Healthcare Industry News: HSMN NewsFeed
News Release - October 7, 2019
Nevakar Enters into $17.5 Million Product Financing Agreement with H.I.G. Capital Partners for Continued Development of Injectable ProductsBRIDGEWATER, N.J., Oct. 7, 2019 -- (Healthcare Sales & Marketing Network) -- Nevakar Inc., a specialty pharmaceutical company developing multiple assets in the ophthalmic and injectable areas, announced today that it has entered into a $17.5 million product financing agreement with an affiliate of H.I.G. Capital Partners, L.P. for the continued development of five differentiated, sterile injectable products. Pursuant to this agreement and to the previously announced agreement with Endo Ventures Limited, a subsidiary of Endo International plc (NASDAQ: ENDP) dated August 8, 2018, Nevakar will develop and seek U.S. Food and Drug Administration (FDA) approval for these products; Endo has the ability to launch and distribute the products upon approval through its Sterile Injectables Segment, doing business as Par Sterile Products. Nevakar filed its first of five 505(b)(2) applications with the FDA in September 2019.
"We are pleased to establish this relationship with H.I.G., a firm well known for leadership in providing financing to companies in the life science field. This agreement, coming after Nevakar's licensing agreement with Endo, a respected pharmaceutical company with a significant and growing presence in sterile and critical care products, and a similar product financing agreement with NovaQuest Investments, a firm well known for providing novel financing solutions to help fund and advance assets in the life science field, further validates our strong pipeline and business model while bolstering our ability to advance our current and anticipated programs," stated Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar.
"The H.I.G. investment brings together a non-dilutive product funding solution to support Nevakar's exciting pipeline of programs. We are pleased to be able to work with Nevakar and NovaQuest in support of the products covered by this agreement and the proven value generated by complex 505(b)(2) products. We look forward to continuing to work with the Nevakar team on these and other potential opportunities that further our goal of providing unique funding solutions in the life science industry," said Alex Zisson, Managing Director at H.I.G. Capital Partners.
RBC Capital Markets, LLC and Cantor Fitzgerald & Co. acted as financial advisors and Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar. Goodwin Proctor LLP served as legal counsel for H.I.G.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $34 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Nevakar Inc.
Nevakar Inc. is growing as a fully integrated specialty pharmaceutical company with an extensive portfolio of products in the ophthalmic and injectable areas. Founded in 2015, and headquartered in Bridgewater, New Jersey, The Company is focused on developing and commercializing innovative products to address unmet medical needs, thereby improving patient care and quality of life. Nevakar utilizes the 505(b)(2) regulatory pathway, along with its proven expertise in the development of novel and proprietary sterile pharmaceutical products to identify, develop, and obtain regulatory approval for its products. Additional information is available at www.nevakar.com.
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