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
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
"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
"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.