Harris Williams & Co. Advises California Cryobank, Inc. on its Sale to Longitude Capital and NovaQuest Capital

August 20, 2014

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the acquisition of California Cryobank, Inc. (CCB) by Longitude Venture Partners II, L.P. (Longitude) and NovaQuest Pharma Opportunities Fund III, L.P. (NovaQuest). CCB is a global leader in reproductive tissue donor services and storage and stem cell banking. Harris Williams & Co. acted as the exclusive advisor to CCB. The transaction closed on August 19, 2014 and was led by Todd Morris, Andy Dixon, and Andrew Hewlett of Harris Williams & Co.’s Healthcare and Life Sciences (HCLS) Group.

“We are thrilled to have represented CCB’s shareholders in this transaction,” said Todd Morris, managing director in Harris Williams & Co.’s HCLS Group. “Founded by Dr. Charles Sims and Dr. Cappy Rothman in 1977, CCB is a pioneer in the fertility sector and has established itself as a leader in the areas of fertility and cellular therapy through its commitment to the highest level of clinical quality, dedicated client focus, and unmatched scientific excellence.  CCB’s services have enhanced the lives of thousands of families by helping them to conceive children and providing access to potentially life-saving stem cell therapies.”

Andy Dixon, director in Harris Williams & Co.’s HCLS Group, added, “CCB is well positioned to capitalize on demographic and cultural trends driving demand for its services and to continue its strong track record of growth in partnership with Longitude and NovaQuest. We expect to see additional growth and consolidation in the broader fertility markets.”

California Cryobank provides a comprehensive resource for frozen donor sperm and specialized reproductive services, including private egg and embryo storage services.  In addition, since 1997, CCB has provided stem cell services through its FamilyCord subsidiary, including both cord blood and cord tissue banking.  CCB operates throughout the United States, as well as Europe, South America, and Asia.  CCB is registered with the FDA, accredited by the AATB (American Association of Tissue Banks), licensed by the states of California and New York, and has three CLIA-certified clinical laboratories.

Longitude Capital is a private investment firm that focuses on venture growth investments in leading healthcare companies.  Founded in 2006, Longitude has offices in Menlo Park, CA and Greenwich, CT.  The firm builds balanced healthcare portfolios focused on creating value in special situations, including acquisitions, spin outs, PIPEs, and structured transactions, as well as traditional venture and growth equity.  Longitude most recently raised $385 million for its second fund, Longitude Venture Partners II, L.P., in 2012. 

NovaQuest Capital Management is an independent investment firm which manages product and company investments in the global healthcare industry. The NovaQuest team has worked together for over 14 years, investing over $1 billion into the global healthcare industry. NovaQuest focuses on product finance investments with global biopharmaceutical companies in strategic, late-stage clinical and commercialized assets. These customized, product transactions are an alternative to standard biopharmaceutical industry deal-making and help companies maximize the value of their asset portfolios. In addition, NovaQuest invests in select private equity and other company securities, with a consistent focus on late-stage clinical and commercialized products.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; outsourced clinical and practice management services; and outsourced pharma services.  For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.