Water Street Completes Sale of Custopharm

CHICAGO, April 21, 2022 /PRNewswire/ -- Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has completed the sale of its generic pharmaceutical company Custopharm to Hikma Pharmaceuticals PLC, one of the largest suppliers of generic injectable medicines in the United States.

Water Street invested in Custopharm in 2015. Working with the company's leadership team, Water Street transformed Custopharm into a leading franchise offering a portfolio of differentiated generic products, primarily injectables. Water Street leveraged its pharmaceutical expertise, network of resources and capital to support Custopharm with:

• recruiting an experienced scientific team supported by a global network of supply and contract manufacturing partners
• building a state-of-the-art 17,000-square foot research and development laboratory, as well as a commercial arm to launch generic products upon approval
• attaining 13 product approvals, including four first-to-market FDA abbreviated new drug applications (ANDA) and a competitive generic therapy (CGT) designation
• growing its pipeline with eight additional products in development or pending approval

William C. Larkins, Ph.D., chief executive officer, Custopharm, said:

"Water Street has been an outstanding partner in working with us to build an exceptional portfolio of complex generic products. We're excited to continue this success with Hikma, a global leader that shares our deep commitment to bringing generic products to market and into the hands of patients who need them."

Alan Heller, chairman, Custopharm and operating partner, Water Street, said:

"It has been rewarding to work with Bill and the Custopharm team to develop and launch important new generic products that are making a difference in people's lives. Hikma is an excellent home for the company and its employees long-term, particularly with its focus on expanding its products and R&D capabilities." 

Water Street has built a leading group of companies specializing in developing and commercializing generic products, including a business that develops products in partnership with the world's leading pharmaceutical and medical device organizations. The health care firm has completed more than 130 investments and strategic acquisitions to build 30+ market-leading companies specializing in health care services, medical products & diagnostics, and pharmaceutical and life sciences.

Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world's leading companies on its investments including Humana, Johnson & Johnson, Medtronic and Walgreen Co. Water Street's team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago.

SOURCE Water Street Healthcare Partners