Baxter International Acquires HighCape Capital Portfolio Company Cheetah Medical
Cheetah Represents First Investment and Exit for HighCape
New York, NY., OCTOBER 25, 2019 – HighCape Capital, LP, a growth equity fund that invests in commercial stage life sciences companies, announced today that Baxter International, Inc. (NYSE:BAX) has closed its acquisition of portfolio company Cheetah Medical for $190 million up front cash consideration, with potential for an additional $40 million based on clinical and commercial milestones.
Cheetah Medical is a leading global provider of non-invasive fluid management monitoring technologies, designed for use in critical care, operating room and emergency department settings. The company’s fluid management systems currently make an impact in more than 400 hospitals throughout the U.S. and in 30 countries worldwide.
“We are pleased to announce the sale of the first investment for HighCape,” said Kevin Rakin, HighCape’s Founding Partner and Chairman of the Board of Cheetah Medical. “Since founding HighCape, we have focused on funding high growth life sciences companies to the point of multiple exit options. This transaction clearly demonstrates the ability of our investment thesis to achieve significant returns by focusing on commercial-stage companies while minimizing development and regulatory risk.”
Chris Hutchison, President and Chief Executive Officer added, “The HighCape team have been unwavering partners in the growth and success of Cheetah. Their support and guidance has been critical to achieving this great outcome for everyone involved.”
Cheetah Medical was the first investment in 2014 for HighCape Partners I, L.P. Since that date, the HighCape team has been actively involved in the company’s follow on financings and growth, culminating in today’s exit.
About HighCape
HighCape Capital is a growth equity fund that invests in commercial-stage life sciences companies. We apply decades of combined investment and operational experience to transform our portfolio companies into sustainable businesses with multiple exit alternatives. For more information, visit HighCape.com
For additional information, please contact:
Matt Zuga: MZuga@HighCape.com