Pharmaceuticals Acquisitions in 2023

Zevra Therapeutics completed the acquisition of Acer Therapeutics in a stock-and-contingent-value-rights transaction, bringing the FDA-approved product OLPRUVA and clinical-stage candidate EDSIVO into Zevra's portfolio and transitioning Zevra to a commercial-stage rare disease company. The deal included Zevra's purchase of Acer's senior secured debt and issuance of approximately 2.96 million shares plus CVRs (up to $76 million), and was followed by a registered direct offering to a healthcare-focused investment fund.

NorthEdge has acquired Torbay Pharmaceuticals, a UK-based sterile injectable contract manufacturer, from Torbay and Devon NHS Foundation Trust to support the company's next phase of international growth. The investment (funded by NorthEdge Fund III) will back expansion into North America, strengthen fill/finish and plastic vial capabilities, increase automation, and support growth of Torbay's c.250-strong team at its Paignton, Devon HQ.

Noramco has completed the acquisition of the Cambrex Drug Product Business Unit (previously Halo Pharmaceuticals), adding drug product formulation development, clinical and commercial manufacturing, and packaging capabilities from sites in Mirabel, Québec and Whippany, New Jersey. The purchase expands Noramco's service offering beyond APIs, brings nearly 400 employees into the Noramco group, and represents Cambrex's strategic divestiture to focus on its drug substance and analytical testing businesses.

Kobayashi Pharmaceutical Co., Ltd. (via its subsidiary Kobayashi Healthcare International Inc.) has acquired 100% of Focus Consumer Healthcare, a Chattanooga-based marketer of OTC medicines and dietary supplements. The acquisition gives Kobayashi a foothold in the U.S. supplement market and expands its North American OTC presence by combining Focus's niche brands (GARLIQUE, PAMPRIN, HERPECIN L) with Kobayashi's materials, prescription expertise, and marketing capabilities.

Advent International and Warburg Pincus completed the acquisition of Baxter International's BioPharma Solutions (BPS) business for $4.25 billion in cash, creating a standalone CDMO named Simtra BioPharma Solutions. Simtra will operate manufacturing sites in Bloomington, Indiana and Halle, Germany, establish a corporate headquarters in New Jersey, and employ approximately 1,700 people to provide sterile contract manufacturing and parenteral delivery services to pharma and biotech customers.

Azurity Pharmaceuticals has completed the acquisition of Slayback Pharma LLC from existing investors including KKR and Everstone Capital, making Slayback a wholly owned subsidiary of Azurity. The deal expands Azurity's R&D and complex formulation capabilities and accelerates its pipeline for new medicine launches as part of its growth strategy under majority owner QHP Capital.

Alfasigma S.p.A agreed to acquire Intercept Pharmaceuticals, Inc. in an all-cash transaction of US$19.00 per share via a cash tender offer, representing an 82% premium to Intercept's September 25, 2023 closing price. The deal expands Alfasigma’s gastroenterology and hepatology portfolio (including Ocaliva) and strengthens its presence in the U.S.; the transaction was expected to close by the end of 2023.

Biosynth has acquired Pepceuticals, a UK-based specialist in synthetic peptides with multi-kilogram GMP and fill-finish capabilities. The deal expands Biosynth’s peptide division and enables end-to-end support from discovery through clinical trials to commercial supply.

Murphy Canyon Acquisition Corp. (MURF) completed its previously announced business combination with Conduit Pharmaceuticals Limited, resulting in the combined company trading on Nasdaq under the ticker CDT and a pro forma enterprise value of approximately $720 million. A single institutional investor purchased $20.0 million of MURF units in a private placement, and the combined transaction and offering provided Conduit with roughly $20 million of cash (after redemptions, before transaction expenses).

Gurnet Point Capital and Novo Holdings completed the acquisition of Paratek Pharmaceuticals for $2.15 per share in cash plus a $0.85 CVR tied to NUZYRA sales, in a transaction valued at approximately $462 million including assumed debt. Oaktree provided $175 million of debt financing; following closing Paratek will be taken private and delisted from Nasdaq as the buyers aim to accelerate commercialization of NUZYRA and expand Paratek's anti-infective portfolio.

Swiss pharmaceutical company Acino has agreed to acquire M8 Pharmaceuticals, a Mexico City–headquartered specialty biopharmaceutical company and Montreux Growth Partners portfolio company. The deal brings over 300 M8 employees, an established product portfolio and pipeline, and market access in Mexico and Brazil to expand Acino's footprint and capabilities across Latin America; the transaction is expected to close by the end of 2023 subject to customary approvals.

Pharmanovia, a Triton Fund V portfolio company, has acquired an 11‑brand global central nervous system (CNS) portfolio from Sanofi, including Frisium (clobazam) and Gardenal (phenobarbital). The asset package, available in 60+ markets, expands Pharmanovia's neurology franchise and commercial footprint across markets such as Brazil, South Africa, France and Italy in a divestiture from Sanofi.

Charterhouse Capital Partners has invested in Labomar S.p.A., partnering with founder and CEO Walter Bertin and existing minority shareholder Cleon Capital; Labomar's shares were delisted as part of the transaction. Charterhouse will support Labomar's next phase of growth via a buy-and-build strategy to consolidate fragmented markets and expand the company's CDMO capabilities across food supplements, medical devices and functional cosmetics.

Dômes Pharma has completed the acquisition of SentrX Animal Care, a Salt Lake City–based developer and manufacturer of veterinary ophthalmology and wound-care products built on its patented BioHAnce crosslinked hyaluronic acid technology. The deal expands Dômes Pharma's product capabilities in veterinary ophthalmology and establishes a stronger foothold for the French family-owned group in North America.

Harmony Biosciences Holdings, Inc. agreed to acquire Zynerba Pharmaceuticals, Inc. in a cash tender offer of $1.1059 per share (approximately $60 million) plus one contingent value right (CVR) per share for up to $140 million of milestone-based payments (total potential consideration up to $200 million). The transaction, unanimously approved by both boards, is expected to close in Q4 2023 and will add Zynerba’s synthetic transdermal cannabidiol candidate Zygel and related rare neuropsychiatric programs to Harmony’s pipeline.

Revolution Medicines (NASDAQ: RVMD) has agreed to acquire EQRx (NASDAQ: EQRX) in an all‑stock transaction that will transfer more than $1 billion in net cash to Revolution’s balance sheet. The deal is intended to strengthen Revolution Medicines’ financial position to accelerate clinical development of its RAS(ON) inhibitor pipeline while EQRx will wind down most of its R&D programs post-closing.

SERB Pharmaceuticals has acquired the commercial rights to two medicines, Vistogard (uridine triacetate) and Xuriden (uridine triacetate), from Wellstat Therapeutics. The products will be sold in the United States by SERB’s US entity, BTG Pharmaceuticals; financial terms were not disclosed. The acquisition expands SERB’s portfolio in emergency care and rare diseases.

Bain Capital Private Equity has reached binding agreements to acquire the Ferrari family’s shareholding in FIS – Fabbrica Italiana Sintetici S.p.A. The purchase transfers ownership from Nine Trees Group (NTG) and the Ferrari Family to Bain Capital, positioning FIS to pursue further international growth and capacity expansion in API development and manufacturing.

Norwell Consumer Healthcare Inc. has entered a definitive agreement to acquire a portfolio of assets from Boyd Pharmaceuticals, including the Colace, Colace Glycerin, Dequadin, Allenburys and Gelusil brands in Canada. The asset purchase strengthens Norwell's gastroenterology and cough & cold portfolio and supports accelerated growth of its consumer OTC business.

Shionogi Inc., the U.S. subsidiary of Shionogi & Co., Ltd., entered into a definitive agreement to acquire San Diego-based clinical-stage antimicrobial developer Qpex Biopharma, Inc. The acquisition (upfront $100 million plus up to $40 million in milestones) brings Qpex's investigational beta-lactamase inhibitor xeruborbactam and expands Shionogi's infectious disease R&D capabilities and pipeline.

RK Pharma Inc., a vertically integrated pharmaceutical company based in Pearl River, New York, has completed the acquisition of VGYAAN Pharmaceuticals LLC, a specialty pharmaceutical company headquartered in Skillman, New Jersey. The deal brings VGYAAN's product portfolio and experienced management team into RK Pharma's vertically integrated platform, enhancing capabilities across complex product development, APIs and finished-dosage manufacturing; terms were not disclosed.

Cosette Pharmaceuticals has acquired the global commercial rights to Intrarosa from Endoceutics, Inc., including issued and pending patents protecting the product. The acquisition strengthens Cosette's women's health portfolio and expands its global footprint through existing distribution partners and planned Asian launches in 2025.

Freya Bidco Limited, an acquisition vehicle indirectly owned by EQT Private Equity and Luxinva S.A. (a wholly owned subsidiary of the Abu Dhabi Investment Authority), reached a recommended cash acquisition of UK‑listed Dechra Pharmaceuticals plc, valued at approximately GBP 4.459 billion (3,875 pence per share). The scheme was approved by the requisite majority of Dechra shareholders; EQT said it will support Dechra’s next phase of growth by investing in its veterinary pharmaceuticals pipeline and furthering global expansion.

GHO Capital (majority owner) and Partners Group have completed an investment into GHO portfolio company Sterling Pharma Solutions, with Partners Group acquiring a significant minority stake. The transaction is supported by a consortium led by funds managed by AlpInvest Partners and Pantheon and will fund Sterling's expansion of production capacity, capability build-out and further strategic acquisitions across the UK, Europe and the US.

Keensight Capital has signed a binding agreement to acquire Inke, a Spain-based specialist developer and manufacturer of inhalation active pharmaceutical ingredients (APIs), from Neuraxpharm Group; financial terms were not disclosed and the deal is expected to close in May 2023. Neuraxpharm divested Inke to sharpen its focus on CNS therapies, while Keensight will support Inke's management team to expand its footprint, broaden its offering and grow its product portfolio.

Assertio Holdings, Inc. agreed to acquire all outstanding shares of Spectrum Pharmaceuticals, Inc. in an all-stock transaction with contingent value rights (CVRs), expected to close in Q3 2023. The deal combines Assertio's digital, non-personal commercial capabilities with Spectrum's in-person commercial team and ROLVEDON (eflapegrastim-xnst) to accelerate the product's launch and broaden the combined company's pharmaceutical portfolio.

Audax Private Equity has made a growth investment in Pyramid Laboratories, Inc., a Costa Mesa, California-based CDMO that provides formulation development, analytical/stability testing, and aseptic fill-finish manufacturing for large-molecule biologics. The capital will support planned facility expansions to increase vial-filling capacity by more than 30% and syringe filling by more than 50%, and to scale Pyramid's clinical and commercial biologics manufacturing and service operations.

An affiliate of funds advised by SK Capital Partners has completed the acquisition of Apotex Pharmaceutical Holdings Inc. SK Capital appointed Allan Oberman as President and CEO as it looks to transform Apotex into a Canadian-based global health company; Apotex employs nearly 8,000 people and sells affordable medicines in over 100 countries.

Effective April 1, 2023, MediPharm Labs Corp. completed an all-equity arrangement to acquire all outstanding shares of VIVO Cannabis Inc., making VIVO a wholly-owned subsidiary. Under the arrangement, former VIVO shareholders received 0.2910 MediPharm common shares per VIVO share and MediPharm issued approximately 107,930,964 shares as consideration; VIVO shares are expected to be delisted from the Toronto Stock Exchange.

Takeda Pharmaceutical Company Limited has completed the acquisition of all shares of Nimbus Lakshmi, Inc. (the TYK2 program subsidiary of Nimbus Therapeutics) for approximately $4.0 billion upfront, with up to $2.0 billion in potential milestone payments. The deal adds TAK-279 (NDI-034858), a selective oral TYK2 inhibitor moving into late‑stage development, strengthening Takeda's late‑stage pipeline in immune‑mediated diseases including psoriasis and other immunological indications.

Lantheus Holdings, Inc. acquired Knoxville-based Cerveau Technologies, Inc., gaining MK-6240, a clinical-stage F-18 PET imaging agent that targets Tau tangles in Alzheimer's disease. The stock purchase includes upfront and potential milestone payments plus royalty obligations and will expand Lantheus' radiopharmaceutical diagnostic imaging pipeline and research collaborations.

LG Chem completed its all-cash acquisition of AVEO Oncology for an implied equity value of $571 million, making AVEO a wholly owned subsidiary of LG Chem Life Sciences Innovation Center. The deal expands LG Chem’s oncology capabilities and commercial footprint in the United States while positioning AVEO to leverage LG Chem’s R&D and manufacturing resources to advance its oncology pipeline and commercialization efforts.

Cambrex has acquired Snapdragon Chemistry, a Waltham, Massachusetts-based specialist in API batch and continuous flow process development. The deal brings Snapdragon's ~70–75 scientists and engineers (including 31 PhDs) and continuous flow capabilities into Cambrex's global CDMO platform to expand its process development and manufacturing offerings.

TA Associates completed a strategic growth investment in Synokem Pharmaceuticals Ltd., with Synokem's founders remaining shareholders. The investment will support Synokem—an India-based CDMO with operations in New Delhi and manufacturing/R&D in Haridwar—to drive organic growth and pursue strategic acquisitions and capability expansion for domestic and international markets.

Karo Pharma Aktiebolag has completed the acquisition of Belgian digital-first consumer health brand company Sylphar International NV for EUR 290 million. The deal is intended to strengthen Karo's market position and digital commerce capabilities; Sylphar CEO Robin List will join Karo's corporate management team and continue to lead Sylphar operations.

Sterling Pharma Solutions, a GHO Capital portfolio company, has completed the acquisition of the Novartis API manufacturing facility in Ringaskiddy, County Cork, Ireland. The 111-acre site (with ~350 transferred employees and extensive commercial-scale API production capacity) expands Sterling's European manufacturing footprint and includes an ongoing supply agreement with Novartis.

BPGC Management LP, Spinnaker International LLC and R Investments acquired a 70% controlling interest in Nurse Assist LLC, the maker of the Stericare Solutions brand, a specialty manufacturer of medical-grade saline and sterile water products. The investor group said it plans to support management to expand the company's in‑house water purification capabilities, broaden product categories and pursue growth initiatives including potential acquisitions.