Pharmaceuticals Acquisitions in United States

BioSelective Capital Investments and Shayan Enterprises, LLC acquired BioDuro’s drug product development and manufacturing operations in Irvine, California. The acquired assets will operate under newly formed Forma Life Sciences, Inc. (FORMA), which will hold and run the two Irvine facilities focused on commercial and clinical-phase oral solid dosage drug product manufacturing.

Agno Pharma acquired Actylis Eugene, the legacy Cascade Chemistry CDMO manufacturing business based in Eugene, Oregon. The acquisition expands Agno Pharma’s U.S. cGMP small-molecule API development and manufacturing footprint, adding R&D and GMP manufacturing facilities to support early- through late-phase clinical API production.

PAI Pharma, an Olympus Partners portfolio company, acquired Nivagen Pharmaceuticals, Inc. to expand U.S. sterile injectable manufacturing and accelerate its ready-to-use (RTU) hospital-focused product pipeline. The deal adds Nivagen’s newly built aseptic manufacturing facility in Sacramento, California and a pipeline of 20+ RTU injectable products; financial terms were not disclosed.

Azurity Pharmaceuticals acquired Sebela Pharmaceuticals’ Bowel Prep Franchise, which includes two leading bowel preparation therapies used for colonoscopies. The transaction expands Azurity’s gastrointestinal portfolio and includes the transition of more than 50 Sebela commercial and support colleagues as the companies work to ensure a smooth handover in the United States.

Curewell Capital, a Los Angeles-based healthcare-focused private equity firm, made a majority investment in Wilmington PharmaTech (WPT), a U.S.-based specialty CRDMO focused on custom small molecule API development and manufacturing. WPT founder and CEO Hui-Yin “Harry” Li will retain a significant ownership stake and continue to lead the company. The investment is intended to provide growth capital to expand WPT’s U.S. manufacturing capacity and scale its end-to-end API capabilities.

Bora Pharmaceuticals Co., Ltd. acquired Upsher-Smith Laboratories in 2024 for $210 million, expanding Bora’s U.S. pharmaceutical manufacturing footprint. Following the finalized split/separation of the Upsher-Smith entity effective August 5, Bora is investing to expand manufacturing and packaging capabilities at the acquired Maple Grove, Minnesota facility to meet rising demand for oral solid dose (OSD) development and commercial supply.

Mallinckrodt plc and Endo, Inc. completed their merger, creating a combined, global therapeutics company with branded pharmaceuticals alongside a generics and sterile injectables business branded as Par Health. Endo shareholders received $100 million in cash and will own 49.9% of the combined company (with legacy Mallinckrodt shareholders owning 50.1%), and the combined generics businesses plus Endo’s sterile injectables business are intended to be combined and spun off as an independent company (targeted for Q4 2025).

ESTEVE CDMO (operating under the Esteve Química brand) acquired Regis Technologies, a Chicago-based U.S. contract development and manufacturing organization focused on small-molecule active pharmaceutical ingredients (APIs). The deal expands ESTEVE’s U.S. footprint and strengthens its end-to-end CDMO capabilities from pre-clinical development through commercial API manufacturing, adding Regis’ process R&D, analytical/stability, cGMP manufacturing, and chromatography product expertise.

Aptar Pharma (part of AptarGroup) acquired the clinical trial materials manufacturing capabilities of Mod3 Pharma (formerly Enteris Biopharma) from SWK Holdings. The deal expands Aptar Pharma’s Phase 1 and 2 cGMP formulation and fill-finish services—initially focused on orally inhaled and nasal drug products—and adds an FDA-inspected manufacturing facility in Boonton, New Jersey.

USpharma Ltd., a pharmaceutical development and manufacturing company, announced a significant growth equity investment from 1315 Capital. The funding will be used to accelerate development and commercialization of USpharma’s pipeline and to scale operations to meet growing demand.

Milwaukee Capital Partners LLC (MCP) acquired MPP Group LLC in an all-cash transaction effective May 1, 2025, with Concordia University Ventures (CU Ventures) also investing alongside MCP. MPP Group will remain headquartered in Mequon, Wisconsin, and will use the capital to expand its pharmaceutical contract analytical services and product research and development capabilities, particularly for injectable drug products.

Buscar Company acquired a 70% equity stake in Armorgenix Company via a strategic stock swap. The deal expands Buscar’s portfolio into pharmaceuticals, adding Armorgenix’s detoxification and antiviral products (including DetoxShield) and positioning the subsidiary for planned U.S. manufacturing and IP expansion.

Paratek Pharmaceuticals, Inc. completed its acquisition of Optinose, Inc., expanding its specialty therapeutics portfolio to include Optinose’s XHANCE alongside Paratek’s NUZYRA. Paratek acquired all outstanding Optinose shares for approximately $330 million (including assumed debt and full payment of CVRs), with Optinose shareholders receiving $9 per share in cash plus CVRs tied to XHANCE revenue milestones. The transaction was financed with equity capital from Paratek, B-FLEXION Life Sciences, and Novo Holdings, and debt financing from funds managed by Oaktree Capital Management.

Johnson & Johnson has completed its acquisition of Intra-Cellular Therapies, which will operate as a business unit within Johnson & Johnson Innovative Medicine. The deal adds CAPLYTA (lumateperone) and Intra-Cellular’s clinical-stage pipeline, strengthening Johnson & Johnson’s neuroscience and mental health portfolio.

Organon acquired from Biogen the U.S. regulatory and commercial rights to TOFIDENCE (tocilizumab-bavi), a commercialized biosimilar to ACTEMRA for intravenous infusion. The product launched in May 2024 and is indicated for multiple immunology-related conditions including rheumatoid arthritis and giant cell arteritis, as well as for certain hospitalized COVID-19 patients. Bio-Thera Solutions, the product developer, retains manufacturing rights for the U.S. market, while Organon will make an upfront payment to Biogen and assume certain royalty and milestone payment obligations tied to sales.

Whitehawk Therapeutics completed the divestiture of Aadi Subsidiary, Inc. to Kaken Pharmaceuticals for $100 million in cash plus customary adjustments. The transaction transfers ownership of the Aadi Bioscience name and trademarks and the FYARRO business to Kaken. Whitehawk plans to use proceeds to advance its antibody drug conjugate portfolio and for general corporate purposes.

Olympus Partners acquired PAI Pharma, a developer, manufacturer, and distributor of generic oral liquid medicines (including ready-to-dose cups and bottles) in the United States. PAI Pharma was sold by Enhanced Healthcare Partners and Bourne Partners Strategic Capital, who had held it as a platform investment. PAI is headquartered in Parsippany, New Jersey and operates two manufacturing campuses in Greenville, South Carolina; transaction terms were not disclosed.

Hims & Hers Health, Inc. acquired a US-based peptide manufacturing facility located in California to further verticalize its ability to deliver personalized medications. The deal is intended to strengthen the company’s domestic supply chain and expand peptide capabilities to support future innovation in personalized healthcare. The acquisition closed in early February.

Jabil Inc. acquired Pharmaceutics International, Inc. (Pii), a Hunt Valley, Maryland-based contract development and manufacturing organization (CDMO) providing dosage form development and cGMP manufacturing services including aseptic/sterile injectables, lyophilization, and oral solid dose production. The transaction was an undisclosed all-cash sale, representing an exit for Pii shareholders including Signet Healthcare Partners, Athyrium Capital Management, Hildred Capital, and Pharmascience Inc.

U.S. Pharmacopeia (USP) acquired Stratix Labs, a microbiology technology company headquartered in Saint Paul, Minnesota. The deal expands USP’s microbiological quality control and microbial contamination control solutions for pharmaceutical, biopharmaceutical, and compounded medicine applications, leveraging Stratix Labs’ microbial preservation technology and products including the Enverify storefront solution.

Ardena, a pharmaceutical contract development and manufacturing organization (CDMO) backed by GHO Capital, signed a definitive agreement to acquire Catalent’s FDA-approved drug product manufacturing facility in Somerset, New Jersey. The acquisition expands Ardena’s U.S. footprint and enhances its late-stage and small-scale commercial manufacturing capabilities for oral drug products, with closing expected in early 2025 subject to customary approvals.

Actylis, a specialty ingredients provider for life sciences and advanced technology markets, acquired Pharm-Rx, a value-added supplier of specialty ingredients serving the vitamin, mineral and supplement (VMS) and pharmaceutical industries. Pharm-Rx will continue to operate under its existing brand within Actylis and be led by its current management team, with Pharm-Rx executive Mark Bostel taking an expanded leadership role at Actylis. Financial terms were not disclosed.

New Harbor Capital completed a recapitalization of LGM Pharma via a single-asset continuation vehicle, in partnership with Origami Capital Partners. The transaction provides additional capital to support LGM Pharma’s continued growth across its API sourcing and drug product CDMO services, while offering liquidity to certain existing investors.

RF Investment Partners made a platform investment in Altro and Amici Pharmaceuticals, two founder-owned sister companies focused on sourcing, market insights, and production of generic pharmaceuticals serving companion pet and animal end markets. Aquimont Capital and Miramar Equity Partners partnered with RF to support the investment, which expands RF’s healthcare portfolio into veterinary and pet-focused pharmaceuticals.

Organon entered into a definitive agreement to acquire Dermavant Sciences Ltd., a Roivant Sciences company, adding the VTAMA (tapinarof) cream dermatology franchise to Organon’s portfolio. The deal value was up to approximately $1.2 billion, consisting of $175 million upfront plus regulatory and commercial milestones and tiered royalties to Dermavant shareholders. Organon announced it completed the acquisition on October 28, 2024.

Bain Capital Life Sciences led a strategic growth transaction of more than $200 million in Serán Bioscience, a contract development and manufacturing organization (CDMO) serving pharmaceutical and biotechnology companies. Existing investor Vivo Capital will remain a key shareholder. The investment will support Serán’s expansion, including construction of a new commercial-scale manufacturing facility in Bend, Oregon targeted for completion in 2026.

Hims & Hers acquired MedisourceRx, an FDA-registered 503B outsourcing facility business unit/subsidiary of Nivagen Pharmaceuticals serving hospitals, surgery centers, and wellness clinics. Bourne Partners advised Nivagen Pharmaceuticals as exclusive financial advisor on the transaction, and sale proceeds will support Nivagen’s sterile injectables facility build-out in California and product pipeline launches.

CoreRx, Societal CDMO, and Bend Bioscience announced they are unifying operations under the Bend Bioscience brand to create an integrated contract development and manufacturing organization (CDMO). The combined company will offer end-to-end drug development and manufacturing capabilities across facilities in Bend, Oregon; Clearwater, Florida; and Gainesville, Georgia.

Grünenthal acquired Chicago-based Valinor Pharma, LLC for an approximately $250 million total deal value, expanding Grünenthal’s U.S. presence and adding Valinor’s product Movantik (naloxegol) for opioid-induced constipation. The transaction makes Grünenthal the global owner of Movantik/Moventig (excluding Canada) and was financed with available liquidity, with deal value described as including royalty obligations.

Funds managed by Hamilton Lane acquired a significant equity interest in Cosette Pharmaceuticals from Avista Capital Partners and its co-investors. Following the transaction, Avista and Hamilton Lane will jointly control Cosette and support its growth strategy, including continued investment in R&D and acquisitions. In conjunction with the deal, Cosette arranged new debt financing including a term loan from Hayfin Capital Management and a revolver led by UBS Investment Bank, Capital One, and Santander Corporate & Investment Bank.

Revelation Pharma, a national network of 503A and 503B compounding pharmacies, has acquired Taylors Pharmacy (a nationwide independent pharmacy based in Florida) and Key Compounding Pharmacy (based in Federal Way, Washington). Revelation Pharma will take over full operations of both pharmacies as part of its coast-to-coast expansion and continued build-out of its compounding pharmacy network.

MedPharm, an Ampersand Capital Partners portfolio company, announced a merger with Tergus Pharma, a Great Point Partners portfolio company, to create an end-to-end topical and transdermal CDMO operating under the MedPharm name. Following the transaction, Tergus Pharma CEO Michael Kane will become CEO of MedPharm, and Great Point Partners will retain a significant minority stake while Ampersand Capital Partners and Bourne Partners Strategic Capital will hold majority ownership.

Formosa Laboratories, Inc. completed the acquisition of SynChem, Inc., a contract research laboratory in suburban Chicago, to expand its North American CDMO footprint. SynChem will operate as a wholly-owned subsidiary under the new name SynChem-Formosa, enhancing Formosa’s end-to-end GMP-compliant CDMO capabilities for pharmaceutical and biotech clients.

Myonex, a global clinical trial supply company, completed the acquisition of SaveWay Compounding Pharmacy, a compounding pharmacy based in Newark, Delaware. SaveWay will operate as “SaveWay Compounding Pharmacy, a Myonex company,” expanding Myonex’s U.S. direct-to-patient and home healthcare provider capabilities and improving access to investigational and commercial medications across all 50 states.

CoreRx, Inc. completed the acquisition of Societal CDMO, Inc. (Nasdaq: SCTL) via a tender offer followed by a second-step merger, making Societal CDMO a wholly owned subsidiary of CoreRx. The tender offer price was $1.10 per share in cash, and approximately 92.8% of shares were tendered. Following closing, Societal CDMO’s shares will be delisted from the Nasdaq Capital Market.

Arlington Capital Partners made a majority investment in Afton Scientific, a contract development and manufacturing organization (CDMO) focused on sterile manufacturing and aseptic fill-finish of injectable pharmaceuticals. Afton Scientific is headquartered in Charlottesville, Virginia, and its founder and CEO Tom Thorpe will continue to lead the business and remain a material shareholder following the transaction.

Cosette Pharmaceuticals, a US-based specialty pharmaceutical company backed by Avista Capital Partners, completed the acquisition of Vyleesi (bremelanotide injection) from Palatin Technologies. The deal includes five Orange Book-listed patents with protection extending to 2041, and the parties stated they will ensure continued access for patients and healthcare professionals during the transition.

Bristol Myers Squibb entered into a definitive merger agreement to acquire Karuna Therapeutics for $330.00 per share in cash, valuing the equity at approximately $14.0 billion ($12.7 billion net of estimated cash acquired). The acquisition is intended to strengthen Bristol Myers Squibb’s neuroscience portfolio, led by Karuna’s late-stage schizophrenia candidate KarXT, and is expected to close in the first half of 2024 subject to shareholder and regulatory approvals.

Noramco has completed the acquisition of Cambrex’s Drug Product Business Unit, previously known as Halo Pharmaceuticals. The business provides drug product formulation development, clinical and commercial manufacturing, and packaging services from facilities in Mirabel, Québec and Whippany, New Jersey, expanding Noramco and its subsidiary Purisys beyond API offerings. Cambrex sold the unit as part of a strategic shift to focus on its drug substance and analytical testing portfolios.

Sharp, a global provider of pharmaceutical packaging and clinical trial supply services, announced the acquisition of Berkshire Sterile Manufacturing (BSM), a fill-finish CDMO focused on sterile injectable products. The deal expands Sharp’s capabilities to offer an integrated small-to-medium scale sterile injectable service spanning sterile drug product manufacturing, clinical trial services, commercial packaging, and distribution. BSM will continue operating from its Lee, Massachusetts facility, with co-founder and CEO Dr. Shawn Kinney joining Sharp’s senior leadership team and continuing to lead daily operations.

Advent International and Warburg Pincus completed the acquisition of Baxter International Inc.’s BioPharma Solutions (BPS) business for $4.25 billion in cash (subject to closing adjustments). The business will operate as a standalone CDMO under the new name Simtra BioPharma Solutions, with manufacturing sites in Bloomington, Indiana and Halle, Germany, and a newly established corporate headquarters in New Jersey.

Azurity Pharmaceuticals, Inc. closed its acquisition of Slayback Pharma LLC, making Slayback a wholly-owned subsidiary. The business was purchased from existing investors including KKR and Everstone Capital, and the combination is intended to strengthen Azurity’s pipeline and R&D capabilities to accelerate new medicine launches.

Harmony Biosciences Holdings, Inc. entered into a definitive agreement to acquire Zynerba Pharmaceuticals, Inc. via a tender offer for all outstanding shares. The deal values Zynerba at approximately $60 million upfront in cash ($1.1059 per share) plus a non-tradeable contingent value right (CVR) with potential milestone payments of up to $140 million (up to $200 million total consideration).

SERB Pharmaceuticals acquired two medicines, Vistogard and Xuriden, from Wellstat Therapeutics. The products will be sold in the United States by BTG Pharmaceuticals, SERB’s US entity, and will transition from Wellstat while continuing distribution through existing channels. Financial terms were not disclosed.

Shionogi Inc., a New Jersey-based subsidiary of Shionogi & Co., Ltd., entered into a definitive agreement to acquire Qpex Biopharma, Inc., a privately held clinical-stage antimicrobial R&D company based in San Diego. Upon closing, Qpex will become a wholly owned subsidiary of Shionogi Inc.; the deal includes a $100 million upfront payment to Qpex equityholders plus up to $40 million in milestone-based consideration.

RK Pharma Inc. completed the acquisition of VGYAAN Pharmaceuticals LLC, expanding RK Pharma’s product portfolio and strategic partnerships in clinically critical therapies. VGYAAN’s leadership, including CEO Nailesh A. Bhatt and COO Nimisha Bhatt, will continue in their roles post-transaction. Financial terms were not disclosed, and the acquisition follows RK Pharma’s announced investment of up to $200 million from PAG.

Cosette Pharmaceuticals, Inc. has completed the acquisition of the global rights to Intrarosa from Endoceutics, Inc., a subsidiary of Endorecherche, Inc. The deal includes 108 issued and pending patents worldwide (including Orange Book-listed patents), strengthening Cosette’s women’s health portfolio and supporting continued global commercialization of the product.

Audax Private Equity made a growth investment in Pyramid Laboratories, Inc. to support expansion of the company’s clinical and commercial biologics and advanced therapeutics manufacturing and service operations. Headquartered in Costa Mesa, California, Pyramid is a drug product CDMO providing formulation development, analytical and stability testing, and aseptic fill-finish manufacturing for large molecule therapeutics, and plans to expand vial- and syringe-filling capacity with committed capital from the partnership.

UpHealth, Inc. entered into a definitive agreement to divest Innovations Group Inc. (IGI), including its compounding pharmacy subsidiary MedQuest Pharmacy, Inc., to Belmar Pharma Solutions for approximately $56 million in gross proceeds. The transaction is expected to close in May, subject to customary closing conditions, and UpHealth plans to use proceeds to invest in its core businesses and pay down secured debt.

Takeda completed the acquisition of all shares of Nimbus Lakshmi, Inc., a subsidiary of Nimbus Therapeutics holding the TYK2 program (TAK-279/NDI-034858). Under the agreement, Takeda will pay approximately $4 billion upfront plus up to $2 billion in sales-based milestone payments.

Cambrex, a global contract development and manufacturing organization (CDMO), entered into a definitive agreement and subsequently completed the acquisition of Snapdragon Chemistry. Snapdragon Chemistry, headquartered in Waltham, Massachusetts, provides active pharmaceutical ingredient (API) batch and continuous flow chemical process development services to biopharma customers, strengthening Cambrex’s continuous flow development and manufacturing capabilities.

Corium, LLC and Gurnet Point Capital announced the acquisition of Corium’s manufacturing business (renamed Corium Pharma Solutions, Inc.) alongside a $100 million equity investment by Webster Equity Partners into Corium’s neuroscience therapeutics business. The transactions separate Corium into two independent companies—Corium Pharma Solutions (a CDMO) and Corium (a neuroscience therapeutics commercialization company)—with Gurnet Point Capital and Webster jointly owning the CDMO and investing in both entities.

Pfizer Inc. completed its acquisition of Biohaven Pharmaceutical Holding Company Ltd., adding Biohaven’s CGRP migraine portfolio including Nurtec ODT (rimegepant) and zavegepant to Pfizer’s Internal Medicine pipeline. Pfizer purchased all outstanding Biohaven shares it did not already own for $148.50 per share in cash, valuing the transaction at approximately $11.6 billion, and Biohaven became a wholly owned subsidiary. Immediately prior to closing, Biohaven completed a spin-off of Biohaven Ltd. (NYSE: BHVN), which retained Biohaven’s non-CGRP development-stage pipeline assets.

Alcon entered into a definitive merger agreement to acquire Aerie Pharmaceuticals and later completed the acquisition, strengthening Alcon’s ophthalmic pharmaceutical business. The deal adds Aerie’s commercial glaucoma products Rocklatan and Rhopressa, along with AR-15512 (Phase 3 for dry eye disease) and an ophthalmic R&D pipeline. Alcon disclosed pricing of $15.25 per share (about $770 million equity value) at signing and later reported total purchase consideration of approximately $930 million, funded with debt.

LTS LOHMANN Therapie-Systeme AG (LTS) announced the closing of its acquisition of Tapemark Inc., a contract development and manufacturing organization (CDMO) specializing in transdermal drug delivery systems and oral thin films. The deal closed on August 19, 2022, adding Tapemark’s St. Paul, Minnesota facility to LTS’s global operations network; financial terms were not disclosed.

Adalvo acquired Onsolis, its first branded product, from a U.S.-based specialty pharmaceutical company that previously owned the brand. Adalvo will become the sole and exclusive owner and obtain full global rights, taking over existing business operations and market authorizations, including in the United States.

ANI Pharmaceuticals, Inc. acquired four abbreviated new drug applications (ANDAs) from Oakrum Pharma, LLC to expand its generics product portfolio. ANI expects to launch the products in 2023. Bourne Partners served as Oakrum’s exclusive financial advisor on the transaction.

Innoviva, Inc. entered into a definitive merger agreement and completed a tender offer to acquire La Jolla Pharmaceutical Company for $6.23 per share in cash, implying an enterprise value of approximately $149 million. The transaction adds La Jolla’s marketed hospital/infectious disease products GIAPREZA and XERAVA to Innoviva’s portfolio, and La Jolla became a wholly owned subsidiary of Innoviva following closing.

BroadOak invested in Microsize, a contract development and manufacturing organization (CDMO) focused on micronization and particle size control, to support its launch as an independent business. The launch follows the completion of the previously announced acquisition of Lonza’s North American micronization business in Quakertown, Pennsylvania, which now operates under the Microsize brand.

Altaris Capital Partners completed the acquisition of Veranova (formerly Johnson Matthey’s Health business / JM Health) from Johnson Matthey for total consideration of up to £325 million. Johnson Matthey will retain an approximately 30% equity stake in Veranova, a global API-focused CDMO headquartered in Wayne, Pennsylvania.

Kala Pharmaceuticals, Inc. entered into a definitive asset purchase agreement to sell its commercial portfolio and related intellectual property assets—primarily the ophthalmic drugs EYSUVIS and INVELTYS—to Alcon Inc. The transaction includes an upfront payment of $60 million plus potential commercial sales milestone payments and is expected to close in the third quarter of 2022 subject to customary conditions.

Young Innovations acquired Medical Purchasing Solutions (MPS), a Scottsdale, Arizona-based supplier of pharmaceuticals and surgical supplies serving oral pain management, oral surgery, and dental implant markets. MPS’s co-CEOs will continue to lead the business, which will operate as part of Young Innovations’ broader dental products portfolio. Young Innovations is a portfolio company of private equity firm The Jordan Company, L.P.

Recipharm AB announced it will acquire Vibalogics, a contract development and manufacturing organization (CDMO) specializing in oncolytic viruses, viral vaccines, and gene therapies. Vibalogics is an Ampersand Capital Partners portfolio company and will continue operating while leveraging Recipharm’s broader CDMO network and capabilities.

Recipharm announced the acquisition of Arranta Bio, an advanced therapy medicinal products (ATMP) contract development and manufacturing organization (CDMO), to expand Recipharm’s biologics offering and strengthen its presence in the United States. Arranta Bio, previously led by Mark Bamforth and backed by Ampersand Capital Partners, brings capabilities in microbiome therapeutics manufacturing and end-to-end mRNA drug substance and drug product services. The transaction is expected to close around the end of March 2022, subject to customary regulatory filings.

An investment consortium led by Signet Healthcare Partners, Bionpharma, Inc., and GMS Capital Partners formed Pharma Nobis, LLC to acquire Fagron’s US contract manufacturing business, including its manufacturing facility in Texarkana, Texas. The acquired unit provides contract manufacturing and private label services for consumer healthcare companies and retailers in the United States. Fagron retained a 20% equity interest in Pharma Nobis, and Todd Daviau was appointed CEO concurrent with the transaction.

APNAR Pharma LP, headquartered in Chino, California, acquired Aurex Laboratories of East Windsor, New Jersey for an undisclosed amount. The deal adds a state-of-the-art US FDA-approved finished dosage facility and expands APNAR’s manufacturing capabilities, scale, and global footprint in the United States and India.

UCB entered into a definitive agreement to acquire Zogenix, Inc. via a tender offer for all outstanding shares. The consideration is US$26.00 per share in cash plus a milestone-based contingent value right (CVR) of up to US$2.00 per share tied to potential EU approval of FINTEPLA for Lennox-Gastaut syndrome, valuing the deal at up to approximately US$1.9 billion (€1.7 billion).

Amneal Pharmaceuticals entered into a definitive agreement to acquire Saol Therapeutics' Baclofen franchise, including Lioresal, LYVISPAH, and a pipeline product under development. The deal expands Amneal’s institutional and specialty neurology portfolio and adds Saol’s experienced institutional commercial team, with approximately $83.5 million in cash due at close plus low double-digit royalties on certain products.

Alora Pharmaceuticals' wholly owned subsidiary, Sovereign Pharmaceuticals, acquired substantially all of Monarch PCM, LLC’s manufacturing capabilities in Fort Worth, Texas through bankruptcy proceedings. The deal included Monarch’s on-site equipment and an assignment of the leased manufacturing space, enabling Sovereign to expand production capacity and footprint after renovations.

Dipharma Inc., a subsidiary of Dipharma Group, merged Kalexsyn, Inc. into Dipharma Inc., effective January 1, 2022. Kalexsyn had been acquired by Dipharma in 2018, and the merger represents the final legal step in integrating Kalexsyn’s CRO capabilities into Dipharma’s global CDMO operations in the United States.

Novo Holdings A/S agreed to acquire The Ritedose Corporation, a sterile pharmaceutical manufacturer specializing in blow-fill-seal (BFS) technology, from AGIC Capital and Humanwell. Ritedose, headquartered in Columbia, South Carolina, provides outsourced development and manufacturing for ophthalmology and respiratory drugs and vaccines, and also markets a portfolio of generic drugs. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022.

H.I.G. Capital, through an affiliate, made a strategic equity investment in Rising Pharma Holdings and Casper Pharma (collectively Rising Pharmaceuticals). Rising Pharmaceuticals develops and markets generic and specialty-branded pharmaceutical products in the United States and is based in New Brunswick, New Jersey.

Adare Pharma Solutions, a contract development and manufacturing organization (CDMO), acquired Frontida BioPharm, a vertically integrated CDMO focused on oral formulations. The deal expands Adare’s capabilities (including high-potency compound handling and packaging) and increases its global manufacturing footprint to seven sites. Adare is backed by Thomas H. Lee Partners and Frazier Healthcare Partners, with RBC Capital Markets serving as Adare’s exclusive financial advisor.

Pharmacosmos Group (via Pharmacosmos A/S and a US subsidiary) announced the acquisition of Boston-based, clinical-stage AbFero Pharmaceuticals, Inc. Under a share purchase agreement, Pharmacosmos will acquire all AbFero assets for total consideration of up to $225 million, including upfront payments, regulatory and commercial milestones, and royalties. The deal adds AbFero’s iron chelation platform and lead compound SP-420 targeting transfusional iron overload and other iron-mediated conditions.

Welsh, Carson, Anderson & Stowe (WCAS) acquired a majority ownership stake in Leiters, an FDA-registered 503B outsourced pharmaceutical compounding provider headquartered in Denver. The investment was made alongside health system investors Intermountain Ventures, Novant Health, Rex Health Ventures, Spectrum Health Ventures and UNC Health, while existing investors including Kaiser Permanente Ventures, Mayo Clinic, Frazier Healthcare Partners, SV Health Investors and H.I.G. BioHealth Partners reinvested as part of the transaction.

PCI Pharma Services signed and subsequently closed a definitive agreement to acquire Lyophilization Services of New England, Inc. (LSNE), a sterile fill-finish and lyophilization-focused CDMO headquartered in Bedford, New Hampshire. LSNE was acquired from private equity firm Permira, adding FDA-approved facilities in the U.S. and Europe and expanding PCI’s end-to-end drug product development, manufacturing, and packaging capabilities for injectable and biologic therapies.

Element Materials Technology has acquired Nanosyn, a contract development and manufacturing organization (CDMO) focused on pharmaceuticals, to strengthen Element’s pharmaceutical and biopharmaceutical offering in North America. Nanosyn provides drug discovery and small-batch manufacturing of active pharmaceutical ingredients across three San Francisco Bay Area facilities.

Supernus Pharmaceuticals, Inc. entered into a definitive agreement to acquire Adamas Pharmaceuticals, Inc. via a tender offer. The deal values Adamas at approximately $400 million upfront (up to ~$450 million including contingent value rights) and adds the marketed CNS products GOCOVRI and Osmolex ER to Supernus’ portfolio.

Particle Dynamics was sold by Edgewater Capital Partners to a new ownership group led by BroadOak Capital Partners, alongside Research Corporation Technologies (RCT) and Farragut Capital Partners. The company provides particle processing, delivery technologies, and finished dose manufacturing services for pharmaceutical, OTC, and nutraceutical customers. First Merchants Bank provided senior debt financing for the acquisition.

Linden Capital Partners invested in Formulated Solutions, LLC alongside existing shareholders including the founding Dann Family and HealthEdge Investment Partners. Formulated Solutions, headquartered in Largo, Florida, is a contract development and manufacturing organization (CDMO) providing development and manufacturing services for OTC and prescription healthcare products, specializing in complex topical and nasal formulations.

Hikma Pharmaceuticals PLC agreed to acquire Custopharm Inc., a US-based generic sterile injectables developer and marketer, from Water Street Healthcare Partners. Hikma will pay $375 million upfront (cash-free, debt-free) plus up to $50 million in contingent milestone consideration, adding Custopharm’s 13 FDA-approved products and R&D pipeline to strengthen Hikma’s US injectables portfolio and R&D capabilities.

Azurity Pharmaceuticals entered into a definitive agreement to acquire Arbor Pharmaceuticals from existing investors including JW Asset Management and KKR, with backing from Azurity’s majority owner NovaQuest Private Equity. After closing (subject to regulatory approvals), Azurity and Arbor will merge and operate under the Azurity name; financial terms were not disclosed.

Osmotica Pharmaceuticals plc closed the sale of its legacy business to Alora Pharmaceuticals, LLC, including certain U.S. subsidiaries (Osmotica Pharmaceutical US LLC, Vertical Pharmaceuticals, LLC, and Trigen Laboratories, LLC) and its Marietta, Georgia manufacturing facility. The transaction closed effective August 27, 2021 for approximately $111 million in closing proceeds (subject to customary adjustments), and Osmotica plans to use the proceeds to retire a substantial portion of its outstanding debt.

Recro Pharma, Inc. acquired 100% of the equity interests of IRISYS, a San Diego-based contract development and manufacturing organization (CDMO), for approximately $49.85 million. The consideration comprised cash at closing, shares of Recro common stock to be issued in six months, and a $6.1 million seller promissory note. The deal expands Recro into a bi-coastal, full-service CDMO with added capabilities including aseptic fill/finish and lyophilization.

Thompson Street Capital Partners (TSCP) has completed the sale of Vetio Animal Health, an animal health-focused contract development and manufacturing organization (CDMO), to Swedencare AB. Vetio provides complex drug product formulation and manufacturing for veterinary pharmaceuticals, supplements, and dermatology products across North America.

Aztiq Pharma Partners completed a US$100 million financing to purchase newly issued equity in Alvogen US, resulting in a 17% stake at a reported pre-money valuation of US$350 million. The investment is intended to support Alvogen US’s R&D and expand sales and marketing capabilities, including its branded division Almatica Pharma. Prior to the share issue, Alvogen US was wholly owned by Alvogen Lux Holdings; after the transaction Aztiq reports an approximately 40% combined direct and indirect stake in Alvogen US.

Aceto acquired Cascade Chemistry, a Eugene, Oregon-based contract development and manufacturing organization focused on active pharmaceutical ingredients (APIs), regulatory starting materials, and advanced intermediates. The acquisition expands Aceto’s U.S. cGMP custom manufacturing footprint and enhances support for customers across drug development and clinical trial supply. Financial terms were not disclosed.

CoreRx, Inc. acquired Nucleo Life Sciences, a boutique contract development and manufacturing organization (CDMO) based in San Rafael, California. The deal expands CoreRx’s formulation and Fast-to-Clinic development capabilities and establishes a stronger US West Coast presence alongside its Clearwater, Florida operations. Majority owner NovaQuest Private Equity (now QHP Capital) and other shareholders supported CoreRx in completing the acquisition.

Pfizer Inc. acquired Amplyx Pharmaceuticals, Inc., a privately held biopharmaceutical company focused on therapies for immunocompromised patients. The deal adds Amplyx’s Phase 2 antifungal candidate Fosmanogepix (APX001) and other early-stage anti-infective pipeline assets to Pfizer’s portfolio; financial terms were not disclosed.

NewSpring Capital (via its NewSpring Mezzanine strategy), Tecum Capital, Leedon Park Capital, and PNC Bank made a strategic growth investment in Spirit Pharmaceuticals LLC in partnership with management. Spirit Pharmaceuticals is a family-owned developer, packager, and distributor of private-label over-the-counter pharmaceutical products for large retailers and other channels. Financial terms were not disclosed.

Aceto announced the acquisition of A&C, a global GMP manufacturer of specialty excipients, buffers, and process solutions serving the cell culture, vaccine, and biopharmaceutical markets. The deal expands Aceto’s self-manufacturing, packaging, and ingredients capabilities and strengthens its North American footprint. Financial terms were not disclosed.

Signet Healthcare Partners made a growth equity investment in Ascendia Pharmaceuticals, a specialty pharmaceutical contract development and manufacturing organization (CDMO). The funding will support Ascendia’s facility expansion and increased manufacturing capacity to meet rising demand for formulation development and clinical/marketed drug product manufacturing.

Funds managed by SK Capital Partners LP completed the acquisition of Catalent Pharma Solutions' Blow-Fill-Seal (BFS) sterile contract development and manufacturing (CDMO) business. The acquired business was renamed Woodstock Sterile Solutions and operates from a single site in Woodstock, Illinois, serving clinical-to-commercial sterile formulation and manufacturing customers.

ANI Pharmaceuticals, Inc. signed and later completed the acquisition of Novitium Pharma, a privately held New Jersey-based pharmaceutical company with development, manufacturing, and commercialization capabilities. The purchase price was $163.5 million, consisting of $89.5 million in cash and $74 million in ANI equity, plus up to $46.5 million in potential future earn-outs. The transaction was financed with new senior credit facilities (including a $300 million Term Loan B and $40 million revolver) and a $25 million PIPE investment from Ampersand Capital Partners, and closed after receiving shareholder and regulatory approvals (including FTC consent-related divestitures deemed immaterial).

Pine Tree Equity IV, LP recapitalized Madame Rx, LLC d/b/a Chemistry Rx in March 2021. Chemistry Rx, founded in 2013 and headquartered in Folcroft, Pennsylvania, provides pharmacy compounding services focused on rare, pediatric dermatological and metabolic medications. Pine Tree Equity partnered with the company’s founder and management team to support geographic expansion and future add-on acquisitions.

Altaris Capital Partners agreed to acquire and later completed the acquisition of Perrigo Company plc’s generic prescription pharmaceuticals (Rx) business for approximately $1.55 billion. The carved-out business, now operating as Padagis LLC, employs more than 1,300 people across locations in the United States and Israel and focuses on generic prescription products, including extended topical dosage forms. Following closing, the business is headquartered in the United States.

PMC Group International, Inc. acquired Cobra Investments Management Inc. and its two subsidiaries, Copperhead Chemical Company Inc. and Copperhead Investments Inc., from a group of the entities’ previous owners, effective February 5, 2021. Copperhead operates a large manufacturing site in Tamaqua, Pennsylvania and produces FDA-approved nitroglycerin-based cardiac therapies as well as energetic chemicals for defense and specialty preservatives/antimicrobials.

The Vistria Group and Excellere Partners entered into a definitive membership interest purchase agreement to acquire SCA Pharmaceuticals, LLC (SCA Pharma), purchasing all issued and outstanding equity interests. SCA Pharma is an FDA-registered 503B outsourcing facility providing compounded sterile pharmaceutical products to hospitals and health systems across the United States. Enhanced Healthcare Partners exited its prior ownership stake in SCA Pharma through the sale; terms were not disclosed.

NovaQuest Private Equity acquired CoreRx, a Clearwater, Florida-based contract development and manufacturing organization (CDMO) serving small to mid-sized pharmaceutical and biotech clients. Affiliates of existing investor Signet Healthcare Partners will retain a minority stake, and Goldman Sachs Specialty Lending Group provided debt financing; financial terms were not disclosed.

Pace Analytical Life Sciences, LLC, a subsidiary of Pace Analytical Services, LLC, announced it has acquired Bio-Concept Laboratories, Inc. Bio-Concept is a pharmaceutical CDMO focused on formulation development and fill-finish manufacturing of sterile aqueous products, expanding Pace’s sterile clinical-trial materials capabilities and New England presence.