DURHAM – The management company for NovaQuest Private Equity has bought the Durham-headquartered Lexitas Pharma Services.
Founded in 2011, Lexitas is a provider of clinical trial solutions to biopharmaceutical and medical device companies that are in the development process of ophthalmic products.
The management company, QHP Capital, is the company’s official acquirer, and the deal was announced in a statement from the firm.
“For the past decade, Lexitas has had the incredible opportunity and privilege to partner with talented companies with amazing science as they develop their ophthalmic drugs and devices,” said George Magrath, M.D., CEO of Lexitas, in a statement. “Partnering with the QHP team brings deep expertise and domain knowledge that is going to allow Lexitas to improve and increase the scope, quality, and efficiency of our capabilities.”
Vern Davenport and Jeff Edwards, the partners at QHP Capital, noted in the statement that the acquisition of the company aligns to the fund’s strategy to “provide strategic capital to growing clinical trial services providers in niche, specialized therapeutic areas.”
NovaQuest is active in the market
Earlier this year, NovaQuest Private Equity closed a new fund with $500 million in commitments, with capital raised from new and existing pension plans, asset managers, family foundations, and insurance companies. In that announcement the management company QHP Capital noted that the entity manages about $1.2 billion in assets, making seven platform investments and 11 follow-on acquisitions.
Among its portfolio is Wilmington-based Catalyst Clinical Research, which itself recently made an acquisition. The biopharma company Aceragen, backed by NovaQuest, bought Arrevus in November 2021, as well.
NovaQuest Private Equity also invested $3 million in the Durham-based Pro-ficiency in 2021, in a deal which could have been an outright acquisition, as reported by WRAL TechWire.
NovaQuest Capital Management, a separate legal entity but with association, is also active in the state. NovaQuest Capital Management spun out of IQVIA, back when it was Quintiles.
Terms of the deal were not disclosed. However, the statement did note that Lexitas has appointed Jeanne Hecht as its executive chairwoman of the board. Hecht is the former CEO of Ora, according to the statement. Hecht is also a board member of Pro-ficiency and is based in the Triangle, according to a LinkedIn profile.