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Veranex Announces Investment From Summit Partners to Form Comprehensive Concept-to-Commercialization Medtech Services Company
Veranex today announced the formation of the first concept-to-commercialization global service provider dedicated to the medtech industry. Formed in partnership with global growth investor Summit Partners, the Veranex platform is designed to provide the global medical technology industry with access to real-time integrated strategy across the product life cycle. As the first phase in building this global entity, Veranex has acquired three complementary solution providers: Ximedica, Quartesian, and Boston Healthcare Associates. By bringing these companies together, Veranex combines the industry’s key pillars of design and engineering, regulatory, clinical, and market access into a single-source solution.
“We are thrilled to partner with Pat Donnelly, David Dockhorn, and the rest of the Veranex management team to help them execute on their vision of building a fully integrated design, development, and commercialization solution for the medtech industry,” said Darren Black, managing director at Summit Partners. “This team has a demonstrated history of building leading clinical research businesses and we look forward to supporting the Veranex platform through both organic and acquisition-driven growth.”
“Veranex is designed to bring a single-partner medical technology solution to our industry for the first time,” said David Dockhorn, CEO of Veranex. “Veranex is a comprehensive, international one-stop medtech service provider, and we plan to continue building the platform organically and through acquisition in order to enhance our ability to help clients control costs and accelerate speed to market, all while mitigating development risk and delivering rapid global market viability assessments.”
With the extensive product development experience of the three companies — now merged as Veranex — customers have access to real-time integrated strategy driven by industry-leading expertise and underpinned by advanced technologies across the medtech development life cycle. The combined company brings deep experience in the areas of device, in vitro diagnostics, companion diagnostics, digital health, and combination products/drug delivery. Therapeutic areas of focus include cardiovascular, orthopedic, women’s health, wound care, ophthalmology, and gastrointestinal.
“We saw an opportunity to address current market challenges and the lack of a full-scale global service provider by combining this solution set of three leading companies to work in a complementary way and redefine what it means to be a comprehensive medtech service provider,” said Veranex Executive Chairman Pat Donnelly. “We believe the Veranex platform will serve to unify the medtech development process, helping clients create synergies across every stage of the development spectrum in ways not previously available in the market.”
Veranex is designed to deliver market access and strategic positioning expertise — globally and across complex and emerging markets — to drive early health economics and outcomes research (HEOR) decisions that optimize commercialization strategies and improve market adoption. The company’s leadership brings a wealth of well-established global regulatory guidance experience, strong relationships with the FDA, and a demonstrated track record of successful approvals.
Veranex CEO David Dockhorn has 32 years of life sciences operating experience in various leadership roles. Most recently, he was executive vice president and chief compliance officer at PRA Health Sciences (NASDAQ: PRAH). Veranex Executive Chairman Pat Donnelly has been a pharma services founder and executive for over 28 years. He was one of the founders of PRA International (now PRA Health Sciences) where he served as CEO and president. Pat was formerly chairman and CEO of both Advarra and Aptiv Solutions as well as having served on the board of directors for Celerion, ProPharma Group, MedGenesis Therapeutix, and Rediscovery Life Sciences.
Financial terms of the transactions were not disclosed.
About Veranex
Veranex is the only truly comprehensive, global, tech-enabled service provider dedicated to the medical technology industry. Offering expert guidance for each of its four concept-through-commercialization pillars — engineering and design, clinical, market access, and regulatory — Veranex enables accelerated speed to market, controlled development costs, development risk mitigation, and accelerated market viability assessment. At every stage, Veranex customers realize efficiencies in cost and time, while its comprehensive solutions unify the entire development process. For more information, visit VeranexSolutions.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $28 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit Partners invests across growth sectors of the economy and has invested in more than 500 companies in healthcare and life sciences, technology and other growth industries. Notable healthcare and life sciences companies backed by Summit Partners include Abode Healthcare, Integrated DNA Technologies, InnovaCare Health, LifeStance Health, PharmScript, Sound Physicians, U.S. Renal Care and Viroclinics-DDL. Summit Partners maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.