NovaQuest Private Equity acquires CoreRx
NovaQuest Private Equity (NovaQuest) has acquired CoreRx, a global contract development and manufacturing organisation (CDMO).
Based in Clearwater, Florida, CoreRx provides clinical and commercial CDMO services to a wide range of small to mid-sized pharmaceutical and biotech clients. Founded in 2006, the Company offers pre-formulation, formulation, analytical and stability, clinical manufacturing, commercial manufacturing, and packaging services. The Company’s deep development expertise allows it to solve complex formulation challenges. Its small-batch manufacturing capabilities, coupled with a responsive customer mindset, allow CoreRx to be a nimble, hands-on partner for its valued customers.
“This transaction is an endorsement of CoreRx’s success to date and its potential for future growth with NovaQuest, a firm with deep healthcare and life sciences expertise and a long history of partnering with market-leading businesses to take them to the next level,” says Todd R Daviau, President and CEO of CoreRx. “NovaQuest’s expertise in pharmaceutical services and enabling technologies will be invaluable as we look to further grow and enhance the value of our business in partnership with our customers.”
“Todd and his management team have done an excellent job building CoreRx from the ground up, growing from a small development organisation into a high-quality, end-to-end CDMO with proven commercial capabilities,” says Ashton Poole and Jeff Edwards, Partners at NovaQuest. “We look forward to supporting the CoreRx team as they continue to build out their capabilities and provide best-in-class service to the pharmaceutical industry.”
Affiliates of Signet Healthcare Partners, an investor in CoreRx since 2015, will retain a minority position.
Goldman Sachs Specialty Lending Group provided debt financing for the transaction. William Blair & Company served as exclusive financial advisor to CoreRx. Sheppard Mullin and Johnson Pope served as legal advisors to CoreRx, and Smith Anderson served as legal advisor to NovaQuest. Deal terms were not announced.