Linden Invests in Alcresta Therapeutics
Chicago, IL (March 12, 2024) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today the completion of its acquisition of Alcresta Therapeutics, Inc. (“Alcresta” or “the Company”), a leader in commercializing novel enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases.
Alcresta recently announced 510(k) clearance of its next-generation RELiZORB® (iMMOBILIZED LIPASE) cartridge by the Center for Devices and Radiological Health of the U.S. Food and Drug Administration. The next-generation RELiZORB device was developed to address the enteral nutrition needs of a wider population of patients living with rare diseases and is expected to launch in Q2 2024.
Linden Operating Partner Ron Labrum, who is joining Alcresta as Chairman of the Board of Directors, said, “I am very excited to join the Alcresta team to support the continuing growth of the company. Alcresta’s rapid progress has made a meaningful difference for patients living with rare diseases that struggle with fat malabsorption. Linden feels very fortunate to partner with Alcresta as it prepares for new levels of momentum and success in the years ahead.”
Daniel Orlando, CEO of Alcresta, said, “We have been very impressed with Linden’s thoughtful investment approach as we finalize launch plans for the next generation RELiZORB and accelerate R&D efforts for an iteration to treat enterally fed patients in the NICU. We anticipate considerable growth in the years to come and appreciate the added strategic planning and investment experience that Linden brings to Alcresta.”
Piyush Shukla, Partner at Linden and incoming Board member at Alcresta, added, “Linden’s investment in Alcresta is a direct result of our dedicated and longstanding medical devices and specialty pharma sector effort. We have been impressed with the organization and team that Daniel has built and are excited to partner with Alcresta on this next phase of growth.” Linden’s Ernest Waaser and Prab Chawla have also joined the Board of Directors, alongside Alcresta CEO Daniel Orlando.
Kirkland & Ellis LLP and Cain Brothers, a division of KeyBanc Capital Markets, served as legal advisor and financial advisor to Linden, respectively. Wilmer Cutler Pickering Hale and Dorr LLP and Rothschild & Co served as legal advisor and financial advisor to Alcresta, respectively. Twin Brook Capital Partners and MidCap Financial provided debt financing for the transaction.
About Alcresta Therapeutics, Inc.
Alcresta Therapeutics, Inc. is dedicated to developing and commercializing novel, enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases. Alcresta currently markets RELiZORB for enterally fed patients with pancreatic insufficiency, which occurs in cystic fibrosis, pancreatic cancer, and pancreatitis, and is developing platform applications for patients with short bowel syndrome (SBS) and prematurely born infants treated in the NICU. More information can be found at www.alcresta.com.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is the country’s largest dedicated healthcare private equity firm by total buyout capital raised. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 325 total transactions. The firm has approximately $8 billion in regulatory assets under management. For more information, please visit www.lindenllc.com.