that have high growth potential in the late product development and commercialization stages of their evolution. These companies become partners not just because of their capacity to generate economic value, but also because of their potential to deliver social impact. Gurnet Point’s team of highly experienced industry executives work closely with its portfolio companies, with an active approach driving operational transformation and outsized returns. www.gurnetpointcapital.com
About Patient Square Capital
Patient Square Capital (www.patientsquarecapital.com) is a dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a true partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities and create a healthier world. Patient Square’s team of industry-leading executives is differentiated by the depth of focus in health care, the breadth of health care investing experience, and the network it can activate to drive differentiated outcomes.
Radius is a global biopharmaceutical company focused on addressing unmet medical needs in the areas of bone health, neuro- orphan diseases, and oncology. Radius’ lead product, TYMLOS® (abaloparatide) injection, was approved by the U.S. Food and Drug Administration for the treatment of postmenopausal women with osteoporosis at high risk for fracture. The Radius clinical pipeline includes investigational abaloparatide injection for potential use in the treatment of men with osteoporosis; the investigational drug, elacestrant (RAD1901), for potential use in the treatment of hormone-receptor positive breast cancer out-licensed to Menarini Group; and the investigational drug RAD011, a synthetic cannabidiol oral solution with potential utilization in multiple neuro-endocrine, neurodevelopmental, or neuropsychiatric disease areas, initially targeting Prader-Willi syndrome, Angelman syndrome, and infantile spasms.
Gurnet Point Capital
Tom Johnson / Blair Hennessy
Email: email@example.com / firstname.lastname@example.org
Phone: (212) 371-5999
Patient Square Capital
Doug Allen / Zach Kouwe
Dukas Linden Public Relations
Phone: (646) 722-6530