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BOSTON & CAMBRIDGE, MA–(BUSINESS WIRE)– Corium, LLC (“Corium”), a commercial-stage biopharmaceutical company leading the development and commercialization of new neuroscience therapies; and Garnet Point Capital (“Gurnet Point”), a private investment firm focused on the healthcare and life sciences sector, today announced the acquisition of a manufacturing business and a announced a $100 million equity investment. A company focused on applying the expertise of the healthcare services sector to drive sustainability and long-term value. A manufacturing business named Corium Pharma Solutions, Inc. (“Corium Pharma Solutions”) was traded by Webster in his over $400 million investment.
With these transactions, Corium will establish Corium Pharma Solutions, a contract development and manufacturing organization (“CDMO”), and a neuroscience therapeutics commercialization company to optimally position each business for future growth. announced that it had split into two companies, Corium. Gurnet Point and Webster will jointly own his CDMO and each will place representatives from both companies on the board.
Over the past two years, Corium has achieved significant growth milestones, including obtaining U.S. Food and Drug Administration (“FDA”) approval and commercial launch of lead drugs AZSTARYS® and ADLARITY® . In addition, Corium continues to strengthen its CDMO business, including validating his proprietary CORPLEX™ technology for use in pharmaceuticals through ADLARITY® approval. The investment from Webster confirms his Corium’s historic success, particularly in the development and manufacture of transdermal products, and recent momentum in the commercialization of neuroscience therapeutics.
The separation of Corium’s two businesses will allow each business to focus on growth with its own specialties. Corium Pharma Solutions will continue to focus on expanding its CDMO pharmaceutical and consumer product capabilities while continuing its current partnership and the manufacturing and supply of his ADLARITY®. Corium will continue to focus on commercializing his AZSTARYS® and his ADLARITY® in the US and expanding its presence in the neuroscience market.
Corium President and CEO Perry Sternberg said: “Our partnership with Garnet Point has been integral to our growth and development and we are pleased to partner with Webster and Garnet Point to continue our strong momentum. We recognize the unique potential of , and this news is a testament to our achievements and future potential.”
Garnet Point Capital Partner Travis Wilson said: We look forward to partnering with Webster for the next chapter of growth, and the combined expertise and resources that support Corium’s outstanding team will allow both his Corium businesses to leverage their history of success. I’m sure it will be ”
Webster Managing Director Deepak Kulkarni said: “For Webster, joining this partnership is an opportunity to bring additional resources and industry expertise to the table to help take Corium’s business to the next level in both markets.”
SVB Securities acted as financial advisor to Corium on this transaction.
About the dermis
Corium, LLC is a commercial-stage biopharmaceutical company that leads the development and commercialization of neuroscience therapies that provide clinicians with important new treatment options for patients, their families and their caregivers. Corium commercializes two of his FDA-approved products in the US, AZSTARYS® and ADLARITY®. For more information, please visit http://www.corium.com.
About Garnet Point Capital
Gurnet Point Capital is a leading healthcare fund that invests in risk-free life sciences companies. Gurnet Point is primarily focused on businesses with high growth potential that are in the late stages of product development and the commercialization stage of evolution. These companies partner not only because of their ability to create economic value, but also because of their potential for social impact. Gurnet Point’s team of experienced industry executives works closely with portfolio companies to drive operational transformation and exceptional returns with a proactive approach. www.gurnetpointcapital.com
About Webster Equity Partners
Founded in 2003, Webster is a private equity firm focused on high-impact growth strategies aimed at delivering optimal results for our investors, portfolio companies and the communities we serve. Our mission is to deliver superior returns to our partners through the investment and development of purpose-driven, patient-centric healthcare organizations dedicated to providing patients with best-in-class clinical care and services.
View source version at businesswire.com: https://www.businesswire.com/news/home/20221019006182/en/
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