Another case of the remarkable inroads of private equity in dermatology:
Avista Capital Partners to acquire extended topicals and dermatology business of G&W Laboratories
Tue, 06/11/2018 - 19:14
Private equity firm Avista Capital Partners (Avista) is to acquire G&W Laboratories’ extended topicals and dermatology business unit (G&W Dermatology).
The transaction does not involve G&W Labs’ other businesses, including investments to drive efficiency in the pharmaceutical value chain and contract manufacturing operations in Sellersville, PA and Lincolnton, NC.
G&W Dermatology has a market-leading and diversified portfolio of approximately 35 self-labelled generic topical dermatology products that are currently marketed and sold in the US. In addition, the Company maintains partnership arrangements on a number of products and is a contract manufacturer for select products owned by other pharmaceutical companies. G&W Dermatology has a high-quality manufacturing facility with capabilities in suppository, cream, ointment, liquid, and gel development. In addition, the Company has a well-established R&D team and an active pipeline in various stages of development.
Walt Kaczmarek, an experienced generic pharmaceuticals executive, will become the Chief Executive Officer of G&W Dermatology upon the close of the transaction. Kaczmarek has more than 25 years of management experience in the pharmaceutical industry, spanning the value chain from development to manufacturing to sales and marketing. Most recently, he served as Chief Operating Officer of Aceto. Prior to Aceto, he held leadership roles at Mallinckrodt Pharmaceuticals, Fougera Pharmaceuticals, and Nycomed. Fougera and Nycomed were both Avista portfolio companies.
Kaczmarek says: “I am excited to begin working with my talented new colleagues at G&W Dermatology. The Company’s leading position in a niche market, along with a well-established R&D function and pipeline products, present a compelling growth opportunity that is sure to benefit each of the Company’s stakeholders. Importantly, I look forward to building on the Company’s commitment to serving patients and to meeting our strategic objectives. With Avista’s partnership, G&W Dermatology now embarks on a new and exciting chapter of growth.”
Sriram Venkataraman, a Partner at Avista, says: “We are excited to welcome G&W Dermatology to our healthcare portfolio. We look forward to working with Walt and the entire team, while leveraging Avista’s vast expertise in the healthcare sector to support the Company’s future development and expansion. Our investment in G&W Dermatology is a further example of Avista’s demonstrated ability to identify attractive niche health care assets and then acquire such businesses via a carve-out transaction.”
“G&W Labs was built with a mission of alleviating human suffering while serving customers and patients with quality products and remaining responsive to an ever-changing marketplace,” says Aaron Greenblatt, Chief Executive Officer, G&W Laboratories. “Avista’s vast expertise in the healthcare sector will help ensure a thriving future for our quality products, services, and highly talented employees.”
Avista’s legal advisor is Ropes & Gray LLP. G&W Labs’ financial advisor is JP Morgan Securities LLC. Its legal advisor is Reed Smith LLP.
https://www.privateequitywire.co.uk...extended-topicals-and-dermatology-business-gw
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