Healthcare Industry News: GE Capital
News Release - July 29, 2010
Actient Pharmaceuticals, LLC Closes Transaction to License and Acquire Specialty Pharmaceutical Products from UCBDEERFIELD, Ill.--(HSMN NewsFeed)--Actient Pharmaceuticals, LLC (“Actient”), a portfolio company of GTCR, announced today the company successfully completed a transaction to license and acquire six pharmaceutical products from UCB, Inc., a subsidiary of UCB SA (“UCB”), an international biopharmaceutical company based in Brussels, Belgium.
The product set will form the basis of a commercial platform upon which Actient will continue to license and acquire strategic pharmaceutical assets. Products in the transaction included: Edex® (alprostadil for injection), Theo-24® (theophylline anhydrous), Semprex®-D Capsules (acrivastine and pseudoephedrine hydrochloride), Levatol® (penbutolol sulfate), Robaxin® (methocarbamol tablets, USP) and Dilatrate®-SR (isosorbide dinitrate). The company plans to expand the senior leadership team and hire a number of employees in support of the expanded product portfolio associated with the acquisition.
“We are very pleased to add these products to our company as they represent important therapies for patients across the U.S.,” said Ed Fiorentino, Chief Executive Officer of Actient. “Going forward, we will continue to seek additional opportunities in specialty areas that allow us to extend our branded prescription product offering.”
“The transaction to license and acquire these products is a key first step in achieving our objective of building a leading specialty pharmaceutical company,” added GTCR Principal, Dean Mihas. “The Actient management team led by Ed Fiorentino has an impressive track record of establishing and growing businesses and we’re excited to be a partner in this transaction and are committed to providing the resources to further Actient’s growth.”
Prior to partnering with GTCR, Ed Fiorentino was a corporate officer and 22-year veteran of Abbott Laboratories (NYSE:ABT ). His senior-level management experience at Abbott included Corporate Vice President of Pharmaceutical Commercial Operations, where he was responsible for all U.S. sales, marketing and new product planning. He also served as Senior Vice President and President of Abbott Diabetes Care, leading Abbott's global device business in this area. Most recently, Ed was Executive Vice President of TAP Pharmaceutical, an Abbott joint venture with Takeda Pharmaceutical.
Legal counsel for the transaction included Kirkland & Ellis LLP and Hogan Lovells, advising Actient and GTCR. Torreya Partners LLC served as financial advisor to GTCR and Actient. GE Capital and LCB Credit Partners provided the initial debt financing commitment in support of the acquisition.
About Actient Pharmaceuticals, LLC
Actient Pharmaceuticals is a specialty pharmaceutical company focused on therapeutics to improve patient outcomes. The company was formed to acquire pharmaceutical companies and products with a focus on select physician specialties. For more information, please visit www.actientpharma.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy” – finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.0 billion in over 200 companies. For more information, please visit www.gtcr.com.
Source: Actient Pharmaceuticals
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