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CIT Arranges $190MM Financing for Vertical/Trigen Holdings

February 12, 2016, 07:28 AM
Filed Under: Pharmaceuticals

CIT Group announced that CIT Healthcare Finance served as lead arranger for a $190 million senior secured credit facility to help finance the combination of Vertical/Trigen Holdings, LLC (Vertical/Trigen) with Osmotica Holdings Corp Limited (Osmotica), a specialty pharmaceutical company with a proprietary drug delivery system and a portfolio of branded and generic drugs with a focus in neuroscience/pain (CNS) therapeutics. Vertical/Trigen, a portfolio company of Avista Capital Partners, is a specialty pharmaceutical company that develops and distributes branded and generic prescription pharmaceuticals. The combined company will take on the Osmotica name. Senior financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

Brian Markison, Chief Executive Officer, Osmotica, said, “We are pleased to have completed this strategic combination, which brings together two highly complementary businesses with demonstrated track records of developing commercially successful pharmaceutical products. I look forward to working with the combined team to ensure that the new Osmotica builds on the strengths of both companies to deliver greater value for physicians, patients and the healthcare system overall. CIT’s healthcare finance expertise played a crucial role in helping to facilitate this transaction.”

William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “The pharmaceutical market continues to present strong investing opportunities for private equity firms such as Avista with deep sector experience. Together, the combination of Vertical/Trigen and Osmotica will create a vertically integrated specialty pharmaceuticals company with end-to-end capabilities across the pharmaceutical lifecycle, a diverse drug portfolio, a robust R&D platform, world class regulatory infrastructure, proprietary technology and proven distribution capabilities. We are pleased we could leverage our healthcare finance knowledge to help bring this transaction to completion.”

Avista Capital Partners is a leading private equity firm with over $6 billion under management and offices in New York, Houston and London. Founded in 2005, Avista makes controlling or influential minority investments in growth-oriented healthcare, communications and industrial businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses.

Osmotica Holdings Corp Limited is a global specialty pharmaceutical company with a proven history of developing commercially successful pharmaceutical products. The Company uses its proprietary osmotic technology platform and with strategic partners develops and commercializes high quality pharmaceutical products. In addition to the products currently on the market, the Company’s pipeline includes numerous ANDA programs and several innovative neurology-based NDA programs.

Vertical Pharmaceuticals, LLC was founded in 2003 with a mission to develop, market and acquire products offering therapeutic benefits for patients and healthcare providers. Vertical Pharmaceuticals supplies niche over the counter and prescription pharmaceutical preparations, specializing in women’s health and pain management. Vertical’s medications are marketed by its dedicated sales force throughout the United States.

Trigen Laboratories, LLC is a generic pharmaceutical company offering unique products across an increasing array of categories. Trigen seeks to bring value-driven generic products to its customers, working vigorously with its partners to identify and develop products which face an assortment of challenges. Additionally, Trigen identifies unique marketing opportunities and is steadfast in its pursuit to deliver products to best serve these markets.

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