Tidewater Equity Partners, a private company investment firm with offices in Wilmington and Raleigh, NC, announces the acquisition of InfaCare Pharmaceutical Corporation by global biopharma company Mallinckrodt Pharmaceuticals (NYSE: MNK) in a deal worth a potential $425 million.
InfaCare is a Trevose, PA-based specialty pharmaceutical company focused on the development and commercialization of proprietary pharmaceuticals for the neonatal and pediatric patient population. InfaCare's lead product, Stanate® (stannsoporfin), is a first-in-class pharmacologic for neonatal jaundice, known clinically as hyperbilirubinemia.
In mid-2016 InfaCare and the U.S. Food and Drug Administration (FDA) reached agreement that a New Drug Application (NDA) could be filed for Stanate. Later in the year, the FDA also granted Stanate its Fast Track designation, a process designed to facilitate development and expedite the review of drugs to treat serious conditions and fill an unmet medical need. FDA approval for Stanate is anticipated in the first half of 2018.
“We are excited about InfaCare being our first exit,” said W. Merrette Moore, Founder and Managing Partner of Tidewater Equity Partners, “We are happy for our investors and are grateful for their participation in the investment.”
Under the terms of the deal, Mallinckrodt will pay $80 million upfront and up to $345 million in milestones for InfaCare. Additional terms have not been publicly disclosed. The transaction should close later this year.
Tidewater’s initial involvement with InfaCare came via investment by Lookout Capital in mid- 2014. Investment in the company continued when the principles of Lookout Capital formed Tidewater Equity Partners in late-2016.
“Through our great connections in the healthcare industry, we were availed the opportunity to invest in InfaCare,” commented Merrette Moore, “This deal checked virtually all the boxes of what we look for in a later stage healthcare venture capital opportunity: an experienced management team with a track of success, a syndicate of blue chip investors, a product with a demonstrative competitive advantage, and a strong intellectual property position.”
Continued Moore, “InfaCare represents the commitment of Tidewater Equity Partners to identify, research, package and manage high-quality investment opportunities for our growing network of investors. We continue to work diligently in adding to our investment portfolio and providing value for our existing companies.”
InfaCare Pharmaceutical Corp. is a Pennsylvania-based specialty pharmaceutical company dedicated to developing and commercializing therapeutics to treat neonatal diseases. Stanate, InfaCare's lead product is a Heme Oxygenase Inhibitor designed to reduce or eliminate the morbidity and mortality outcomes that can be associated with uncontrolled hyperbilirubinemia in newborns.
For More Information on InfaCare: Please visit www.infacare.com
Contact: Merrette Moore
Phone: (919) 825-1702