NewSpring Capital, a family of private equity funds providing capital to companies primarily in the Mid-Atlantic region, has announced the recruitment of Bruce L.
NewSpring Capital, a family of private equity funds providing capital to companies primarily in the Mid-Atlantic region, has announced the recruitment of Bruce L. Downey, former chairman and chief executive officer of Barr Pharmaceuticals.
Downey (pictured) will become a partner in NewSpring’s second dedicated healthcare fund, NewSpring Health Capital II, managed by Brian G. Murphy and Zev S. Scherl.
NSH II focuses on a diversified blend of growth and expansion investments in the healthcare services, life sciences and medical device sectors. NSH II conducted its first close in January 2008 and is currently investing.
Downey joined Barr in 1993 as president and was elected chairman and chief executive officer in 1994. Under Downey’s leadership, Barr’s annual revenues increased from USD60m to over USD2.5bn in
‘We are extremely excited to have Bruce join the NewSpring team,’ says Murphy. ‘Few people have established as impressive a track record of leadership and results in the pharmaceutical industry over the last 15 years. Under Bruce’s direction, Barr became a global industry leader in the generic pharmaceutical arena and a significant force in the proprietary women’s healthcare business. Along the way, Bruce has also become a leading advocate and developer of generic biologic products and policies.’
Downey says: ‘I have known and worked with the NewSpring team for over five years, through Barr’s investment interest in NewSpring’s healthcare funds and as a member of NewSpring Capital’s Advisory Committee. I respect their ability to create strong returns for their investors and look forward to working more closely with the team as we continue to deploy the NSH II fund and expand the portfolio of investments.’
