RoundTable Healthcare Partners
("RoundTable"), an operating-oriented private equity firm focused exclusively
on the healthcare industry, announced today that it has entered into a
definitive agreement to sell Tower Holdings, Inc. ("Tower"), including
operating subsidiaries CorePharma LLC ("CorePharma") and Amedra
Pharmaceuticals LLC ("Amedra") and Lineage Therapeutics Inc. ("Lineage")
(together, the "Companies") to Impax Laboratories Inc. ("Impax"), a leading,
technology-based specialty pharmaceutical company, for $700 million in cash.
The closing is conditional on regulatory approval and other customary closing
conditions.
CorePharma, based in Middlesex, NJ, along with its affiliated companies,
Amedra and Lineage, based in Horsham, PA, is a fully integrated pharmaceutical
company focused on the development, manufacture and commercialization of
complex branded and generic pharmaceutical products with high barriers to
entry. The Companies specialize in high value generic formulations including
extended-release, delayed-release and DEA controlled substances and the
marketing of niche brands including Albenza®, Dexedrine®, Daraprim®,
Adrenaclick® epinephrine autoinjector and its authorized generic. RoundTable
acquired a majority interest in CorePharma in August 2005.
"Tower's management team, led by Chief Executive Officer, Christopher J.
Worrell, did a tremendous job of growing the company's revenue and
profitability and expanding its product portfolio, while simultaneously
solidifying its manufacturing, quality and regulatory operations," said Jack
McGinley, a Founding Partner of RoundTable and Chairman of the Boards of Tower
and Lineage. "We believe that Impax will be an excellent strategic partner to
help the Companies achieve their next phase of growth."
Christopher Worrell added, "RoundTable has been an exceptional partner for
Tower and Lineage. They have supported strategic investments across all
aspects of our operations and provided significant capital and transaction
assistance for strategic acquisitions and product pipeline development."
The sale of Tower and Lineage marks the fifth portfolio realization for
RoundTable's $500 million equity Fund II, which closed in March 2005. Credit
Suisse Securities (USA) LLC acted as exclusive financial advisor to Tower
Holdings, Inc. and Lineage Therapeutics Inc., and Sidley Austin LLP acted as
exclusive legal advisor to RoundTable in this transaction.
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