NovaQuest Capital, which has $1.6 billion under management, on Wednesday said it is acquiring Triangle-based Viamet Pharmaceuticals, which is focused on anti-fungal technology.
NovaQuest
However, Viatmet’s parent firm, Viamet Pharmaceuticals Holdings, will retain ownership of the technology platform behind the firm’s product development.
Financial terms of the deal weren’t disclosed.
NovaQuest, which is based in Raleigh, raised $60 million in new capital last fall.
What are called “key members” of the Viatmet development team will transition to NovaQuest, an investment firm launched in 2000, the origins of which can be traced back to the life science giant formerly known as Quintiles.
NovaQuest executive Patrick Jordan will serve as interim CEO of Viamet.
Current Viamet CEO Robert Schotzinger remains CEO of the parent Viamet organization.
The lead product involved in the transaction, VT-1161, is in Phase 2 clinical trial development. It is a treatment for fungal nail infection.
“The team at NovaQuest Capital has been providing novel solutions to the biopharmaceutical industry to fund the development and commercialization of key assets for nearly two decades. Our team has become increasingly involved in operations with our partner companies, and this acquisition is a logical next stage in the evolution of our business,” said Ron Wooten, the Chief Investment Officer and founding partner of
NovaQuest.
Viamet had been searching for “partnering opportunities” to further develop VT-1161, according to Schotzinger.
“A key criterion for us when evaluating these opportunities was the commitment of the partner to the areas of women’s health and dermatology. In
NovaQuest, we found a partner that shared our vision and enthusiasm regarding the need to advance novel treatments in these underserved therapeutic areas,” Schotzinger said.
