Covington Associates

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June 4, 2019 03:53 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Recapitalization of Lykan Bioscience Holdings by WindRose Health Investors

June 4, 2019 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to Lykan Bioscience Holdings, LLC (“Lykan” or the “Company”), a manufacturing services organization for pharmaceutical and biotech companies focused on cell and gene therapies, in the recapitalization of its business by WindRose Health Investors, LLC (“WindRose”), a New York-based healthcare private equity firm.

WindRose partnered with Lykan’s executive team to provide capital to support growth. The investment will provide Lykan with the resources to expand its operations and complete the build-out of a 60,000+ square foot cGMP facility that will manufacture therapies for clinical and commercial use.

Tony Rotunno, the Chief Executive Officer commented, “Lykan’s vision is to provide high quality, cost-effective manufacturing solutions to the pharmaceutical industry, enabling companies to accelerate development and access to cell and gene therapies for patients. We are thrilled to partner with WindRose as we continue to build a true end-to-end solution in cell and gene therapy manufacturing. In addition to capital, WindRose’s deep network of relationships in the healthcare market will be incredibly valuable as we rapidly grow our Company.”

“We are excited to be partnering with Tony and the rest of Lykan’s highly experienced management team,” said CJ Burnes, Partner with WindRose. “Lykan represents an attractive opportunity for WindRose to support a differentiated and emerging platform that provides high quality, complex cell and gene therapy manufacturing solutions for a growing, but capacity-constrained market.”

About Covington Associates

Covington Associates is an investment banking firm offering advisory services in the areas of M&A, capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Covington’s mission has remained unchanged since its founding in 1991 – provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed more than 300 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information about Covington Associates can be found at

About Lykan Bioscience

Lykan Bioscience is a manufacturing services organization based in Hopkinton, MA that is focused on providing outsourced end-to-end production and logistics solutions for pharmaceutical and biotech companies focused on cell and gene therapies. The company’s platform offers guaranteed, high quality manufacturing capacity for pharmaceutical and biotech companies with products in both clinical trials and commercial production. Further information can be found at visit

About WindRose

WindRose Health Investors, LLC (“WindRose”) makes equity investments in companies that operate within the services sectors of the healthcare industry. We focus on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions.  WindRose manages over $1.4 billion in investments and is currently investing out of its fifth fund. We are based in New York City and invest in companies throughout the United States. For more information, please email