Jazz Pharmaceuticals Announces $250 Million Financing
Developing and Commercializing Products in Neurology and Psychiatry
PALO ALTO, Calif., March 24 /PRNewswire/ -- Jazz Pharmaceuticals, Inc. announced today the completion of a $250 million financing with private equity and venture capital investors. The company is focused on improving the lives of patients through the development and commercialization of important pharmaceutical products that treat neurologic and psychiatric disorders. Jazz Pharmaceuticals is creating innovative therapeutics by improving and expanding the uses of known compounds, and is aggressively adding to its pharmaceutical product portfolio through licensing, acquisitions and collaborations. "This financing enables us to simultaneously build our commercial organization and expand our portfolio of early and late-stage development projects, thereby creating robust neurology and psychiatry franchises," said Bruce C. Cozadd, Executive Chairman of Jazz Pharmaceuticals. "We are pleased to have received such enthusiastic support for our strategy from an outstanding group of investors." "Our organization has the product development and commercial experience to rapidly develop important new products to meet the needs of neurology and psychiatry patients," said Samuel R. Saks, M.D., Chief Executive Officer of Jazz Pharmaceuticals. "We intend to work closely with patients, healthcare providers and patient advocacy groups to build a strong presence in these areas, and to be able to respond to the clear need for therapeutic innovation." The $250 million Series B financing was led by an affiliate of Kohlberg Kravis Roberts & Co. (KKR), a new investor in the company. Participants included the company's management and its Series A investors, Prospect Venture Partners and Versant Ventures, along with new investors Beecken Petty O'Keefe & Company, Golden Gate Capital and Thoma Cressey Equity Partners. Other new investors included Adams Street Partners, EGS Healthcare Capital Partners, Lehman Brothers Healthcare Fund and an entity associated with the Oak Hill investment group. Jazz Pharmaceuticals completed a $15 million Series A round in April 2003. "Our investment exemplifies one of our core investment philosophies, which is to back strong managers with deep industry expertise," stated Michael Michelson, a member of KKR. "We believe Jazz Pharmaceuticals and its management team have the ability to execute on exceptional product opportunities in important pharmaceutical markets. Moreover, this team has all the critical attributes and the track record in the pharmaceutical industry to build a great company with sound, long-term growth potential and sustainability." "From the company's inception, what has truly excited us about this investment opportunity is that Jazz Pharmaceuticals has a highly experienced team that has demonstrated the ability to work with discipline, speed and intelligence in identifying exciting products and in-licensing opportunities and validating new product concepts," added Sam Colella, managing director of Versant Ventures. "We have been delighted with the progress and momentum of the Jazz Pharmaceuticals team and strategy. We expect the company to respond to patient needs and market opportunities with a creative approach that will be unique in our industry," said Jim Tananbaum, M.D., managing director of Prospect Venture Partners. About Jazz Pharmaceuticals Jazz Pharmaceuticals, a pharmaceutical company formed in March 2003, is focused on helping patients by meeting unmet medical needs in neurology and psychiatry with important and innovative therapeutic products. Jazz Pharmaceuticals is aggressively building its product portfolio through a combination of commercialization and development activities. Based in Palo Alto, California, the company is committed to working closely with patients, patient advocacy groups and healthcare professionals. For further information, please visit www.jazzpharmaceuticals.com.
SOURCE Jazz Pharmaceuticals, Inc.
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