A Chicago-based private equity firm is investing $200 million into a new company that will buy and develop late-stage therapeutics. GTCR Golder Rauner LLC has created Actient Pharmaceuticals and tapped a former Abbott Labs exec, Ed Fiorentino, to run the start-up. Actient will be charged with buying approved therapies as well as drugs that are nearing regulatory approval.
GTCR has a solid reputation in the biopharma industry. The equity group bought Ovation Pharmaceuticals seven years ago. Ovation sold to H. Lundbeck last week for $900 million. "We continue to be enthusiastic about investing capital in the pharmaceutical industry," Ben Daverman, vice president at GTCR, told the Chicago Tribune.
The new company will pattern itself much like Ovation, targeting specialty drugs that can be marketed with a small sales force.
- see GTCR's release
- read the report from the Chicago Tribune