PreCision Dermatology Acquires Assets of Triax Pharmaceuticals
Significantly Expands Market Position in Professional Dermatology
NEW YORK, NY (April 30, 2012) – PreCision Dermatology, Inc. today announced the acquisition of the assets of Triax Pharmaceuticals LLC. Triax markets a range of branded prescription dermatology products, including a leading mid-potency topical steroid, Locoid®, and the acne treatments Minocin® and Tretin X™.
Triax Pharmaceuticals’ products will join the portfolio currently marketed by Onset Dermatologics, the prescription dermatology subsidiary of PreCision Dermatology. Onset Dermatologics offers an array of innovative products which provide therapeutic solutions to a variety of dermatological conditions such as atopic dermatitis, acne and rosacea. With the acquisition of Locoid®, which is widely prescribed in the dermatology community, the Company will solidify its position as the leader in the mid-potency topical steroid market.
PreCision Dermatology is led by Jeffrey Nugent, the former President and CEO of Neutrogena and former President and CEO of Revlon. Mr. Nugent also spent over 20 years in senior leadership roles within Johnson and Johnson in R&D, Marketing and General Management.
“We are extremely pleased to add these brands to the Onset Dermatologics’ portfolio. The combination of these product groups is an excellent fit that enhances our focus in the atopic dermatitis and acne therapeutic categories,” said Mr. Nugent. “Our Onset sales and marketing team is among the best in dermatology and I’m confident that these products will continue to gain the trust of physicians across the country.”
A group of investors led by Essex Woodlands, MidCap Financial and new investor, NovaQuest Capital Management supported the acquisition. The syndicate also included existing investors Frazier Healthcare and Boston Millennia Partners. Concurrent with the financing, William Robb, Partner at NovaQuest will join the PreCision Dermatology Board of Directors. “We have been impressed with PreCision’s ability to build a broad dermatology portfolio in a short period of time and are pleased to have led the debt financing supporting the acquisition,” commented Chris York, Co-Head of Life Sciences at MidCap Financial.
“This acquisition allows PreCision Dermatology to significantly expand within the prescription dermatology space and further underscores its commitment to innovative therapeutic and cosmetic skin care solutions,” said Immanuel Thangaraj of Essex Woodlands, a premier healthcare growth equity and venture capital firm.
About PreCision Dermatology, Inc:
Headquartered in New York and Cumberland, Rhode Island, PreCision Dermatology is a fully-integrated dermatology company with a mission to deliver innovative therapies to doctors and patients that demonstrably improve the care of skin. PreCision Dermatology is expanding rapidly through internally generated innovation, acquisitions, in-licensing, and co-marketing opportunities. For additional information, please visit www.precisionderm.com
About MidCap Financial:
MidCap Financial is a commercial finance company focused on middle market lending across the healthcare sector. MidCap specializes in $5 million to $200 million loans and since launching in 2008 has deployed over $1 billion in capital. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles. For more information, please visit www.midcapfinancial.com
About Essex Woodlands:
With $2.5 billion under management, Essex Woodlands is one of the largest and oldest venture capital and growth equity firms pursuing investments in pharmaceuticals, biotechnology, medical devices, healthcare services, and health information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing, and/or the management of over 100 healthcare companies ranging across all sectors, stages and geography. The team is comprised of 25 senior investment professionals with offices in Palo Alto, Houston, New York and London. For more information please see www.ewhv.com.
About NovaQuest Capital Management:
NovaQuest Capital (NovaQuest) manages alternative investments in the global biopharmaceutical sector, where its principal focus is investing in late-stage clinical assets and commercial phase biopharmaceutical products. Over the past decade, the NovaQuest teams’ investments have provided companies with alternatives to standard biopharmaceutical industry development and commercial deal-making. The team has invested over $900 million into the global biopharmaceutical industry’s most strategic assets. For more information please visit www.nqcapital.com.