CDMO Pharmaceutics International gains $93M investment, new president

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. 

Virtual Roundtable

ESMO Post Show: Highlights From the Virtual Conference

Cancer experts and pharma execs will break down the headline-making data from ESMO, sharing their insights and analysis around the conference’s most closely watched studies. This discussion will examine how groundbreaking research unveiled over the weekend will change clinical practice and prime drugs for key new indications, and panelists will fill you in on the need-to-know takeaways from oncology’s hottest fields.

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.”


Suggested Articles

Clinical trial firm Phesi’s new report is some grim reading for the life science industry: Studies for new drugs are still suffering.

Tempus fugit: And time especially flies when it comes clinical trials. Covance is teaming up with the suitably named Tempus to clip its wings.

PPD has raised its quarterly guidance after weathering the COVID-19 storm and is immediately making a secondary offering of 38 million shares.