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