Pharmaceutics International has signed a deal worth nearly $100 million with a series of investors to bolster its manufacturing and formulation work.
The Hunt Valley, MD-based CDMO said the deal has been signed by a consortium of investors, led by Signet Healthcare Partners, and included Athyrium Capital Management, Hildred Capital Partners and Pharmascience.
These companies have together stumped up $93 million in exchange for an equity stake in the company and debt refinancing.
In a statement the company said the cash boost would go toward “making significant capital expenditures in the company’s formulation capabilities and commercial manufacturing operations.” It is also earmarking some of the funds to help build up its pipeline of generic products.
There is also some movement at the exec level with veteran pharma leader Michael Bogda, most recently president of Lannett Company, coming on board as its president and COO.
“This investment and partnering with experienced life sciences investors will allow us to better serve our clients and marketing partners and to build a bigger pipeline of products,” said Dr. Syed Abidi chairman and CEO of the firm.
“And we are excited to be adding an executive of Michael Bogda's caliber as a senior executive of the company. He has a tremendous track record in the industry, and I look forward to working with him as the company embarks on its next growth phase.”