GoodRx valued at $2.8bn after Silver Lake investment
One of the leading prescription companies in the US, providing significant savings to consumers, GoodRx has revealed that technology investor, Silver Lake, has provided investment to cater to the business’ strategic growth.
Silver Lake is the global leader in technology investing, with about $40bn in combined assets under management and committed capital, with a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, Hong Kong and Tokyo.
GoodRx delivers current prices and discounts for prescriptions at pharmacies across the US, where its website and mobile apps have supported those struggling with escalating healthcare costs in the country. GoodRx is the #1 medical app on the iOS and Android app stores.
Over 10mn citizens use GoodRx each month to lower the cost of their healthcare, and more than one-third of US doctors provide information about GoodRx to their patients.
- AI is seen less of a threat and is welcomed by health professionals, research reveals
- Leveraging technology and education in the high-stakes fight against fake medicines
- Microsoft files a patent for a new innovative blood pressure monitor
"We're excited to welcome Silver Lake to the GoodRx family," said Doug Hirsch, Co-CEO of GoodRx. "Silver Lake's proven track record as a technology investor will advance GoodRx's mission of making healthcare more affordable for all Americans." Silver Lake joins current investors Francisco Partners and Spectrum Equity to help drive the company's next phase of growth.
"At GoodRx, we believe consumers deserve a simpler approach to understanding the cost of their healthcare," noted Trevor Bezdek, Co-CEO of GoodRx. "Our new partnership with Silver Lake enables us to continue to deliver innovative solutions that help Americans understand and reduce their healthcare costs."
"GoodRx's significant, growing digital platform has simplified the prescription drug market through increased transparency and lower prices in a short amount of time," added Greg Mondre, Managing Partner and Managing Director, and Adam Karol, Director, both of Silver Lake.
"We look forward to working with Trevor, Doug and the entire GoodRx team in their mission to broaden consumer access to critical prescription drugs and to enhance consumer price transparency in the next phase of their evolution." Mr. Mondre and Mr. Karol will join the company's board.
Bachem turns 50 - a timeline
Bachem, a supplier to pharmaceutical and biotechnology companies worldwide, is celebrating its 50th anniversary this month. We take a look at the Swiss company's history.
1971 - beginnings
Bachem is founded by entrepreneur Peter Grogg in Liestal, a small town near Basel in Switzerland. Grogg started the firm with just two employees, and with a focus on peptide synthesis - peptides are composed of amino acids that have a variety of functions treating health conditions such as cancer and diabetes.
1977 - 1981 - early growth
Bachem moves its headquarters to the Swiss town of Bubendorf, with eight employees. In 1978 the company produces peptides for use in medicines for the first time. In 1981 production capacity triples and the workforce grows to 150.
1987 - 1996 - worldwide expansion
The company expands into the US with Bachem Bioscience, Inc. in Philadelphia. To strengthen its presence in Europe, Bachem opens sales and marketing centres in Germany in 1988.
Further sales centres open in France in 1993. By 1995 the company employs 190 people. In 1996 it acquires the second largest manufacturer of peptides in the world and forms Bachem California with a site in Torrance.
1998 - 2003 - Bachem goes public
Bachem company goes public and lists shares on the Swiss Stock Exchange. Further acquisitions include Peninsula Laboratories, Inc, based in California, and Sochinaz SA, a Swiss-based manufacturer of active pharmaceutical ingredients. By 2001, the company has 500 employees and sales reach 141 million CHF.
In 2003 the organisation is given a new legal holding structure to support its continued growth, which remains in place to this day.
2007 - 2013 - acquisitions
Bachem acquires a brand by Merck Biosciences for ready-to-use clinical trial materials and related services.
In 2013, together with GlyTech, Inc. Bachem announces the development of a new amino acid that can help to treat multiple sclerosis, with a world market of more than $4 billion.
In 2015 it acquires the American Peptide Company (APC), which becomes integrated into Bachem Americas.
2016 - 2019 - a global leader
In 2016 the group opens a new building dedicated to R&D projects and small series production in Bubendorf. With a total of 1,022 employees, the workforce exceeds the 1,000 mark for the first time in the company’s history. Sales are over the 200 million mark for the first time at 236.5 million CHF.
Bachem expands into Asia with the establishment of a new company in Tokyo called Bachem Japan K.K.
By 2019 Bachem has a growing oligonucleotide portfolio - these are DNA molecules used in genetic testing, research, and forensics. It is hoped this will become a significant product range in the future.
2020 - COVID-19
Despite the COVID-19 pandemic, Bachem secures its supply of active ingredients, and even increases it in critical areas. Sales exceed the 400 million Swiss franc mark for the first time, and 272 new employees are hired.
2021 - a milestone anniversary
Bachem celebrates its 50th anniversary and position as a global leader in the manufacture of peptides. While it remains headquartered in Bubendorf, the company employs 1,500 people at six locations worldwide. In the next five years there are plans to continue expanding.
Commemorating the company's anniversary, Kuno Sommer, Chairman of the Board of Directors, said: "Bachem's exceptional success story from a small laboratory to a global market leader is closely linked to Peter Grogg's values, and has been shaped by innovation, consistent quality and cost awareness, as well as by entrepreneurial vision."