Thomas H. Lee Partners and Frazier Healthcare Partners have acquired Adare Pharmaceuticals, which will be rebranded Adare Pharma Solutions, a specialty contract development and manufacturing organization (CDMO) and global provider of advanced pharmaceutical technologies, from TPG Capital. The acquisition includes Adare’s CDMO, pharmaceutical technology and microbiome businesses, while TPG Capital will retain rights to Adare’s Eosinophilic Esophagitis (EoE) product, which has been spun out into a separate entity.
The partnership with THL and Frazier will help accelerate the momentum Adare has achieved in helping pharma companies develop and manufacture transformative medicines that improve patient health and outcomes. As part of an acceleration of these efforts, the rebrand to Adare Pharma Solutions will reinforce the Company’s ability to provide end-to-end CDMO capabilities and proprietary technologies, and its commitment to providing first class customer service.
“Adare has a track record of leveraging its technologies to develop and manufacture value-add products for partners and patients,” said John Fraher, CEO of Adare. “Oral solid drug delivery is the largest drug class, and this new relationship with THL and Frazier will enable us to invest in and further grow our global capabilities as a specialty CDMO in the pharmaceutical and microbiome technology areas that have driven our growth to date. As we look to the next chapter, we want to thank TPG for their great partnership and support over the past decade of working together.”
Adare uses a number of proprietary technologies in its CDMO business to enable customers’ success, including Microcaps® for taste-masking via a solvent or aqueous-based coacervation process; Diffucaps® that incorporate release-controlling polymers or protective coatings onto drug-layered cores, granules, or crystals; MMTS™ Multi Mini Tablet System in which functional membranes are applied to 1.0-2.0 mm cylindrical tablets to control release rates; and the Optimμm®, Stratμm®, and Unisun® microsphere and microcapsules, which allow unprecedented control in release rate and expanded liquid, injectable, and otic delivery forms as well as microbiome thermal inactivation technology to deliver pharmabiotic microbiome needs.
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“We continue to believe in the trends supporting pharmaceutical outsourced services growth and are thrilled to have the opportunity to invest in Adare – a proven leader in developing and manufacturing transformative medicines for companies around the world,” said Joshua Nelson and Megan Preiner, Managing Directors at THL. “We look forward to utilizing our deep healthcare experience and expertise to help Adare build on its track record of developing and manufacturing leading products and technologies that will support their customers, while continuing to pursue new opportunities, including potential acquisitions, to help them achieve their long-term plans for growth.”
“We at Frazier have evaluated a number of potential CDMO investments and are particularly excited to have the opportunity to invest in Adare, a market leader which we believe is well-positioned for expansion and continued success. We look forward to partnering with Adare in this next phase of growth.” said Nathan Every, General Partner at Frazier.
Terms of the transaction were not disclosed.