With new $100M investment, a biotech with two approved drugs spins out its manufacturing business
21 Oct 2022
AcquisitionCollaborate
A biotech has decided to break off a part of its business in a new deal.
The Massachusetts-based biotech Corium, which is centered around developing neuroscience therapies, has siphoned off its manufacturing business to Gurnet Point Capital. The biotech also received a $100 million investment from Webster Equity Partners, a healthcare-centered private equity firm.
The manufacturing business, now christened Corium Pharma Solutions is valued at $400 million with the investment from Webster, according to a release from the company. Corium Pharma Solutions becomes a CDMO, and the original firm remains a neuroscience biotech to commercialize products.
“Our partnership with Gurnet Point has been essential to our growth and development, and we are pleased to partner now with Webster and Gurnet Point and continue building on our strong momentum. Gurnet Point and Webster recognize the unique potential of each business in their respective markets, and this news is a testament to our achievements and to our future potential,” said Perry Sternberg, Corium’s CEO, in a
statement
.
Corium has had more than a few wins in the past several years with the company getting two approvals for its drugs from the FDA. The biotech had its drug Azstarys approved in March 2021 to treat patients with ADHD, and this year its other treatment Adlarity was approved to treat dementia.
While the new CDMO will be focusing on expanding its “drug and consumer product capabilities,” it will also produce Adlarity. However, the details of its manufacturing operations and any future partnerships or deals have not been disclosed.
Endpoints News
has reached out to Corium and will update the story accordingly.
Corium has not been the only company to engage in such maneuvers, spinning off a piece of its manufacturing operations. Labcorp announced earlier this year that is selling most of its CRO business, eight years after its $6 billion Covance acquisition.
And major companies such as
Schott
and
3M
also announced that they will take their healthcare manufacturing operations and spin them out into separate companies.
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