GTCR has sold its portfolio company Actient Holdings to Auxilium Pharmaceuticals, a specialty biopharmaceutical company, for $585 million in cash plus contingent consideration of up to $50 million and warrants to purchase Auxilium common stock.
Actient is a specialty pharmaceutical company focused on developing, acquiring and marketing products used in the treatment of urological indications. Actient was formed in March 2009 in partnership with GTCR. Through a series of five acquisitions, Actient built a portfolio of commercial products and pipeline programs used in the urological treatment sector. The company is headquartered in Lake Forest, IL (www.actientpharma.com).
“Our partnership with Actient CEO Ed Fiorentino exemplifies GTCR’s Leaders Strategy,” said GTCR Managing Director Dean Mihas. “We created Actient with a strategy to build a leading specialty pharmaceutical company through the acquisition of companies and products. Through a series of transactions, Ed and the team have built a growing urology specialty company. The strategic acquisition of Actient by Auxilium is the culmination of this successful partnership and GTCR’s healthcare strategy.”
Auxilium Pharmaceuticals is a specialty biopharmaceutical company with a focus on developing and marketing products to predominantly specialist audiences. The company is based in Chesterbrook, PA (www.auxilium.com).
To finance the acquisition, Auxilium is using cash on hand and the proceeds from a new secured loan of $225 million from Morgan Stanley Senior Funding.
Jefferies served as Actient’s financial advisor and Kirkland & Ellis provided legal counsel.
GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $7 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. GTCR is based in Chicago (www.gtcr.com).
