SUGAR LAND, Texas, May 6, 2021 /PRNewswire/ -- QuVa Pharma, Inc.("QuVa Pharma"), the leading national 503B outsourcing services company providing hospitals with essential medications in ready-to-administer injectable formats, today announced its latest financing, a $275 million senior debt facility led by investment vehicles managed by the Goldman Sachs Private Credit Investing("Goldman Sachs"), with participation from Owl Rock Capital Partners, LP ("Owl Rock"). The financing enables QuVa Pharma to meet the needs of its approximately 2,000 hospital customers, add more hospitals to the platform, and expand its 200 SKU product portfolio.
"We are delighted that Goldman Sachs and Owl Rock have agreed to partner with QuVa Pharma in the next phase of our expansion. Since commencing operations in 2015, QuVa has been at the forefront of demonstrating that the 503B industry has a meaningful role to fulfill in the delivery of healthcare to acute care patients," said Stuart Hinchen, QuVa Pharma's co-founder and Chief Executive Officer. "This new funding reflects the national scale QuVa has achieved as the industry leader, and the importance of the 503B industry in meeting hospital's high quality standards and cost effectiveness requirements. The Company continues to pursue increased capacity needs through 2024, as well as expanding capabilities to incorporate approval of complex pharmaceutical products through the FDA product registration pathway."
QuVa Pharma continues to experience significant growth in demand for its broad, high-quality and cost effective product portfolio. The Company recently expanded operations to over 240,000 square feet of production capacity by adding 80,000 square feet of state-of-the-art, 503B registered manufacturing capacity to New Jersey operations. QuVa Pharma has plans to meaningfully expand Texas operations by 75,000 square feet in 2022. The growth of high quality cGMP compliant capacity has been complemented by multiple efforts, including plans to expand the national workforce in the near-term to over 1,000 employees and to continue to implement innovative automation initiatives unique to the industry.
"Bain Capital, along with our other partner shareholders, is pleased to secure the commitment and support of direct lending leaders Goldman Sachs and Owl Rock, which we believe reflects the quality of organization that has been built at QuVa Pharma over the past 5 years. We are all proud to have collectively committed scale capital to build domestic production for essential medications and create a world-class organization that every day ensures hospital and patient access to safe drugs. During this time of significant expansion, we will continue to support our accomplished management team as they further QuVa Pharma's industry leadership," said Andrew Kaplan, a Principal of Bain Capital Private Equity.
"We believe QuVa offers a compelling value proposition to hospitals in need of a reliable, cost-effective supply of essential injectable medications. After years of following the organization's strong and consistent growth, we are pleased to provide QuVa Pharma with a scale and flexible financing solution to support the Company's goals," said Alex Chi, Head of Americas Private Credit Investing at Goldman Sachs.
Latham & Watkins LLP served as legal counsel to Goldman Sachs and Owl Rock. Ropes & Gray LLP served as legal counsel to QuVa Pharma.
QuVa Pharma is a national, industry-leading, FDA registered 503B outsourcing services company that provides hospitals with essential medications in ready-to-administer injectable formats that are critical for effective patient care. QuVa was purpose-built to change the 503B industry for the better and is leading the way with unmatched expertise in cGMPs and sterile pharmaceutical manufacturing, and the highest quality and safety standards so hospitals can more confidently and reliably focus on patient care. While leading cGMP processes, broad sterile-to-sterile product portfolio, and expansive capacity of 300,000 sq. ft. across four facilities are the foundation of success, it is with customer-focused services, transparency, and a patient-safety orientation that QuVa Pharma helps hospitals better meet their patient care and operational needs.
For product ordering inquiries, please contact QuVa Pharma Customer Service at 888.339.0874 or via email at: [email protected].