Frank Madden’s CXV Global has expanded by bringing on board Panacea Technologies, based in Montgomeryville outside Philadelphia, in a deal that also involves private equity investor Water Street Healthcare Partners.
Madden established Crest Solutions in 1998 and in 2020 the business partnered with Xyntek Inc and Vistalink to create a single life sciences solution business called CXV Global.
The CXV Global/Panacea combine will offer the full spectrum of Life Sciences Operations automation and digitisation solutions to support entire life cycle of pharmaceutical and medical technology products.
CXV Global is based at Little Island in Cork and employs 300 people in Ireland and the UK.
In a statement, the parties said a significant investment has been made in the merged entity by healthcare investor Water Street Healthcare Partners, which has appointed Brendan McAtamney as chairman of the expanded business.
In Association with
McAtamney recently retired as CEO of UDG Healthcare and previously worked at Abbott Laboratories.
Frank Madden commented: “We are immensely proud of our domestic and international growth from our base in Cork, with turnover increasing almost ten-fold in the last 10 years.
“Cork continues to be an excellent place from which to grow an internationally focused business. Our ability to hire so many talented people in Cork, in addition to having so many multinational Life Sciences manufacturing customers with a presence here, have been key enablers in the success of the business.
“This partnership means that we are all becoming part of a larger, more global company that is focused on growth and serving our global customers even more strongly.”
Madded added: “Since forming CXV Global in 2020, Crest, Xyntek and VistaLink have seen first hand the greater impact we can make serving clients together.
"Bringing CXV Global and Panacea Technologies together under common ownership bolsters our ability to optimise and support the full scope of our clients’ product operations, from development through distribution, wherever and whenever they need.”
Abhijit C. Jog, founder and CEO of Panacea Technologies, stated: “CXV Global’s culture and commitment to serving their customers are incredibly similar to ours. Combining our life sciences expertise and world-class solutions is a natural next step toward advancing our work to meaningfully contribute to our customers’ goals for bringing new therapies to market.”
Financial details of the transaction and Water Street’s investment were not disclosed.
