Audax Private Equity, a private equity firm, agreed to acquire the clinical services business of Avantor, a provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, for $650m. "Today's announcement is an important step for Avantor as we continue to optimize our portfolio in line with our new operating model. The divestiture enables us to enhance our focus on strategic growth opportunities in our lab and production businesses, while strengthening our balance sheet," Michael Stubblefield, Avantor President and CEO.