Case Studies
Delivering high-quality healthcare relies on building great companies. For nearly two decades, we’ve been partnering with outstanding management teams to do just that. Learn more about our franchise-defining partnerships.
IQVIA
2003-2020
TPG’s 17-year relationship with IQVIA began in 2003 with its $1.2 billion acquisition of Quintiles. At the time, Quintiles was one of the top contract research and sales organizations (CROs) in the pharmaceutical space, managing clinical trials, research, and marketing services for the world’s largest drug companies. Following a productive, 5-year partnership, TPG re-invested in Quintiles through a recapitalization in 2008, and later took the company public in 2013.
Meanwhile, in 2010, TPG led a transaction to take IMS Health private for $5.2 billion. IMS specialized in aggregating patient data around the use of medical prescriptions. TPG recruited Ari Bousbib as CEO, who over the course of the partnership transformed the company into a high-value analytics and services platform providing information and insights on approximately 90 percent of the world’s pharmaceuticals. The company went public in 2014.
In 2016, management of IMS and Quintiles explored the possibility of a merger, a combination that both teams would go on to recommend to their respective boards. The merger would be trailblazing for the industry, linking Quintiles’ clinical research services with IMS’ broad set of technology-enabled services and unique data assets to create a smarter CRO and leading provider of real-world evidence. The combined company would provide customers across the healthcare landscape with a broad set of insights and capabilities, spanning early stage development to commercialization. As a lead investor in both companies, TPG supported the transaction from both sides.
In 2017, the two companies merged and formed IQVIA (NYSE: IQV). Today, IQVIA provides technology, clinical research, and a broad range of other services to a global client base, powered by a proprietary data set with more than 35 petabytes of data from 150,000 sources. The breadth of intelligent, actionable information that IQVIA provides is not comprehensively available from any other source. With approximately 67,000 employees, IQVIA conducts operations in more than 100 countries. As of January 2021, the company’s market cap exceeds $35 billion.
PAR Pharmaceutical
2012-2015
In the early 2010s, with healthcare costs on the rise and the prospect of a pending patent cliff, the pharmaceutical industry was rapidly falling out of favor. It was at this point, with a strong thematic focus and history of investing in pharmaceutical leaders like Quintiles, IMS Health, and Axcan Pharma, that TPG decided to once again double down on its conviction in the pharmaceuticals space through its $1.9 billion acquisition of Par Pharmaceutical.
Over the course of the three-year partnership, TPG partnered with CEO Paul Campanelli to transform Par from a locally focused manufacturer of solid pills into an international business with a diverse platform of generics. The company grew rapidly through a series of acquisitions – including JHP Pharmaceuticals – that added new capabilities in injectables, nasal sprays, optics, creams, and ointments. TPG and management also invested significantly in R&D to bolster the company’s drug pipeline. Between 2012-2014, Par quadrupled the number of drug applications it submitted to the FDA.
In 2015, Par was acquired by Endo International for $8.05 billion. At the time of the transaction, the combination positioned Endo’s generic business as one of the fastest growing and among the top five in the industry, as measured by U.S. sales. Today, Par operates 7 facilities in the U.S. and India, totaling over 1 million square feet.
Surgical Care Affiliates
2007-2017
Surgical Care Affiliates (SCA) operates the largest network of independent ambulatory surgical centers and surgical hospitals in the U.S. Driven by its vision of being the partner of choice for surgical care, SCA focuses on enabling better patient outcomes by providing a high-quality experience for its patients and provider partners at a lower total cost of care.
Following the team’s multi-year focus on ambulatory surgery centers, TPG formed SCA in 2007 by carving out and acquiring the assets of HealthSouth’s surgery division. Shortly after the carveout, TPG recruited industry executive Andrew Hayek as CEO to lead the company’s transformation. Under Hayek’s leadership, SCA meaningfully enhanced operations and expanded its network of surgical facilities. From 2007- 2016, the company’s partnerships with health systems, medical groups, and health plans increased fivefold.
SCA went public in 2013 and was later acquired by UnitedHealth’s Optum in 2017 in a transaction that valued the company at $3.4 billion. The deal represented United’s first surgery center acquisition. Today, SCA serves nearly 1 million patients each year through its network of more than 230 health facilities and 8,500 physicians. SCA is also the foundational corporate partner of the nonprofit One World Surgery, which operates an ambulatory surgery center in Honduras.
WellSky
In today’s rapidly evolving healthcare industry, WellSky is powering much-needed technological advancement and serving growing segments of the healthcare market to support smarter and more connected care. The company delivers technology, services, and analytics that empower post-acute and community care providers — from in-home healthcare, to blood banks, to human services organizations — to improve operational efficiency, reduce cost, and provide exceptional care to even more people.
TPG’s healthcare and software teams had been studying healthcare IT for several years, and saw an opportunity to connect the various end markets in the underserved and rapidly growing post-acute space by providing them a single software backbone. In 2017, TPG invested in a company then known as Mediware, the health software provider that would soon become WellSky. Shortly after, the team acquired Kinnser Software in a transformational transaction that expanded the company’s platform into the home health and hospice space, and later brought on CEO Bill Miller, an industry veteran who would lead the company through its next chapter of growth. The company continued its strong momentum in the years to follow, undergoing eight acquisitions, significant strategic business building, and a companywide rebrand.
Today, WellSky delivers a comprehensive and connected suite of solutions for the post-acute and community care markets. The company serves more than 15,000 client organizations in the U.S., including some of the nation’s largest and most important hospital systems. In 2020, TPG recapitalized on its original investment and made a new equity investment in the company alongside new capital partner Leonard Green & Partners. In October, the team initiated the next phase of WellSky’s journey with the carveout of CarePort, a former division of Allscripts that provides discharge planning and care coordination services for acute and post-acute providers and payers.
