Alliance Pharma To Acquire LGC's Bio-analytical Business Arm For Undisclosed Sum

(RTTNews) - Ampersand-backed Alliance Pharma Plc (APH.L) said on Tuesday that it has agreed to buy Drug Development Solutions or DDS, a bio-analytical business arm of LGC Group. Financial terms of the deal were not disclosed.

KKR & Co. Inc. (KKR) will become an equal shareholder in the combined business alongside Ampersand Capital Partners.

With this transaction, expected to be completed in the second quarter, Ampersand and KKR-backed combined business aims to boost the company's geographical reach, broaden its laboratory capabilities, and expand its service portfolio.

Eric Lev, General Partner at Ampersand Capital Partners, said: "Alliance and DDS are highly complementary businesses with industry-leading management and scientific teams, and strong track records of supporting leading pharma and biopharma customers. We are delighted to be collaborating to bring together two well respected and fast-growing bioanalytical lab services businesses to create one of the leading global specialty bioanalysis platforms."

KKR is investing in Alliance and DDS through KKR Health Care Strategic Growth Fund II, a $4 billion fund focused on investing in high-growth health care companies.