CD&R hires former Bristol-Myers CEO Caforio to target European healthcare deals
Clayton, Dubilier & Rice has appointed former Bristol-Myers Squibb chief executive Giovanni Caforio as an operating adviser, strengthening the private equity firm's healthcare expertise as it looks to identify new investment opportunities in Europe, according to a report by Bloomberg.
Clayton, Dubilier & Rice (CD&R) has brought in former Bristol-Myers Squibb CEO Giovanni Caforio to bolster the private equity firm's healthcare capabilities and seek out new investment prospects in Europe. Caforio, currently chairman of Swiss pharmaceutical company Novartis, will collaborate with CD&R's investment team to identify and evaluate healthcare opportunities, as well as provide support to companies already part of the firm's portfolio.
This move is part of CD&R's strategy to enlist the assistance of seasoned corporate executives, leveraging their domain expertise, regulatory insights, and networks to pinpoint opportunities and enhance the performance of their investment holdings. Caforio spent over two decades at Bristol-Myers Squibb, serving as CEO from 2015 and chairman prior to joining Novartis last year.
This appointment follows two other senior hires by CD&R in the healthcare sector this year: Matthew Trerotola, formerly CEO of Enovis, and John Chiminski, former chairman and CEO of Catalent. CD&R's pursuit of additional healthcare talent comes as the firm aims to expand its investment portfolio while adhering to its core focus on private equity buyouts.
Unlike some of its larger competitors, CD&R has largely refrained from venturing into areas such as private credit and infrastructure. Established in 1978, the firm closed its latest flagship buyout fund at $26 billion in 2023 and is currently on the lookout for a new flagship fund. Additionally, CD&R has been actively engaged in significant healthcare deals, including its acquisition of a controlling stake in French pharmaceutical group Sanofi.
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