Nevakar Enters $50 Million Product Financing Agreement with NovaQuest Capital for Continued Development of Injectable Product...
June 18 2019 - 8:00AM
Nevakar Inc. (“Nevakar” or the “Company”), a specialty
pharmaceutical company developing multiple assets in the ophthalmic
and injectable areas, announced today that it recently entered into
a $50 million product financing agreement (the “Agreement”) with an
affiliate of NovaQuest Capital Management, L.L.C. for the continued
development of five differentiated, sterile injectable
products. Pursuant to the Agreement and to the previously
announced agreement with Endo Ventures Limited, a subsidiary of
Endo International plc (NASDAQ: ENDP) dated August 8, 2018 (the
“Endo Agreement”), Nevakar will develop and seek U.S. Food and Drug
Administration (the “FDA”) approval for these products; Endo
has the ability to launch and distribute the products upon
approval through its Sterile Injectables Segment, doing business as
Par Sterile Products. Nevakar anticipates filing an
application for the first product with the FDA in late 2019.
“We are pleased to establish this relationship with NovaQuest, a
firm well known for providing novel financing solutions to help
fund and advance life science and pharmaceutical companies’
strategic pipeline programs. This agreement, coming shortly
after Nevakar’s licensing agreement with Endo, a respected
pharmaceutical company with a significant and growing presence in
sterile and critical care products, further validates our strong
pipeline and business model while furthering our ability to advance
our current and anticipated programs, including NVK-002 for
pediatric myopia,” stated Navneet Puri, Ph.D., Founder, Chairman
and Chief Executive Officer of Nevakar.
“The NovaQuest investment brings together a non-dilutive and
customized product funding solution to support Nevakar’s exciting
pipeline of programs. We appreciate the strength of the
products covered by this agreement and the proven value generated
by complex 505(b)(2) products. We look forward to continuing
to work with the Nevakar team on these and other potential
opportunities that further our goal of providing innovative funding
solutions to products and programs that reduce the cost of care,
address unmet medical needs, improve efficacy and enhance the
quality of life for patients,” said Matt Bullard, Partner at
NovaQuest Capital Management.
RBC Capital Markets, LLC and Cantor Fitzgerald & Co. acted
as financial advisors and Morgan, Lewis & Bockius LLP served as
legal counsel for Nevakar. Wyrick Robbins Yates & Ponton LLP
served as legal counsel for NovaQuest.
About Nevakar Inc.Nevakar Inc. is growing as a
fully integrated specialty pharmaceutical company with an extensive
portfolio of products in the ophthalmic and injectable areas.
Founded in 2015, and headquartered in Bridgewater, New Jersey, The
Company is focused on developing and commercializing innovative
products to address unmet medical needs, thereby improving patient
care and quality of life. Nevakar utilizes the 505(b)(2)
regulatory pathway, along with its proven expertise in the
development of novel and proprietary sterile pharmaceutical
products to identify, develop, and obtain regulatory approval for
its products. Additional information is available at
www.nevakar.com.
About NovaQuest Capital ManagementNovaQuest
Capital Management is a leading investor in life sciences and
healthcare through its Product Finance and Private Equity
strategies. NovaQuest was formed in 2000 with the vision of
building an investment platform to provide strategic capital to
life sciences and healthcare companies. Today, NovaQuest Capital
Management manages over $2 billion through its Product Finance and
Private Equity strategies. The investment team consists of highly
seasoned operational and investment professionals with significant
investment experience and deep life science and healthcare
expertise. Furthermore, NovaQuest benefits from an extensive
network of industry experts and relationships that assist in
identifying, analyzing and growing NovaQuest portfolio companies
and investments. For more information, please visit
www.novaquest.com.
Investor Contacts:
Marshall WoodworthNevakar Inc.Chief Financial Officer(908)
367-7413
Media: Lisa WilsonIn-Site Communications, Inc.T: (917)
543-9932E: lwilson@insitecony.com
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