Linden Capital Partners Acquires Alcresta Therapeutics, Inc.

Chicago, IL and Waltham, MA (March 12, 2024) – Linden Capital Partners ("Linden"), a Chicago-based private equity firm focused exclusively on the healthcare industry, announced today the completion of its acquisition of Alcresta Therapeutics, Inc. ("Alcresta"), a leader in commercializing novel enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases, from Athyrium Capital, Bessemer Venture Partners, Frazier Healthcare Partners, and HealthQuest Capital. HealthQuest Capital subsequently re-invested in Alcresta and will continue as a minority shareholder and board member.

Alcresta recently announced 510(k) clearance of its next-generation RELiZORB® (iMMOBILIZED LIPASE) cartridge by the Center for Devices and Radiological Health (CDRH) of the U.S. Food and Drug Administration (FDA). The next-generation RELiZORB device was developed to address the enteral nutrition needs of a wider population of patients living with rare diseases and is expected to launch in Q2 2024.

To support Alcresta’s growth in the coming years, Linden has assembled a Board of Directors that brings considerable expertise in healthcare, product launches, and commercial execution.  The new Board will work closely with the Alcresta team to drive ever improving outcomes for patients and healthcare providers.

Ron Labrum, industry veteran and Operating Partner at Linden, who will join Alcresta as Chairman of the Board of Directors, said “I am very excited to join the Alcresta team to support the continuing growth of the company. Alcresta’s rapid progress has made a meaningful difference for patients living with rare diseases that struggle with fat malabsorption. Linden feels very fortunate to partner with Alcresta as it prepares for new levels of momentum and success in the years ahead.”

“We are grateful to the team of investors, led by Athyrium Capital, that brought significant value creation to Alcresta and guided the sale to Linden,” Alcresta CEO Daniel Orlando said, adding, “We have been very impressed with Linden’s thoughtful investment approach as we finalize launch plans for the next generation RELiZORB and accelerate R&D efforts for an iteration to treat enterally fed patients in the NICU. We anticipate considerable growth in the years to come and appreciate the added strategic planning and investment expertise Linden and the new Board bring to Alcresta.”

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is the country’s largest dedicated healthcare private equity firm by total buyout capital raised. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 325 total transactions. The firm has approximately $8 billion in regulatory assets under management. For more information, please visit

About Athyrium Capital Management

Athyrium is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. Athyrium advises funds with over $4.6 billion in committed capital. The Athyrium team has substantial investment experience across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, healthcare focused services, and healthcare information technology. The team partners with management teams to implement creative financing solutions to companies’ capital needs. For more information, please visit

About HealthQuest Capital

HealthQuest Capital is a private asset firm that provides capital to transformative healthcare companies. HealthQuest focuses on commercial prospects that drive enhanced patient outcomes and elevate the efficiency of healthcare delivery. With approximately $2 billion in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics and tools, digital health, and innovative services. The HealthQuest team combines decades of investing experience with domain expertise in the various aspects of the healthcare industry. For more information, please visit

About Alcresta Therapeutics, Inc.

Alcresta Therapeutics, Inc. is dedicated to developing and commercializing novel, enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases.  Alcresta currently markets RELiZORB for enterally fed patients with pancreatic insufficiency, which occurs in cystic fibrosis, pancreatic cancer, and pancreatitis, and is developing platform applications for patients with short bowel syndrome (SBS) and prematurely born infants treated in the NICU.  More information can be found at