Longitude, NovaQuest acquire California Cryobank

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croybankVenture capital firms Longitude Capital and NovaQuest Capital Management have agreed to buy California Cryobank, which provides reproductive tissue donor services and storage and stem cell banking.

The deal was funded via a combination of equity contributed by Longitude and NovaQuest and debt provided by Golub Capital.

NovaQuest partner William Robb said, “In the four decades since its founding, CCB has become the leading global reproductive tissue services company, with unparalleled customer service and operating practices.

“We are excited to join CCB’s outstanding management to build on this solid foundation and expand both the scale and scope of CCB’s business.”

Last November NovaQuest held a final close of $459m for its Pharma Opportunities Fund III.

The firm said that Pharma Opportunities Fund III will earn product-based returns from late-stage and commercial products.

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