Chicago-based private equity firm GTCR has established a partnership with Ed Fiorentino to form Actient Pharmaceuticals, headquartered in Deerfield, Illinois, which will focus on acquir
Chicago-based private equity firm GTCR has established a partnership with Ed Fiorentino to form Actient Pharmaceuticals, headquartered in Deerfield, Illinois, which will focus on acquiring and operating specialty pharmaceutical companies and products.
Target opportunities include products which are already approved or currently marketed, as well as late-stage development drugs. GTCR plans to invest up to USD200m of equity capital to support management’s strategy.
Fiorentino (pictured), who will become chief executive of Actient, is a former corporate officer and 22-year veteran of Abbott Laboratories. His senior-level management experience at Abbott includes corporate vice president of pharmaceutical commercial operations where he was responsible for all US sales, marketing and new product planning.
He was also a senior vice-president and president of Abbott Diabetes Care, leading Abbott’s global device business in this area, and most recently was executive vice-president of TAP Pharmaceutical, an Abbott joint venture with Takeda Pharmaceutical.
‘We are excited to partner with Ed to build an industry-leading specialty pharmaceutical company focused on delivering clinically meaningful products to patients,’ says GTCR principal Dean Mihas. ‘We believe Ed’s combination of industry expertise and operational experience makes him an ideal partner as GTCR commits to another platform in the specialty pharmaceutical industry.’
‘I am thrilled about the opportunity to build a significant global specialty pharmaceutical company,’ says Fiorentino. ‘GTCR has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions. GTCR’s very successful track record with companies like Ovation Pharmaceuticals and Graceway Pharmaceuticals make them an ideal partner with whom to form Actient.’
GTCR’s investment in Actient will be made from GTCR Fund IX LP, a private equity fund with USD2.75bn of committed capital.
