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MORGAN STANLEY

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Morgan Stanley : Expansion Capital and Ally Bridge Group Lead $135 Million Investment in Elligo

09/23/2021 | 12:31pm EDT

Proceeds Used to Acquire ClinEdge and Invest Further in Technology & Data Platform

Morgan Stanley Expansion Capital and Ally Bridge Group, today announced the firms have completed an investment in Elligo Health Research®, (“Elligo”), a healthcare-enabling research organization powered by the novel IntElligo® technology. The $135 million Series E financing also included participation from Norwest Venture Partners and all major existing investors, including Cerner, Hatteras Venture Partners, Noro-Moseley Partners, Piper Sandler Merchant Banking, Shumway Capital, and Syneos Health. In addition to funding the purchase of ClinEdge, this financing allows Elligo to invest further in its technology platform and leverage data in new ways to address current challenges in the clinical trial industry, enhancing Elligo’s mission of accelerating clinical research and allowing it to further the industry’s goal to improve diversity, equity, and inclusion among research participants.

With access to over 150 million diverse patients, Elligo combines proprietary data, technology, and services to support all trial designs — traditional, hybrid, and direct-to-patient — to expand and accelerate patient access to client trials. Elligo’s solutions address rising challenges faced by all key stakeholders in the clinical trial industry, including top pharma and biotech companies, contract research organizations, and research sites.

“This investment allows Elligo to execute on a key acquisition, as well as evaluate other complementary acquisitions to add technologies and services to accelerate research, improve the patient experience, and make research more accessible,” said Morgan Stanley Expansion Capital Managing Director and General Partner, Melissa Daniels, who has joined Elligo’s board. “The clinical trials industry is experiencing a new phase of disruption. There’s an opportunity to use technology, data analytics, and services to eliminate long-standing trial conduct pitfalls and bottlenecks that primarily impact patients.”

“We are pleased to support Elligo in this exciting new chapter,” said Charles Chon, Partner and Head of Medical Technologies at Ally Bridge Group. “In combination with ClinEdge, the company is uniquely positioned to continue its tremendous growth trajectory and have substantial impact on access to clinical trials.”

“This commitment from Morgan Stanley Expansion Capital, Ally Bridge Group, and others will not only help us better serve our existing clients, but also empower us to expand our technology and services on a global scale,” said Elligo CEO John Potthoff. “The net effect of that will be increased access to clinical trials as a care option for large numbers of patients. We will accelerate revolutionizing the way clinical trials are conducted from pre-identification of patients through healthcare to study enrollment, conduct, and study data delivery.”

Elligo made use of a portion of this infusion of capital immediately, with its recently announced acquisition of ClinEdge, a research practice management and clinical services organization for clinical research sites, pharma companies, and clinical research organizations. This combination creates the largest end-to-end healthcare-enabling research organization in the world.

Holland & Knight LLP served as lead legal counsel to the investor syndicate. Perella Weinberg Partners served as financial advisor and Goodwin Proctor LLP served as legal counsel to Elligo.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within technology, healthcare, consumer, digital media, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit https://www.morganstanley.com/im/expansioncapital.

About Ally Bridge Group

Ally Bridge Group (the “Firm”) is a global healthcare investment management firm focused on high-impact life science innovation across private and public markets. The Firm was founded in 2013 by Frank Yu, Chief Executive Officer and Chief Investment Officer, with approximately $3.0 billion of assets under management as of September 1, 2021 across its offices in New York and Hong Kong. Through its scientific and clinical research overlaid with M&A and capital markets expertise, Ally Bridge Group seeks to capture investment opportunities across the capital structure addressing unmet medical needs. For more information, please visit https://www.ally-bridge.com.

About Norwest Venture Partners

Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and currently partner with over 160 companies in our venture and growth equity portfolio. The firm invests in early to late stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.

About Elligo Health Research

Elligo Health Research, a healthcare-enabling research organization powered by our novel IntElligo Research Stack technology, uses electronic health records and the trusted patient and physician relationship to ensure all patients have access to clinical research as a care option. We directly engage physicians and patients who otherwise would not participate in clinical research and accelerate the development of new pharmaceutical, biotechnology, and medical device and diagnostic products. Learn more at elligodirect.com.


© Business Wire 2021
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Net Debt 2021 112 B - -
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Capitalization 183 B 183 B -
EV / Sales 2021 4,95x
EV / Sales 2022 5,02x
Nbr of Employees 72 000
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