The partnership expands Water Street’s pharmaceutical partnership program, which the firm established in 2013 as a new way to support corporations with leveraging their investment in developing pharmaceutical products and medical devices.
Water Street’s company Capstone Development Solutions ("Capstone") will develop designated generic products on behalf of its newest corporate partner.
Al Heller, former CEO of American Pharmaceutical Partners Inc. (APPI) and an operating partner with Water Street, will serve as chairman. Dan Robins, Ph.D., who has more than 20 years of experience in pharmaceutical research and development, will oversee Capstone’s team of scientists and regulatory experts.
Once the designated products receive regulatory approval, Capstone will be compensated at a previously agreed-upon price.
"We are honored that another health care leader has entrusted us with developing its pharmaceutical products and supporting its commitment to launch new, affordable drugs," said Mr. Heller.
"We created this program as a new model to enable companies to bring more products to market, more quickly and efficiently. We look forward to working with more corporations to customize solutions through Capstone that advance their long-term goals."
The partnership marks Water Street’s seventh investment in the pharmaceutical sector in the past six years and second investment in 2015. The health care firm acquired generic injectable drug services company Custopharm, Inc. earlier this year.