CXV Global—an alliance comprised of European- and U.S.-based Crest Solutions, Xyntek Inc. and VistaLink—reported Oct. 12 that it’s combining its three businesses under common ownership with Panacea Technologies Inc., a CSIA-member system integrator in Montgomeryville, Pa., near Philadelphia. Financial details of the transactions were not disclosed. By joining forces, CXV and Panacea plan to offer life sciences companies a comprehensive portfolio of technologies and professional services that maximize the efficiency of their worldwide operations across their product lifecycles.
“This strategic transaction accelerates our expansion to support our customers’ growing operational demands,” says Frank Madden, co-founder and CEO of CXV Global. “Since forming CXV Global in 2020, Crest, Xyntek and VistaLink have seen firsthand the greater
impact we can make serving clients together. Bringing CXV Global and Panacea Technologies together bolsters our ability to optimize and support the full scope of our clients’ product operations from development through distribution.”
Abhijit C. Jog, founder and CEO of Panacea Technologies, adds, “CXV Global’s culture and commitment to serving their customers are incredibly similar to ours. We’ve both developed new technologies and expanded our capabilities as our customers’ needs have grown and changed. Combining our life sciences expertise and world-class solutions is a natural next
step toward advancing our work to meaningfully contribute to our customers’ goals for bringing new therapies to market.”
The key feature of CXV and Panacea combinations of technologies and professional services include:
- A comprehensive portfolio of innovative automation solutions and digitization capabilities encompassing machine vision, serialization, digitization and resourcing for R&D and manufacturing sites.
- A global network anchored by a strong presence in two of the world’s largest life sciences markets—Europe and the U.S.
- 24/7 production activity, and multisite, multinational and multilingual project support spanning 10 time zones,
- High-touch service from a global workforce of more than 500 employees with deep technical and engineering expertise
CXV and Panacea also announced that they have partnered with strategic healthcare investor Water Street Healthcare Partners (waterstreet.com) to build on their newly combined offering. Water Street has invested in expanding the new platform’s global footprint and solutions. In addition, Water Street recruited Brendan McAtamney to serve as chairman of the new platform. McAtamney recently retired as CEO of UDG Healthcare following a career at Abbott Laboratories. He currently serves as chairman of Sharp Services and vice chairman of Inizio.
“I’m excited to be part of building a much-needed solution to advance the critical work of pharmaceutical and medical technology companies,” says McAtamney. “The combination of CXV and Panacea’s innovative technologies and capabilities is unparalleled. Working with their talented leadership team, we have a tremendous opportunity to make a difference in our industry.”
