RALEIGH — Raleigh-based NovaQuest Capital Management has acquired CutisPharma Inc. for $69.9 million, according to a Securities and Exchange Commission filing.
The acquisition involves 16 investors, and Goldman Sachs Specialty Lending Group had provided financing to support CutisPharma. TAP Advisors acted as financial advisor to CutisPharma.
CutisPharma was founded in 1998 and develops and commercializes unit-of-use kits to aid pharmacists in compounding prescriptions conveniently.
The Massachusetts-based company recently announced the approval of its vancomycin hydrochloride for oral solution kit, the first Food and Drug Administration approved treatment that is commercially available.
The newly approved solution will improve patient access and reduce the burden on pharmacists who no longer have to compound oral liquid formulations.
NovaQuest Capital Management was founded in 2000 and is a private equity and venture capital firm. The company manages over $1.6 billion through two platforms — biopharma and private equity. The company provides capital to health care and life sciences companies.
“The transaction is an endorsement of CutisPharma’s success to date and its potential for future growth with NovaQuest, a firm with deep health care and life sciences expertise and a long history of partnering with market-leading businesses to take them to the next level,” said Neal Muni, CEO of CutisPharma, in a statement.
The form can be found online.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism