QuVa Pharma Acquires 503B Manufacturing Facility From Healix
August 24, 2015
QuVa Pharma, New Sterile Compounding Pharmacy Services Company, Acquires 503B Manufacturing Facility From Healix
— Equity Commitment from Bain Capital Private Equity; Experienced Management Team from JHP Pharmaceuticals —
QuVa Pharma, Inc., a newly formed national platform for sterile compounding pharmacy services led by two experienced industry executives, announces it has completed the acquisition of the assets of the 503B Compounding Pharmacy Services Division of Healix, Inc., including its state-of-the-art manufacturing facility. QuVa Pharma has received a majority equity commitment from Bain Capital Private Equity, a leading global investment firm, to support the company’s creation and expansion plans. Financial terms of the private transaction were not disclosed.
The modern manufacturing facility QuVa Pharma has acquired, located in Sugar Land, Texas, provides high-quality, ready-to-use compounded sterile preparations to hospitals across the country. Built to meet the most stringent state and federal regulations, the facility is registered with the U.S. Food and Drug Administration (FDA) as an Outsourcing Facility under Section 503B of the Federal Food, Drug, and Cosmetic Act. QuVa Pharma expects to retain all current employees and to grow the capacity and staff of the facility over time.
QuVa Pharma has assembled an experienced executive team with deep background in aseptic manufacturing operating under FDA-regulated pharmaceutical current Good Manufacturing Practices (cGMP) guidelines. The management team, which will have a significant ownership stake in the business, is led by Stuart Hinchen, co-founder and Chief Executive Officer, and Peter Jenkins, co-founder and Chief Development Officer. Both executives bring to QuVa Pharma the experience and track records built during their tenure at JHP Pharmaceuticals and Mayne Pharma.
“QuVa Pharma is delighted to secure these cornerstone assets, which establish a major platform for compounding pharmacy services with deep experience and understanding of pharmaceutical cGMP standards,” stated Hinchen. “We will build off the exceptional record and reputation of Healix to create a large, national pharmacy outsourced compounding partner that works with customers in a collaborative manner. With the support of Bain Capital Private Equity, we will be able to aggressively pursue an expansion strategy that will result in a deeper and broader service offering. We will be attentive, responsive, and offer a robust product portfolio that is of the highest quality.”
“The majority of the senior management will have specific experience in FDA-regulated aseptic manufacturing,” said Jenkins. “We believe this will prove to be a substantial source of differentiation versus our competitors.”
QuVa Pharma will leverage the resources and healthcare investment experience of Bain Capital Private Equity to expand its current operations and open additional locations. “We have been impressed with the quality record of Healix in compounding pharmacy services, and believe there is an enormously compelling opportunity to build a strong business in this growing market,” said Chris Gordon, a Managing Director of Bain Capital Private Equity, which has invested in such healthcare companies as HCA, Quintiles and Emcure Pharmaceuticals. “The management team has demonstrated an outstanding capability to build quality-focused, high performance businesses, and we are delighted to partner with them in this venture.”
“This transaction represents the continued successful execution of our strategy for long-term growth,” stated Alan Chaveleh, co-founder, President and CEO of Healix. “Importantly, it will enable us to redeploy our current investments in these assets to our ongoing Infusion Therapy business and other initiatives. We have ownership and Board representation, so we can contribute to and share in the success,” Chaveleh continued. Healix Chairman of the Board and co-founder Mort Baharloo added, “We fully expect QuVa Pharma will be an outstanding company.”
Guggenheim Securities, LLC acted as exclusive financial advisor, and Baker Botts LLP served as legal counsel to Healix in connection with the transaction. Blank Rome LLP served as legal counsel to management, and Ropes & Gray LLP served as legal counsel to Bain Capital.
About QuVa Pharma, Inc.
QuVa Pharma is a recently formed company with the plan to be a leading industry 503B platform and partner of choice for compliance-oriented healthcare facilities looking to ensure a quality, safe and consistent supply of medications. The Company is committed to having a patient-first orientation, as well as a robust product portfolio, leading safety standards, and collaborative, partnership-oriented customer service. For more information, visit www.quvapharma.com.
About Bain Capital Private Equity
Bain Capital, LLC (www.baincapital.com) is one of the world’s foremost private investment firms, with more than $75 billion under management across several asset classes including private equity, venture capital, public equity, credit products and absolute return. Founded in 1984, Bain Capital’s more than 400 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Bain Capital Private Equity has a long history of investing in leading healthcare companies such as HCA, Quintiles, Warner Chilcott, Emcure Pharmaceuticals, Bio Products Laboratory, Beacon Health Options, Physio-Control, CRC Health, Grupo Notre Dame Intermedica, and Air Medical Group Holdings, and across a broad range of sectors including service providers, facilities, life sciences, devices, and distribution.
About Healix Infusion Therapy, Inc.
Since its inception in 1989, Healix Infusion Therapy, Inc. has been driven by its mission of helping healthcare facilities and medical providers offer excellence in patient care. With corporate headquarters in Sugar Land, Texas, Healix is the national leader in the delivery of parenteral and management services to medical specialties, such as infection disease, neurology, gastroenterology and related fields. The privately-held company also provides a centralized pharmacy operation (503A), which enables it to offer customizable, turn-key products and services to its physician and hospital clients. More information can be found at www.Healix.net.
For Bain Capital Private Equity:
Stanton Public Relations & Marketing
For QuVa Pharma:
3E Public Relations