CutisPharma Inc, a portfolio company of NovaQuest Capital Management LLC, said June 12 that it acquired Silvergate Pharmaceuticals Inc. Financial terms weren’t announced. NovaQuest will own a majority of the combined company, called Azurity Pharmaceuticals. Azurity is specialty pharmaceutical company.
WOBURN, Mass., June 12, 2019 /PRNewswire/ — CutisPharma, Inc. announced today its acquisition of Silvergate Pharmaceuticals, Inc. and the unveiling of its new corporate brand for the unified company: Azurity Pharmaceuticals.
“I am thrilled to announce the combination of two strong companies with a rich legacy meeting the needs of underserved patients, such as children and the elderly,” said Neal I. Muni, MD, MSPH, Azurity Pharmaceuticals’ Chief Executive Officer. “Azurity’s mission, to make safe, high-quality treatments for patients requiring customized formulations for their care, is significantly bolstered by our combined resources and capabilities.”
NovaQuest Capital Management, LLC, the majority owner of Azurity Pharmaceuticals, supported CutisPharma and its management team in the transaction. Goldman Sachs Specialty Lending Group continues to support the company as a lender and arranged the debt financing for the transaction.
Azurity’s management team will be comprised of leaders from both the legacy CutisPharma and Silvergate teams. Azurity’s Corporate Headquarters and Manufacturing Facility will be located in the Greater Boston area (Woburn, MAand Wilmington, MA, respectively); its R&D Campus will be located outside Kansas City, MO and the Corporate Satellite Campus will be located outside Denver, CO.
Both companies have achieved several key milestones over the past year, including CutisPharma’s FDA approval and launch of FIRVANQ® (vancomycin hydrochloride) for oral solution for the treatment of Clostridium difficile-associated diarrhea in early 2018, and Silvergate’s submission of a New Drug Application (NDA) for its lead pipeline drug, SG-05, to the FDA, currently under review. Together as one company, Azurity will offer its valued customers a comprehensive portfolio across 12 products that serve multiple therapeutic areas.
About Azurity Pharmaceuticals
Azurity Pharmaceuticals is a privately-held specialty pharmaceutical company formed by the acquisition of Silvergate Pharmaceuticals, Inc. by CutisPharma, Inc., in May 2019. Azurity focuses on the needs of patients, especially children and the elderly, requiring customized, user-friendly drug formulations. Azurity’s products, including Epaned® (enalapril maleate) Oral Solution, Qbrelis® (lisinopril) Oral Solution, Xatmep® (methotrexate) Oral Solution, FIRVANQ® (vancomycin hydrochloride) for oral solution, and FIRST® Unit-of-Use Compounding Kits have benefited millions of patients who are unable to swallow conventional oral dosage forms such as tablets and capsules and whose needs are not served by other commercially available therapies. For more information, visit www.azurity.com.