Linden LLC

Linden Agrees to Sell ProPharma Group to Odyssey Investment Partners

September 22, 2020 | For Immediate Release

Chicago, IL (September 22, 2020) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare sector, announced an agreement to sell ProPharma Group (the “Company”) to Odyssey Investment Partners. ProPharma Group, a portfolio company of Linden, is an integrated, global provider of outsourced services to pharmaceutical, biotech, and medical device companies with a mission to improve the health and safety of patients.

“Under Linden’s ownership, our focus on building a comprehensive and global suite of high value services that span the entire lifecycle of a drug or device has allowed ProPharma Group to establish itself as a trusted partner to our customers,” said Dawn Sherman, CEO of ProPharma Group, who will continue to lead the organization following the closing of the transaction. “We are incredibly proud of the organization we have built with an unwavering commitment to improving the health and safety of patients around the world,” added Sherman.

“From the onset of our investment in ProPharma Group, our goal was to create a diversified pharma services company with a global footprint. During our investment period, Linden helped to implement a comprehensive value creation program that emphasized human capital, organic and inorganic growth, and investments in technology and infrastructure,” said Michael Farah, Linden Partner.

Tony Davis, Linden President and Managing Partner and Board Director of ProPharma Group, added “ProPharma Group represents a continuation of Linden’s demonstrated track record of investing in differentiated pharmaceutical services companies. This is also our second successful exit since the onset of the COVID-19 pandemic, highlighting the resiliency of our portfolio in these challenging times.”

Board Director and industry veteran Richard Thomas added, “Linden and management have created a high quality and truly differentiated pharmaceutical services platform in ProPharma Group, with an emphasis on delivering exceptional customer service and patient care. I’m excited to see the Company continue to grow under Dawn’s leadership.”

Centerview Partners, LLC and William Blair & Co. served as ProPharma Group’s financial advisors, and Kirkland & Ellis LLP served as legal counsel in connection with the transaction.

About ProPharma Group
ProPharma Group is a global, independent, single-source provider of outsourced regulatory, compliance, pharmacovigilance, and medical information services serving pharmaceutical, biotechnology, and medical device companies. Founded in 2001, ProPharma Group has more than 1,200 colleagues worldwide providing a comprehensive portfolio of regulatory and compliance solutions to help solve complex challenges in a dynamic regulatory environment. With the mission to improve the health and safety of patients, ProPharma Group is focused on delivering the highest quality of services throughout the full product lifecycle. For more information, please visit

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on investing in the healthcare industry. Linden’s strategy is based upon three elements: i) healthcare specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms across the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. For more information, please visit