RoundTable seals $403m pharmaceutical exit

The firm’s sale of Aqua Pharmaceuticals marks RoundTable’s third exit from its $500m Fund II.

RoundTable Healthcare Partners will sell specialty pharmaceutical company Aqua Pharmaceuticals to Barcelona-based pharmaceutical business Almirall for up to $403 million. 

The sale price includes about $328 million upon closing and up to $75 million of contingent payments. Aqua focuses on acquiring, developing and marketing prescription skin care products. RoundTable acquired a majority stake in the company in June 2010. 

“During our partnership, [RoundTable] supported our efforts to expand our senior management team and salesforce, accelerate investment in our R&D pipeline and support several important product acquisitions,” Aqua co-founder and chief executive officer Craig Ballaron said in a statement. 

The sale marks RoundTable’s third exit from its Fund II that closed on $500 million in March 2005. RoundTable is currently investing its Fund III that collected $600 million in July 2010. 

In July, RoundTable acquired vitamin and supplement company Santa Cruz Nutritionals from Levine Leichtman Capital Partners. 

Lake Forest, Illinois-based RoundTable invests exclusively in the healthcare industry and manages $1.9 billion of capital, split between $1.5 billion of equity funds and two subordinated debt fund funds totaling $400 million.