RALEIGH, NC – November 30, 2021 – NovaQuest Capital Management, LLC (“NovaQuest”), a biopharma and life sciences investment firm specializing in human and animal health investing, and TechAccel LLC (“TechAccel”), a technology and venture development organization, announced today that NovaQuest has acquired TechAccel’s ownership stake in Covenant Animal Health Partners (“Covenant”). Covenant is a novel product development partnership originally formed by TechAccel and Reliance Animal Health Partners (“Reliance”) in 2018.
The acquisition leverages NovaQuest’s capital and expertise, and Covenant’s development and registration know-how and ability to bring “revenue-ready” animal health products to market. Covenant will address critical market needs across production and companion animals and will advance new assets into industry partner portfolios.
“We are truly excited to be a part of Covenant and work with their accomplished industry leaders,” said Brian Axe, Managing Director at NovaQuest. “The investment in Covenant will allow NovaQuest to expand the development universe and continue to support innovation growth in animal health.”
“NovaQuest brings welcome infrastructure and resources to Covenant’s revenue-ready business model,” said Michael Helmstetter, Ph.D., President, and Chief Executive Officer of TechAccel. “This acquisition is a win for all involved and we at TechAccel, while no longer having ownership in Covenant, look forward to a new phase of collaboration with NovaQuest and Covenant in advancing animal health with innovation.”
Covenant’s well-respected team of partners include:
- Thomas Overbay, D.V.M., founder of Expedite Animal Health, a business development and technical consultancy to the international animal health industry. Dr. Overbay is also the former Chief Operating Officer for Energy Technology Unlimited; Vice President of business development for Benchmark Biolabs; and worked in veterinary pharma Product and Business Development for Fort Dodge / Wyeth.
- Thomas Campi, D.V.M., former director of external innovation at Elanco and most recently the head of Research and Regulatory Affairs at Huvepharma, Inc.
- Thomas Kennedy, Ph.D., founder of Eleven Bravo consulting, who also held senior R&D leadership roles with Boehringer Ingelheim’s Animal Health business unit, the former Mallinckrodt Veterinary Inc., Bayer Animal Health, and Central Life Sciences.
- Robert Nordgren, Ph.D., is the Chief Scientific officer at Curtiss Healthcare, a Managing Partner with The-Yield-Lab, Chairman of the Board of Aptimmune Biologics, and Board member of a number of other start-up firms. Dr. Nordgren enjoyed a 30-year career leading multi-national teams as an R&D executive for Boehringer Ingelheim Vetmedica and as Head of Global Vaccines and Biotherapeutics R&D at Merial and as Liaison, External Innovation at Sanofi Pasteur.
Covenant’s partners will also serve on a newly established Strategic Advisory Committee to support NovaQuest’s evaluation of animal health investment opportunities moving forward.
“Covenant is excited to move into the next phase of our growth as a development engine for the animal health industry,” said Dr. Overbay, CEO of Covenant. “We are appreciative and thankful to TechAccel for their confidence and support in laying the foundation for the company. Having NovaQuest’s backing and the experience of the NovaQuest team, positions us to take full advantage of the company’s capability to lead innovation for the benefit of the animal health industry and, more importantly, for the benefit of animals as well as their owners and caretakers around the world.”
“This is a historic milestone for NovaQuest animal health and will be instrumental in advancing our funding commitment to the animal health industry across products and companies,” commented Jonathan Tunnicliffe, Chief Investment Officer of NovaQuest.
Wyrick Robbins Yates & Ponton LLP acted as legal counsel to NovaQuest, Polsinelli acted as legal counsel to TechAccel, and Barbara Renda, Esq. acted as legal counsel to Reliance.
About NovaQuest Capital Management
NovaQuest Capital Management, located in North Carolina’s Research Triangle, is a life science investment firm with a specialization in biopharmaceuticals. Founded in 2010, and with more than $2.5 billion raised across four funds, NovaQuest provides tailored capital solutions that fund innovation in biopharmaceutical development and invests in compelling healthcare companies with products and technologies aimed at helping humans and animals live healthier, longer, more productive lives. Learn more at www.novaquest.com.
About Covenant Animal Health Partners
Initially formed in 2018, Covenant Animal Health Partners is dedicated to the development and registration of “revenue-ready” animal health products. Covenant addresses critical market needs across production animals and companion animals and advances new assets into industry partner portfolios. The company’s experienced team of animal health and technology development and advancement professionals brings decades of expertise in the rapid evaluation, development and partnering needed to deliver critical solutions to animal health manufacturers and distributors. In addition to proprietary programs, Covenant works with animal health industry leaders to fund, develop and accelerate external innovation initiatives. See www.CovenantAH.net.
TechAccel LLC is a Kansas City-based technology and equity company investing in scientific breakthroughs to produce healthier plants, animals and foods. Founded in 2014 as a first-of-its-kind technology and venture development enterprise, TechAccel sources, invests in, and acquires early-stage innovations in the agriculture, animal health & nutrition, and food technology sectors. Through collaborations with universities and research institutions, TechAccel conducts advancement and de-risking research and development to ready technologies for commercialization. For more information, visit www.techaccel.net. Follow us on Twitter at @Tech_Accel.