Cipher Pharmaceuticals purchases VC-backed Innocutis for $45.5 mln
Cipher Pharmaceuticals Inc (TSX: CPH) has acquired Innocutis Holdings LLC, a U.S. dermatological therapy company, for US$45.5 million in cash. The Mississauga, Ontario-based Cipher said the acquisition facilitates its entry into the United States and advances its goal of creating a leading North American dermatology business. The deal was supported by US$100 million of senior secured notes provided by funds affiliated with Athyrium Capital Management, a New York specialty finance firm. Based in Charleston, South Carolina, Innocutis has been a portfolio company of U.S. venture capital firm Ballast Point Ventures since 2011.
13 April 2015•8 mins read
