Stanley identified an “unmet” need for large pharma to divest legacy pharma products to de-lever, optimize existing production facilities or harmonize the portfolio. Noden is the identified platform to begin this buy and build

  • Noden is a Dublin-headquartered global specialty pharmaceutical company, focused on providing unique, complex to manufacture prescription medicines in the cardiovascular space for patients who are intolerant to mainstream treatments
  • Stanley acquired Noden as a platform for a strategy to consolidate the mature-product speciality pharma marketplace. The platform is targeting the acquisition of multiple drug portfolios to create a differentiated and highly cash generative portfolio of medicines with established operational, technical, or patient-led barriers to entry
  • Stanley Capital will work alongside Noden’s management team to execute an identified and active M&A pipeline

Investment thesis was brought into life by our Leader Network

  • Stanley Capital originated Noden through our research which identified speciality pharma as an attractive space to invest and – through testing our investment thesis with our Leader Network – Noden as a strong platform for a buy and build in spec pharma
  • Identification of Noden and further M&A came through one of Stanley Capital’s operating partners with 20 years of specialty pharma experience in leading business development and identifying pharma M&A
  • Through our network of operating partners we developed a long and largely off market M&A pipeline

Early signs of success: value creation milestones already initiated

  • Secured a new API source making Noden a going concern
  • Cost savings implemented vs previous publicly listed owner
  • Attractive M&A pipeline identified from big pharmas which can be acquired at between 4-8x EV/EBITDA vs specialty pharma comps trading between 10-14x
  • De-risking of technical operations
  • Discontinuation of unprofitable products in selected markets

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