Pharmaceuticals Acquisitions

Avista Healthcare Partners announced it has completed the acquisition of Trillium Health Care Products from New Water Capital for undisclosed terms. Trillium, a Brockville, Ontario-based contract development and manufacturing organization (CDMO), specializes in branded over-the-counter products across multiple dosage forms for consumer healthcare and pharmaceutical customers. Avista plans to support Trillium’s growth and use it as a platform for potential strategic acquisitions.

Noramco has completed the acquisition of the Cambrex Drug Product Business Unit, previously known as Halo Pharmaceuticals. The deal expands Noramco and its subsidiary Purisys beyond active pharmaceutical ingredients into drug product formulation development, clinical and commercial manufacturing, and packaging services from facilities in Mirabel, Québec and Whippany, New Jersey.

Azurity Pharmaceuticals, Inc. closed its acquisition of Slayback Pharma LLC, making Slayback a wholly-owned subsidiary. The business was purchased from existing investors including KKR and Everstone Capital, and the combination is intended to strengthen Azurity’s pipeline and R&D capabilities to accelerate new medicine launches.

Osceola Capital-backed Revelation Pharma acquired Eagle Pharmacy in Hoover, Alabama and Lee Silsby Compounding Pharmacy in Beachwood, Ohio. The two acquisitions expand Revelation’s 503B and 503A compounding capabilities and add scale to its national compounding pharmacy platform.

Apotex Pharmaceutical Holdings Inc. announced the closing of its acquisition by an affiliate of funds advised by SK Capital Partners, LP. Following the transaction, Allan Oberman was appointed President and CEO to help transform Apotex into a Canadian-based global health company.

Sterling Pharma Solutions, a portfolio company of GHO Capital Partners LLP, completed the acquisition of an active pharmaceutical ingredient (API) manufacturing facility in Ringaskiddy, County Cork, Ireland from Novartis. The deal adds significant commercial-scale API capacity and new capabilities (including peptide manufacturing and large-scale chromatography) to Sterling’s CDMO network. The transaction also includes an ongoing supply agreement under which Sterling will continue manufacturing certain APIs for Novartis; financial terms were not disclosed.

GHO Capital Partners LLP and The Vistria Group completed the acquisition of Alcami Corporation, a pharmaceutical contract development and manufacturing organization (CDMO). Alcami was acquired from funds affiliated with Madison Dearborn Partners and Ampersand Capital Partners, with Ampersand and Alcami management reinvesting equity as part of the transaction.

LTS LOHMANN Therapie-Systeme AG (LTS) announced the closing of its acquisition of Tapemark Inc., a CDMO focused on transdermal drug delivery systems, oral thin films, and related unit-dose products. Tapemark’s St. Paul, Minnesota facility will become part of LTS’s global operations network, expanding LTS’s U.S. footprint and strengthening its North American R&D and manufacturing capabilities. The transaction received regulatory approvals and closed on August 19, 2022; financial terms were not disclosed.

Aztiq Pharma Partners and Innobic (Asia) Company Limited, via Aztiq II HoldCo, completed a $500 million acquisition of 100% of Alvogen Emerging Markets Holdings Limited from its existing shareholders. Through the deal, the consortium becomes the leading shareholder in Lotus Pharmaceuticals and gains ownership of Alvogen Malta Holding Ltd., the shareholder of B2B pharma company Adalvo.

Young Innovations acquired Medical Purchasing Solutions (MPS), a Scottsdale, Arizona-based supplier of pharmaceuticals and surgical supplies serving oral pain management, oral surgery, and dental implant markets. MPS’s co-CEOs will continue to lead the business, which will operate as part of Young Innovations’ broader dental products portfolio. Young Innovations is a portfolio company of private equity firm The Jordan Company, L.P.

Recipharm AB announced it will acquire Vibalogics, a contract development and manufacturing organization (CDMO) specializing in oncolytic viruses, viral vaccines, and gene therapies. Vibalogics is an Ampersand Capital Partners portfolio company and will continue operating while leveraging Recipharm’s broader CDMO network and capabilities.

Amneal Pharmaceuticals entered into a definitive agreement to acquire Saol Therapeutics' Baclofen franchise, including Lioresal, LYVISPAH, and a pipeline product under development. The deal expands Amneal’s institutional and specialty neurology portfolio and adds Saol’s experienced institutional commercial team, with approximately $83.5 million in cash due at close plus low double-digit royalties on certain products.

Covis Pharma GmbH, part of Covis Pharma Group, completed the acquisition of the COPD respiratory medicines Eklira (Tudorza/Bretaris) and Duaklir (Brimica) from AstraZeneca for $270 million, with additional payments tied to certain ongoing development costs. Separately, Covis entered into an exclusive promotion and distribution agreement with Novartis Pharmaceuticals Canada to promote and distribute Seebri Breezhaler and Ultibro Breezhaler in Canada.

H.I.G. Capital, through an affiliate, made a strategic equity investment in Rising Pharma Holdings and Casper Pharma (collectively Rising Pharmaceuticals). Rising Pharmaceuticals develops and markets generic and specialty-branded pharmaceutical products in the United States and is based in New Brunswick, New Jersey.

Welsh, Carson, Anderson & Stowe (WCAS) acquired a majority ownership stake in Leiters, an FDA-registered 503B outsourced pharmaceutical compounding provider. Intermountain Ventures, Novant Health, Rex Health Ventures, Spectrum Health Ventures and UNC Health invested alongside WCAS, while existing investors—including Kaiser Permanente Ventures, Mayo Clinic, Frazier Healthcare Partners, SV Health Investors and H.I.G. BioHealth Partners—reinvested as part of the transaction.

Hikma Pharmaceuticals PLC has agreed to acquire Custopharm Inc., a US-based generic sterile injectables company, from Water Street Healthcare Partners. Hikma will pay $375 million in upfront cash on a debt-free, cash-free basis, plus up to $50 million in contingent milestone payments. Custopharm is headquartered in Carlsbad, California and markets products in the US through its commercial arm Leucadia Pharmaceuticals.

H.I.G. Capital, through one of its affiliates, has acquired Aspire Pharma Limited, a UK provider of niche generic and branded specialty pharmaceuticals. Founder Graham Fraser-Pye is investing alongside H.I.G. and will become Chairman, while the existing management team remains in place. Financial terms were not disclosed.

DW Healthcare Partners (DWHP) announced the completion of its investment in Bio Agri Mix, a Canadian manufacturer and distributor of medicated feed additives and water-soluble medications for livestock. The partnership will support Bio Agri Mix’s continued growth and expansion of its product portfolio in the animal health pharmaceutical market.

Pace Analytical Life Sciences, LLC, a subsidiary of Pace Analytical Services, LLC, acquired Drug Delivery Experts, LLC (DDE) to expand its capabilities in complex injectable drug formulations and drug-device combination product development. The acquisition adds expertise in long-acting and extended-release injectable technologies and will transition DDE’s San Diego operations to the Pace brand. Pace Analytical is a portfolio company of Aurora Capital Partners.

Spirit Pharmaceuticals LLC announced a growth capital investment from NewSpring Capital, Tecum Capital, Leedon Park Capital, and PNC Bank in partnership with CEO and Founder Ajoy Joshi and management. The funding is intended to support Spirit Pharmaceuticals’ continued expansion as a provider of private-label over-the-counter pharmaceutical products for large retailers and other distribution channels.

Funds managed by SK Capital Partners LP completed the acquisition of Catalent Pharma Solutions' Blow-Fill-Seal (BFS) sterile contract development and manufacturing (CDMO) business. The acquired business was renamed Woodstock Sterile Solutions and operates from a single site in Woodstock, Illinois, serving clinical-to-commercial sterile formulation and manufacturing customers.

Pine Tree Equity IV, LP recapitalized Madame Rx, LLC d/b/a Chemistry Rx in March 2021. Chemistry Rx, founded in 2013 and headquartered in Folcroft, Pennsylvania, provides pharmacy compounding services focused on rare, pediatric dermatological and metabolic medications. Pine Tree Equity partnered with the company’s founder and management team to support geographic expansion and future add-on acquisitions.

DW Healthcare Partners (DWHP) announced the completion of its investment in Parnell Pharmaceuticals Holdings Ltd. Parnell is an Australia-founded, fully integrated developer and manufacturer of animal health pharmaceuticals focused on the US market, and DWHP will join Parnell’s board as part of the transaction.

NovaQuest Private Equity acquired CoreRx, Inc., a global contract development and manufacturing organization (CDMO) based in Clearwater, Florida. The investment is intended to support CoreRx’s continued growth and expansion of capabilities across clinical and commercial pharmaceutical and biotech manufacturing services. Affiliates of Signet Healthcare Partners, an existing investor since 2015, will retain a minority position.

Sterling Pharma Solutions, a portfolio company of GHO Capital Partners LLP, acquired Alcami's cGMP API development and manufacturing facility located in Germantown, Wisconsin, United States. The transaction expands Sterling’s US footprint and adds capacity and expertise for complex, hazardous, and high-potency API projects as Sterling continues its multi-year growth and investment program.

H.I.G. Capital announced that one of its affiliates has completed the acquisition of BioVectra Inc., a contract development and manufacturing organization (CDMO) focused on active pharmaceutical ingredients and intermediates. BioVectra serves global pharmaceutical and biotech customers with cGMP outsourcing solutions and operates facilities in Charlottetown, Prince Edward Island and Windsor, Nova Scotia, Canada.

Novacap completed the acquisition of PCI Synthesis, a U.S.-based pharmaceutical contract development and manufacturing organization (CDMO). The deal expands Novacap’s U.S. pharmaceutical synthesis and manufacturing capabilities and provides PCI Synthesis additional resources to continue its growth across development and commercial production services.

Egalet Corporation announced it has licensed worldwide rights to OXAYDO (an abuse-deterrent immediate-release oxycodone) from Acura Pharmaceuticals and acquired SPRIX (ketorolac tromethamine) Nasal Spray from Luitpold Pharmaceuticals. The deals add two approved pain products to Egalet’s portfolio and are intended to help build commercial infrastructure ahead of its late-stage abuse-deterrent opioid pipeline. To fund the transactions and commercial expansion, Egalet also entered into a $15 million debt financing with Hercules Technology Growth Capital.

Nicox S.A. announced that its shareholders approved the acquisition of Aciex Therapeutics, Inc., a private U.S.-based ophthalmic development pharmaceutical company. Nicox will acquire 100% of Aciex by exchanging 20,627,024 newly issued Nicox shares for all Aciex shares, with additional contingent value rights tied to potential FDA approvals of AC-170 and other products.