Azurity Pharmaceuticals Inc. has signed an agreement for acquiring Georgia based Arbor Pharmaceuticals from its existing equity holders JW Asset Management and KKR. Upon closing the transaction between the two firms, the financial details of which are not disclosed at the moment, the acquisition will lead to a merger following a regulatory approval.
The integrated entity after merger will create a leading company providing innovative, advanced, quality products to meet the underserved needs of the patients.
Amit Patel, Chairperson and CEO of Azurity Pharmaceuticals, in a statement said, “On behalf of the Azurity and Arbor teams, I am delighted to announce this agreement and the potential it brings to our combined company… The combination of the two companies, each steeped in rich legacies, will create a one-of-a-kind company leveraging increased scale and diversification, a breadth of dosage forms, integrated capabilities, and expanded market presence to better serve our patients’ needs.”
The newly integrated firm will focus on developing high-end therapeutics for the unmet needs of patients in central nervous system, gastrointestinal, cardiovascular, endocrinological and institutional markets, under the name of the acquirer (“Azurity”).
Azurity will be counting on legacy of success of both the constituent firms by building a distinctive portfolio having more than 30 commercialized products altogether, 10 exclusively promoted and FDA approved branded product families and a potential pipeline of mid and late-stage products which are under development.
The development and commercialization of products will remain persistent, ensuring the delivery of these products to the right patients at the right time, by virtue of a wide range of healthcare professionals.
Jason Wild, Chairman of Arbor Pharmaceuticals and Chief Investment Officer of JW Asset Management, expressed his views in this way, “Today is a tremendous milestone for both Arbor and Azurity, and a strong validation of the products that they provide to patients in need.”
Both the companies are expecting the transaction to be closed by September, after the regulatory approval. Truist Securities, Inc. and JPMorgan Chase Bank, N.A., are acting as sources of funding for Azurity’s transaction, whereas, Smith Anderson served as legal advisor to the newly integrated firm.