TechAccel founded Covenant Animal Health Partners
in partnership with Reliance Animal Health Partners in 2018. Covenant, led by four animal health industry experts, is dedicated to the development and registration of “revenue-ready” animal health products for production and companion animals.
NovaQuest, based in Raleigh, N.C., is a premier biopharma and life sciences investment firm specializing in human and animal health investing. Terms of the transaction were not disclosed.
“This acquisition gives Covenant access to NovaQuest’s capital, infrastructure, and expertise, while giving NovaQuest another engine for animal health innovation and product development,” said Michael Helmstetter, Ph.D.
, president and chief executive of TechAccel. “For TechAccel, while we no longer have an ownership in Covenant, we sharpen our focus on higher-risk, earlier-stage innovation and look forward to ongoing collaboration with NovaQuest and Covenant. Wins for all of us, all the way around.”
Covenant Animal Health Partners will continue advancing its portfolio of assets. The Covenant principals will support NovaQuest’s evaluation of animal health investment opportunities and will serve on a new NovaQuest strategic advisory committee.
“We are truly excited to be a part of Covenant and work with their accomplished industry leaders,” said Brian Axe, managing director of NovaQuest. “The investment in Covenant will allow NovaQuest to expand the development universe and continue to support innovation growth in animal health. We also look forward to future collaborations with TechAccel advancing their earlier-stage innovations.”
TechAccel’s animal health portfolio of assets includes technologies to address canine cancer, periodontitis, and vaccines for a range of diseases. TechAccel does not disclose all assets.
“TechAccel’s unique business model is laser focused on de-risking and advancing early stage, transformative innovations in animal health, agtech and food tech,” said Greg Graves
, chairman of the TechAccel Board of Directors. “With several of our assets approaching monetization milestones, we look forward to potential collaboration with NovaQuest and Covenant as go-to-market partners.” Tom Overbay, DVM,
principal of Covenant Animal Health said: “Covenant is excited to move into the next phase of our growth as a development engine for the animal health industry. We are appreciative and thankful to TechAccel for their confidence and support in laying the foundation for the company.”
He continued: “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.” Published 6:30 am EST Nov. 30, 2021