Clairvest to sell Lyophilization Services to Permira affiliate

Canadian private equity firm Clairvest Group has agreed to sell its interest in Lyophilization Services of New England Inc (LSNE), a contract manufacturing organization that provides lyophilization services to the biotech, pharmaceutical and medical device industries. Clairvest, which in 2008 acquired a minority stake in Manchester, New Hampshire-based LSNE, said it expects to realize sales proceeds of about US$80 million. That compares against the US$48.9 million value estimated for the company in December. LSNE will be bought by an affiliate of European private equity firm Permira. The deal is expected to close before the end of June.

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