New York, NY, August 11, 2008 – Avista Capital Partners, a leading private equity firm that invests primarily in growth-oriented healthcare, media, and energy companies, today announced that it has appointed Dr. Patrick J. O’Neill, formerly of Johnson & Johnson, a Healthcare Industry Advisor.
Dr. O'Neill had a long and successful career at Johnson & Johnson, which he joined in 1976 and from which he retired in 2006. After holding Research and Development and New Business Development leadership positions in the pharmaceutical business at Johnson & Johnson, he moved to the Medical Devices and Diagnostics Group in 1989. Within this group, he held senior management positions in Research and Development and New Business Development in the surgical and interventional cardiology/radiology business units, and at the corporate level.
David Burgstahler, Partner and Head of Healthcare at Avista, said, “We believe that as the healthcare industry continues to grow, investment opportunities in the medical device and pharmaceutical sector – and companies servicing these fields – are well-positioned to benefit from the aging of the population and the continued advancement in medical technologies. Pat’s deep experience and expertise in both the med device and pharma sector make him an invaluable addition to our team as we manage our large and growing portfolio of healthcare companies and as we evaluate new investments in this industry.”
“I worked closely with Dr. O’Neill during my 32 year career at Johnson and Johnson and am thrilled to have him join the Avista team,” said Larry Pickering, Healthcare Industry Partner at Avista. “We have acquired an exciting portfolio of companies ranging from Lantheus Medical Imaging, which Avista purchased from Bristol Meyers Squibb in January 2008 to Navilyst Medical, purchased from Boston Scientific in February 2008 and now Convatec, which closed on August 1, 2008. We look forward to working with Pat in helping grow these companies through focused research and development, business development and add-on acquisition activity.”
Dr. O’Neill added, “I am excited to expand and formalize my relationship with the Avista team, with whom I have already worked closely for the past year and through my involvement on the boards of Avista portfolio companies Navilyst Medical and Lantheus Medical Imaging. I look forward to leveraging my years of experience in the medical device and pharmaceutical industry to help Avista identify and acquire new businesses and assist their portfolio companies to realize their full growth potential.”
Dr. O'Neill received a B.S. in Pharmacy and a Ph.D. in Pharmacology from The Ohio State University.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York, NY and Houston, TX. Founded in 2005, Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented media, healthcare and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, visit www.avistacap.com.