Sagent Pharmaceuticals Inc. Completes $53 Million Series A Financing
SCHAUMBURG, Ill., September 27, 2007 -- Sagent Pharmaceuticals, Inc., a privately-held specialty pharmaceutical company today announced the closing of a $53 million Series A financing led by Vivo Ventures. Proceeds from the financing will be used primarily to fund near-term product launches, product development activities and strategic business initiatives, including numerous development, sales and marketing, manufacturing and distribution partnerships.
"We appreciate Vivo Ventures' continued commitment to Sagent's long-term growth," said Jeffrey M. Yordon, CEO, founder and chairman of the board of Sagent Pharmaceuticals. "This venture funding enables us to quickly advance many of our recent development efforts into near-term commercialization while accelerating development of our extensive pipeline. We are confident that our strong financial position and experienced management team, combined with the extensive experience and capabilities of our business partners, positions us to achieve rapid success in our target specialty product market."
About Sagent Pharmaceuticals, Inc.
Sagent Pharmaceuticals, founded in 2006, is a privately held specialty pharmaceutical company focused on developing, manufacturing, sourcing and marketing pharmaceutical products, with a specific focus on injectable products. Sagent has created a unique, global network of resources, comprised of rapid development capabilities, sophisticated manufacturing and innovative drug-delivery technologies, quickly yielding an extensive portfolio of pharmaceutical products that fulfills the evolving needs of patients. Sagent currently has more than 200 products in development.
For more information about the company and its products, please visit www.sagentpharma.com.
About Vivo Ventures
Vivo Ventures is a life-sciences focused venture capital firm with more than $650 million under management. Vivo Ventures is currently making investments from its sixth fund of $275 million into promising biotechnology and life science companies.
With more than 90 years of scientific and operational expertise in biotechnology, Vivo helps its portfolio companies develop corporate strategy, arrange licensing agreements and strategic alliances, recruit key management personnel and acquire new products and technology to accelerate growth. Its current portfolio includes more than 60 private and public biotechnology companies in the areas of biopharmaceuticals, specialty pharmaceuticals and medical devices.