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 that NovaQuest has acquired TechAccel’s ownership stake in Covenant Animal Health Partners. Covenant is a novel product development partnership originally formed by TechAccel and Reliance Animal Health Partners 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.”
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.
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.
About TechAccel
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.
