Specialty pharmaceutical company, CutisPharma, Inc. announced that it has been acquired by NovaQuest Capital Management, L.L.C. (NovaQuest). As a part of the transaction, Goldman Sachs Specialty Lending Group has provided financing to further support CutisPharma's growth requirements. Financial terms were not disclosed. TAP Advisors acted as financial advisor to CutisPharma.
"We welcome the opportunity to collaborate with Neal and the rest of the CutisPharma management team and look forward to helping the company continue its impressive growth trajectory," said Jeff Edwards of NovaQuest. "CutisPharma is an excellent fit with NovaQuest's philosophy of providing strategic capital to growing businesses that reduce the cost of care, meet unmet medical needs, improve efficacy, and/or improve quality of life."
Founded in 1998, CutisPharma develops and commercializes unit-of-use kits, under the FIRST Kit brand, to aid pharmacists in compounding prescriptions conveniently, and in compliance with compounding regulations. CutisPharma's rapidly expanding portfolio of kits is utilized in thousands of retail and hospital pharmacies across the United States. CutisPharma recently announced the approval of its Firvanq (vancomycin hydrochloride) for oral solution kit, which upon launch will be the only FDA-approved oral vancomycin solution treatment commercially available, improving patient access and reducing pharmacist burden by no longer having to compound oral liquid formulations.
"The transaction is an endorsement of CutisPharma's success to date and its potential for future growth with NovaQuest, a firm with deep healthcare and life sciences expertise and a long history of partnering with market-leading businesses to take them to the next level," said Neal Muni, MD, MSPH, CEO of CutisPharma. "NovaQuest's expertise in pharmaceutical services and enabling technologies will be invaluable as we look to further grow and enhance the value of our business in partnership with our customers."
CutisPharma, Inc., based in Wilmington, Mass., is a specialty pharmaceutical company that has been the industry leader for 20 years in providing innovative solutions to pharmacists.
NovaQuest Capital Management is a leading investor in life sciences and healthcare through our BioPharma and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies.