Bain Capital-backed QuVa Pharma Inc has acquired Unique Pharmaceuticals. No financial terms were disclosed. Based in Temple, Texas, Unique Pharmaceuticals is a 503B compounding outsourcing facility.
PRESS RELEASE
Sugar Land, TX– November 2, 2015 – QuVa Pharma, Inc., a newly formed national platform for sterile compounding pharmacy services, has acquired the assets of Unique Pharmaceuticals, Ltd., including its state-of-the-art 503B manufacturing facility. With the acquisition, QuVa Pharma is addressing supply shortage issues that routinely and adversely impact the industry, and securing significant, immediately-available capacity in a second location. QuVa Pharma received a majority equity commitment from Bain Capital Private Equity, a leading global investment firm, as part of its formation in August. Financial terms of the private transaction were not disclosed.
Unique Pharmaceuticals’ modern 503B manufacturing facility in Temple, Texas has recently undergone extensive modification, including installation of closed, restricted access barrier compounding units designed to minimize the risk of product contamination by operators. All products produced at the facility undergo complete USP 71 testing for sterility, potency and endotoxins before delivery to customers. QuVa Pharma expects to retain all current employees at the Unique Pharmaceuticals facility, and to integrate the operations with its existing 503B manufacturing facility located in Sugar Land, Texas.
QuVa Pharma’s management team is led by Stuart Hinchen, co-founder and Chief Executive Officer, and Peter Jenkins, co-founder and Chief Development Officer. Both executives bring deep industry experience and understanding of pharmaceutical cGMP standards built during their tenure at JHP Pharmaceuticals and Mayne Pharma.
“According to the FDA, more than 70 percent of drug shortages are related to sterile injectable drugs. Our acquisition of Unique Pharmaceuticals’ 503B operation will allow us help hospitals and healthcare systems across the country to address the challenges they often face with inadequate supply and inconsistent quality. We have been extremely impressed with the quality commitment demonstrated by the Unique Pharmaceuticals ownership and staff, evident in the recent modifications at the facility, training, and the insistance on USP 71 product testing prior to release,” said Hinchen.
“This acquisition broadens our catalog of available compounded products, and gives us the capability to compound preparations from API to meet supply shortages. Our deep experience in pharmaceutical manufacturing puts us in a favorable position to provide hospitals and healthcare facilities with a tangible improvement in service, reliability and quality,” said Jenkins.
“The acquisition of the Unique Pharmaceutical assets is an important step toward creating a strong national business in this industry,” said Chris Gordon, a Managing Director of Bain Capital Private Equity. “The QuVa Pharma management team has done an exemplary job in bringing aboard two quality-focused facilities since the company was founded in August. We will continue to support an active expansion strategy.”
“We are extremely proud of the commitment to producing quality product that our staff has demonstrated over the past 12 months,” said Tim Prater, Chairman of Unique Pharmaceuticals. “The business is well positioned to be a major contributor to the progress of QuVa Pharma for many years.”
“We are very impressed with the cGMP knowledge demonstrated by the QuVa Pharma management team, and the company’s plans to meaningfully enhance the quality of compounded sterile products in the market,” said Travis Leeah, President of Unique Pharmaceuticals, who will join the QuVa Pharma management team.
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.
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