Hg invests in Managed Markets Insight & Technology

RNS Number : 3521J

HgCapital Trust PLC

20 August 2021

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces an investment in Managed Markets Insight & Technology, LLC. ("MMIT"), the trusted go-to-market partner solely focused on solving the "what and why" of market access in the pharma sector. The terms of the transaction have not been disclosed and completion is subject to closing conditions.

MMIT will join forces with Evaluate Ltd ("Evaluate"), a leading provider of commercial intelligence and predictive analytics to the pharmaceutical industry. Hg will share joint control of the combined business.

HgCapital Trust plc will invest approximately £19.9 million in MMIT, with other institutional clients of Hg investing alongside HGT through the Hg Genesis 9 Fund. This transaction values HGT's existing investments in Evaluate at £24.3 million, representing an uplift of £11.2 million (86%) or 2.6 pence per share

HGT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.

Note that these figures only relate to HGTs share of Hg's overall investment in MMIT and Evaluate.

Based on the 31 March 2021 reported NAV, the pro-forma NAV of the Trust is expected to be £1.5 billion (or 341 pence per share). HGT's liquid resources available for future deployment (including all announced transactions, and equity raised via tap issuance) are estimated to be £170 million (11% of the 31 March 2021 pro-forma NAV of £1.5 billion).

The investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £422 million (28% of the 31 March 2021 pro-forma NAV).

HGT will be announcing the interim results for the first six months to 30 June 2021 on 6 September 2021.

MMIT and Evaluate Join Forces to Offer an End-to-End View of the Pharmaceutical Market Landscape

By combining their technology, data and expertise, MMIT and Evaluate will become a $1.6 billion global pharma commercial intelligence provider

Yardley, Pa.-based Managed Markets Insight & Technology (MMIT), LLC, the trusted go-to-market partner solely focused on solving the "what and why" of market access, has joined forces with London-based Evaluate , a leading provider of commercial intelligence and predictive analytics to the pharmaceutical industry . This newly merged organization will offer customers a unique and comprehensive data solution offering both analytical and predictive data insights across the entire drug life cycle.

"MMIT and Evaluate share a mission of helping patients get access to lifesaving therapies," said Mike Gallup, CEO of MMIT. "As customers' decision-making processes become increasingly more centralized, we couldn't be more thrilled to come together and offer a comprehensive solution for bringing new drugs to market and to patients."

The two organizations will become a leading pharma commercial intelligence provider-one that aims to inform and support customers from pipeline to prescription. Combining Evaluate's data-driven understanding of commercial opportunities with MMIT's insight into patient coverage will offer customers an end-to-end view of the pharmaceutical market landscape, allowing them to enhance high-value strategic portfolio decisions, assess unmet needs, evaluate barriers to access, and develop pricing strategies and value propositions to ensure that treatments get in the hands of patients.

"It's an exciting time for our new combined organization," said Evaluate CEO Deborah Kobewka. "Evaluate and MMIT have a shared vision to enhance patient outcomes by helping them access innovative treatments faster. Together, we are better placed to help our customers identify and evaluate strategic, valuable R&D investments and smooth access to therapies for those who need it the most-the patients."

Deborah Kobewka will continue in her role as Evaluate's CEO, while MMIT's CEO, Mike Gallup, will be CEO of the combined entity. Upon completion of the merger, MMIT's equity partner, Welsh, Carson, Anderson & Stowe (WCAS), and Evaluate's equity partner, Hg , will share joint control of the combined business.

"There are enormous growth opportunities ahead for this combined business with over 1,300 global customers, highly complementary solutions and differentiated offerings in the market. We are delighted to continue partnering with the management team at MMIT while welcoming the team from Evaluate and our new partner, Hg," said Ed Sobol, general partner at WCAS.

"This combination brings together two high-quality businesses and teams to form a new global player in commercial pharma intelligence, delivering better outcomes to the entire healthcare ecosystem and helping patients access treatments more efficiently," said David Issott, partner at Hg. "We're proud of what we've achieved alongside the Evaluate team to date and are excited to partner with WCAS and MMIT in supporting the accelerated growth of this new combined business."

The terms of the transaction have not been disclosed and completion is subject to customary closing conditions.

About MMIT
For nearly two decades, MMIT has been solely focused on solving the "what and why" of market access, and has been a trusted, go-to-market partner. We believe that patients who need lifesaving treatments shouldn't face delays because accessing drugs can be confusing. As the leading provider of market access data, analytics and insights, our expert teams of clinicians, data specialists and market researchers provide clarity and confidence so that our clients can make better decisions.

Divisions of MMIT include AIS Health, creator of the Directory of Health Plans and leading healthcare publications; Zitter Health Insights, provider of market access insights and solutions for specialty drugs; RJ Health, the market leader in pricing and coding solutions for infusion drugs covered under the medical benefit, and The Dedham Group, the preeminent U.S. market access oncology and specialty therapeutics consultancy. For more information about MMIT, visit mmitnetwork.com and follow us on LinkedIn.

About Evaluate
Since 1996, Evaluate has provided the life sciences industry with the data, insight and intelligence to facilitate confident decision making on high-value investments in treatments and markets. We enable our clients to embed our proprietary & industry data into their workflows, tools and processes so they can work more effectively and efficiently. For more information about Evaluate, visit www.evaluate.com and follow us on LinkedIn.

About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the Firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has raised and managed funds totalling over $27 billion of committed capital. For more information, please visit www.wcas.com

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

For further details:

Hg

Laura Dixon  [phone]

Brunswick

Samantha Chiene  [phone]

[e-mail]

About HgCapital Trust plc

HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.

The contents of the Hg, HgCapital Trust, MMIT, Evaluate and WCAS websites are not incorporated into, and do not form part of, this announcement.

 

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