Pharmaceuticals Acquisitions in 2022

Advent International has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals from the Jasti family and will make an open offer for an additional 26% of public shares. Advent plans to evaluate a merger of its CDMO and API platform company, Cohance Lifesciences, with Suven to create a scaled end-to-end CDMO + merchant API powerhouse serving pharma and specialty chemical markets, subject to board and regulatory approvals.

Flora Growth Corp. (NASDAQ: FLGC) completed the acquisition of all issued and outstanding shares of Franchise Global Health Inc. (TSXV: FGH) on December 23, 2022 via a statutory plan of arrangement, issuing 43,525,951 Flora common shares to FGH shareholders. FGH is a multi-national medical cannabis and pharmaceutical operator with principal operations in Germany that services more than 1,200 pharmacies; the deal provides Flora an operational footprint in Germany and expanded distribution capability into the European Union.

KKR has agreed to acquire Bushu Pharmaceuticals, a leading Japanese pharmaceutical CDMO headquartered in Kawagoe, from the BPEA V Fund (BPEA EQT). Bushu operates four manufacturing facilities across Japan, employs around 1,600 people, and provides contract development and manufacturing services for pharmaceuticals and medical devices; the deal is expected to close in Q1 2023 subject to customary approvals.

Gyrus Capital-backed Essential Pharma has acquired global rights to HALDOL (haloperidol) and HALDOL Decanoate from Janssen Pharmaceutica NV. The deal expands Essential Pharma's specialty CNS portfolio and secures continued global supply of this WHO-listed essential antipsychotic marketed in the US and more than 60 countries.

Merck has agreed to acquire clinical-stage biopharmaceutical company Imago BioSciences for $36.00 per share, representing an approximate equity value of $1.35 billion. The acquisition adds Imago's lead LSD1 inhibitor bomedemstat to Merck's hematology pipeline and is expected to close after a tender offer and customary regulatory clearances in early 2023.

French pharmaceutical group Biocodex has acquired a majority stake in Hilma, a U.S.-based natural remedies start-up founded by Hilary Quartner, Nina Mullen and Lily Galef. The deal gives Biocodex a stronger foothold in the U.S. digestive-health and women’s-health segments and will help scale Hilma’s omnichannel retail strategy (DTC plus 750+ stores including Target).

The Riverside Company has signed a definitive agreement to acquire a controlling stake in BioDue S.p.A, an Italian developer and manufacturer of dietary supplements, medical devices and cosmetics. Riverside plans to pursue a pan‑European buy‑and‑build strategy to expand BioDue's product range and commercial reach, while supporting operational improvements across its production sites.

Indivior PLC will acquire Opiant Pharmaceuticals, Inc. for $20.00 per share in cash (approximately $145 million aggregate) plus up to $8.00 per share in contingent value rights tied to OPNT003 revenue milestones. The acquisition strengthens Indivior's addiction-treatment portfolio by adding Opiant's OPNT003 intranasal opioid overdose candidate and earlier-stage pipeline assets, and is expected to be accretive after the second full year of OPNT003 launch.

NB Renaissance won a beauty contest to partner with Ardian and acquire majority ownership of Italian pharmaceutical group Neopharmed Gentili via a 50/50 vehicle, valuing the company at about €1.4–1.5 billion. The Del Bono family (through Mediolanum Farmaceutici) will retain a minority stake while Ardian will sell its existing stake into the vehicle and reinvest alongside NB Renaissance to hold half of the vehicle.

Ascensus Specialties LLC acquired the business and certain assets of Strem Chemicals UK (Strem UK), the independent UK distributor of Ascensus high‑purity research reagents and CVD/ALD precursors. The deal brings Strem UK’s customer relationships into Ascensus’ global distribution footprint, with Strem UK senior leadership remaining to support a smooth transition.

TPG (through its Asia platform) completed a majority investment in iNova Pharmaceuticals, a multinational consumer health and pharmaceutical company, with existing investor Pacific Equity Partners re-investing as a minority co-investor. The deal will support iNova's regional expansion and growth strategy across Southeast and North Asia, and fund channel expansion, product-in-fill and technology investments.

Symeres, a Netherlands-headquartered transatlantic CRO/CDMO majority‑owned by Keensight Capital, has acquired Exemplify BioPharma, a Cranbury, New Jersey-based CMC-focused CRO. The deal strengthens Symeres' capabilities in process and analytical chemistry and formulation development and further expands its strategic foothold in the United States.

Webster Equity Partners and Gurnet Point Capital have acquired Corium's manufacturing business (now Corium Pharma Solutions) in a transaction valuing the CDMO at more than $400 million, while Webster also made a concurrent $100 million equity investment in Corium's neuroscience commercialization business. The deal splits Corium into two independent companies — a CDMO and a neuroscience therapeutics commercialization company — with Gurnet Point and Webster jointly owning the CDMO and holding board representation in both businesses.

Sunshine Biopharma Inc. has completed the acquisition of all outstanding shares of Nora Pharma Inc., making Nora Pharma a wholly owned subsidiary. The deal (C$30.0 million) expands Sunshine’s business into generic prescription drugs, over‑the‑counter products and biosimilars and adds approximately $10.7 million in revenue and 36 employees based in the Greater Montreal area.

Pfizer Inc. completed the acquisition of Biohaven Pharmaceutical Holding Company Ltd. for approximately $11.6 billion (at $148.50 per share), bringing the migraine therapy NURTEC ODT (rimegepant), the zavegepant NDA program, and a CGRP-focused pipeline into Pfizer's Internal Medicine portfolio. Prior to closing, Biohaven spun off its non-CGRP assets into a separate publicly traded company, Biohaven Ltd., which Pfizer received a small pro rata stake in.

Aspire Pharma, a portfolio company of H.I.G. Capital, has acquired Morningside Healthcare and Morningside Pharmaceuticals, a UK provider of niche generic and branded specialty medicines. The deal (terms undisclosed) will combine the companies’ complementary product portfolios to expand scale, accelerate product development and support international growth and further M&A.

Zoetis Inc. has completed its acquisition of Jurox, a privately held Australian animal health company that develops, manufactures and markets veterinary medicines, including the anaesthetic Alfaxan. The deal expands Zoetis' veterinary product portfolio and manufacturing capabilities in Australia and supports greater global distribution of Jurox products.

JanOne Inc. has executed a term sheet to acquire Soin Therapeutics LLC and its patent-pending low-dose naltrexone formulation (to be named JAN123) for the treatment of Complex Regional Pain Syndrome (CRPS). The deal is valued at $13 million up front with up to $17 million in additional contingent payments (total up to $30 million); JanOne expects to advance JAN123 into GMP manufacturing and file an IND in 2023.

Everstone Capital has acquired a controlling (majority) stake in Softgel Healthcare Private Limited (SHPL), a Chennai-headquartered CDMO specializing in soft gelatin capsules and probiotics and part of the Madras Pharma Group. The investment will support SHPL's global expansion and capability development across pharmaceutical, nutraceutical and OTC markets, with Everstone partners joining the company's board.

Chicago-based healthcare investor BPOC (Beecken Petty O’Keefe & Company) made a strategic minority/majority investment in Praxis Packaging Solutions, a Grand Rapids-based contract packaging provider for OTC/Rx pharmaceuticals, medical devices, animal health and health & beauty products. Huizenga Group will retain a minority stake; proceeds will fund expanded sales and marketing and broadened service capabilities, and John Lowry will join Praxis as Executive Chairman.

Funds advised by SK Capital Partners have made a strategic investment in VanDeMark Chemical, a Comvest Partners portfolio company headquartered in Lockport, New York. Comvest remains a co-owner; the investment will accelerate VanDeMark's growth and deepen its focus on life-science specialty chemistries, with SK Capital supporting organic and inorganic expansion.

eMolecules, a PE-backed provider of a chemistry search-and-fulfillment platform, has acquired Frontier Scientific Inc. (FSI) and Frontier Agricultural Sciences Inc. (FAS). The acquisitions expand eMolecules' capabilities in compound/sample management, analytical and procurement services and provide an entry into agricultural chemistry/entomology research markets.

Funds advised by Permira, in partnership with the Marcucci family and supported by a subsidiary of ADIA and Ampersand Capital Partners, completed the joint acquisition and combination of Kedrion Biopharma and Bio Products Laboratory (BPL) to create a global leader in plasma derivatives and rare disease medicines. The combined company will be headquartered in Italy, generate over €1.1 billion in revenue, and expand its global footprint (including a ~75 US plasma center footprint); Ugo Di Francesco has been appointed CEO effective January 2023.

LTS LOHMANN Therapie-Systeme AG (LTS) has completed the acquisition of Tapemark Inc., a U.S.-based CDMO specializing in transdermal drug delivery systems and oral thin films. The deal integrates Tapemark’s St. Paul (West St. Paul), Minnesota facility into LTS’s global network to strengthen LTS’s U.S. footprint, expand manufacturing capacity and R&D capabilities, and broaden its drug-delivery technology portfolio.

Swiss eye-care leader Alcon has acquired Aerie Pharmaceuticals, a Durham, North Carolina-based ophthalmic pharmaceutical company, adding commercial products Rocklatan and Rhopressa as well as a clinical-stage pipeline including AR-15512. The acquisition strengthens Alcon's ophthalmic pharmaceutical capabilities and R&D expertise and is intended to expand distribution and accelerate development of Aerie's portfolio.

Edgewater Capital Partners, a Cleveland-based lower middle-market private equity firm, has acquired GL CHEMTEC, a chemistry-based contract research organization (CRO) headquartered in Oakville, Ontario. Edgewater will support GLC's expansion of API development, scale-up and advanced materials capabilities to accelerate growth across North American pharma and life-sciences customers.

Adalvo has acquired full global rights to the branded opioid analgesic Onsolis from a U.S.-based specialty pharmaceutical owner, becoming the sole and exclusive owner of the product and assuming supply and market authorisation responsibilities worldwide. The product, indicated for management of breakthrough cancer pain in opioid-tolerant patients, is sold in several EU countries and Taiwan and Adalvo intends to integrate it into its expanding branded-product portfolio.

ANI Pharmaceuticals, Inc. acquired four abbreviated new drug applications (ANDAs) from Oakrum Pharma, LLC in an asset purchase announced July 28, 2022. The acquisition expands ANI's generics product portfolio and is intended to enable product launches and revenue contribution beginning in 2023.

Clinical-stage biopharmaceutical company NewAmsterdam Pharma entered a definitive business combination agreement to go public via Frazier Lifesciences Acquisition Corporation (FLAC), supported by an oversubscribed $235 million PIPE led by Frazier Healthcare Partners and Bain Capital Life Sciences. The transaction is expected to provide pro forma cash of at least $470 million to fund pivotal Phase 3 programs for lead candidate obicetrapib and to list the combined company on Nasdaq under the ticker "NAMS."

Innoviva, Inc. completed a cash tender offer to acquire La Jolla Pharmaceutical Company for $6.23 per share, valuing the deal at an implied enterprise value of approximately $149 million. The acquisition adds La Jolla's marketed infectious disease and hospital products (GIAPREZA and XERAVA) to Innoviva's healthcare portfolio to expand its commercial footprint in anti-infectives and hospital therapeutics.

BroadOak Capital Partners led an investor-backed launch of Microsize after acquiring Lonza’s North American micronization business in Quakertown, Pennsylvania. The newly independent CDMO — operating three facilities and focused on micronization and particle-size control for APIs and excipients — will be run by industry veterans including Chairman Derek Hennecke and CEO TJ Higley to expand US-based API solubility and bioavailability enhancement capabilities.

TPG Capital has signed a definitive agreement to acquire a majority interest in Diocle Topco S.àr.l., the parent company of DOC Generici, from ICG and Mérieux Equity Partners. DOC Generici is a leading Italian manufacturer of generic pharmaceuticals based in Milan; TPG said it will partner with management to pursue organic and inorganic growth in the Italian generics market.

Altaris Capital Partners completed the acquisition of Veranova (formerly Johnson Matthey's Health business) from Johnson Matthey PLC for total consideration of up to £325 million, with Johnson Matthey retaining approximately a 30% equity stake. Veranova is a global CDMO focused on specialty and complex active pharmaceutical ingredients (APIs), headquartered in Wayne, Pennsylvania, with roughly 900 employees across seven development and manufacturing sites in North America, Europe and Asia.

Transatlantic PE firm ARCHIMED, joined by Caisse de dépôt et placement du Québec (CDPQ), has recapitalized Corealis Pharma, a Laval, Quebec–based CDMO specializing in oral solid dosage formulation and clinical-supply manufacturing. The recapitalization will fund expansion of GMP-compliant facilities, R&D capabilities and accelerate growth for Corealis to serve small- and mid-sized biotech and pharma customers.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) acquired San Diego-based Satiogen Pharmaceuticals, obtaining Satiogen-owned IP and licensing payments related to LIVMARLI (maralixibat) and volixibat. The deal, funded via Mirum stock and roughly $2.8 million in cash, reduces Mirum's royalty obligations and consolidates the economics of its commercial and pipeline programs.

Alcon Inc. agreed to acquire the commercial portfolio and related intellectual property for EYSUVIS and INVELTYS from Kala Pharmaceuticals for an upfront payment of $60 million, with Kala eligible for future commercial milestone payments. The asset sale allows Alcon to expand its ophthalmic drug franchises while enabling Kala to focus on its pipeline (KPI-012) and extend its cash runway.

Taiho Pharmaceutical Co., Ltd. will acquire Cullinan Pearl Corp., a subsidiary of Cullinan Oncology, for $275 million upfront plus up to $130 million in regulatory milestone payments, and will co-develop and co-commercialize CLN-081/TAS6417. Cullinan Oncology will retain co-development and an option to co-commercialize in the U.S.; the deal provides Cullinan Oncology with cash to extend its runway and reduces its development and pre-commercialization costs.

Aztiq Pharma Partners (led by Róbert Wessman) and Innobic (Asia) Company Limited, through Aztiq II HoldCo, completed a $500 million acquisition of 100% of Alvogen Emerging Markets Holdings Limited (AEMH). The deal makes the consortium the leading shareholder in Lotus Pharmaceuticals and the owner of Alvogen Malta Holding Ltd. (the shareholder of Adalvo), positioning the group to expand pharmaceutical capabilities and commercial reach—particularly across ASEAN markets.

Astorg has signed a binding agreement to acquire CordenPharma, a global contract development and manufacturing organization (CDMO) focused on APIs, excipients and drug products, from International Chemical Investors Group (ICIG). CordenPharma employs over 2,600 people across 11 manufacturing sites and an R&D laboratory in Europe and the US; the founders will reinvest alongside Astorg. The transaction is subject to customary regulatory approvals and terms were not disclosed.

Akanda Corp. (NASDAQ: AKAN) has completed the acquisition of Portugal-based Holigen Limited from The Flowr Corporation, adding EU‑GMP cultivation, manufacturing and distribution capabilities as well as an award‑winning genetics library. The deal consideration included approximately US$3.0 million in cash, 1.9 million Akanda common shares and the assumption of roughly US$4.3 million of non‑recourse debt; Akanda also purchased Flowr shares for approximately US$790,000 and provided interim funding to Holigen prior to closing.

Bonafide Health has acquired worldwide rights and all assets related to MSI-195, a patented high-bioavailability formulation of S-adenosylmethionine (SAM-e). The acquisition expands Bonafide’s patented ingredient portfolio and strengthens its R&D pipeline for next-generation women’s health and dietary supplement products.

Consegna Pharma Inc. has acquired Fathom Pharma LLC, making Fathom a wholly owned subsidiary to strengthen Consegna's long-acting injectable (LAI) portfolio and initiatives addressing the opioid crisis. The acquisition is intended to accelerate clinical development of long-acting pain therapeutics that are designed to be less susceptible to abuse or diversion.

Halozyme Therapeutics will acquire Antares Pharma for $5.60 per share in cash, valuing Antares at approximately $960 million. The deal, approved unanimously by both boards, is intended to expand Halozyme's drug delivery capabilities by adding Antares' auto-injector platform and commercial specialty products and is expected to be accretive to Halozyme's 2022 revenue and non-GAAP earnings.

Belgian pharmaceutical group Alter Pharma — a Riverside-backed platform — has acquired EcoPharmaSupply (EPS), a Benelux-focused pharmaceutical distributor and services company. The add-on expands Alter Pharma’s distribution footprint, product portfolio (OTC, consumer health, medical devices and prescription drugs) and logistics/procurement capabilities to support pharmacy and hospital customers in the Benelux region.

Bruker Corporation acquired UK-based Optimal Industrial Automation and Technologies, a provider of pharma and biopharma process analytical technology (PAT), manufacturing automation and QA software (including the synTQ platform). The acquisition strengthens Bruker's biopharma manufacturing automation and PAT software capabilities to complement its instrumentation portfolio and accelerate integrated solutions for pharmaceutical and biotech customers.

Global private equity firms Carlyle and PAI Partners have agreed to acquire Theramex, a London-based specialty pharmaceuticals company focused on women's health, from CVC Capital Partners VI. The new owners plan to accelerate Theramex's international expansion and broaden its women's health product suite to drive further organic and inorganic growth.

French family-owned ANJAC Health & Beauty has acquired Pillar5 Pharma, a Canadian CDMO specializing in sterile ophthalmic solutions and niche solid-dose manufacturing. The deal strengthens ANJAC's presence in North America and expands its pharmaceutical and ophthalmology capabilities; Pillar5 is based in Arnprior, Ontario and has roughly 150 employees and CAD$50M in revenue.

Montagu, a leading private equity firm, has acquired a majority stake in HTL (HTL Biotechnology) from Bridgepoint, with minority shareholders Naxicap and Téthys Invest retaining their holdings. Montagu will support HTL's international expansion, R&D and premium product positioning and has appointed Paul Navarre as Chairman to help drive the company's next growth phase.

CGE Partners has made a growth investment in Datapharm, the UK-based provider of regulatory-driven medicines information and software (including the electronic medicines compendium, emc). The investment will partner with Datapharm's management to accelerate new product development, international expansion, and support strategic acquisitions.

Signet Healthcare Partners, a New York-based healthcare growth equity firm, has completed a growth equity investment in Canadian specialty generics company Juno Pharmaceuticals Corp. Juno will use the proceeds to expand its complex and high-value generic and biosimilar portfolio and accelerate its growth and pipeline development in Canada and international markets.