CIT Serves as Lead Arranger in $190 Million Financing of Vertical/Trigen Holdings’ Combination with Osmotica
February 11 2016 - 8:30AM
Business Wire
- Vertical/Trigen Is a Specialty
Pharmaceutical Company and a Portfolio Company of Avista Capital
Partners, a Leading Private Equity Firm
- Osmotica Is a Specialty Pharmaceutical
Company with a Proprietary Drug Delivery System
- Combination Will Create a Vertically
Integrated Specialty Pharmaceutical Company with Capabilities
Across the Pharmaceutical Lifecycle
- Combined Company Will Take on the
Osmotica Name
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today 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.”
Sriram Venkataraman, Partner, Avista Capital Partners, said,
“Avista valued CIT’s experience in the healthcare and
pharmaceutical sectors as we worked to complete this transaction.
We look forward to working with CIT again in the future.”
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.”
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About Avista Capital Partners
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. avistacap.com
About Osmotica
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.
Osmotica Holdings Corp Limited and its related companies form an
international group of companies with principal operations located
in the United States, Argentina and Hungary. osmotica.com
About Vertical/Trigen
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.
verticalpharma.com
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. trigenlab.com
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across a wide variety of
industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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