Case Studies

Aptalis Pharma

Aptalis Pharma is a leading specialty pharmaceutical company providing innovative therapies for unmet medical needs, including gastrointestinal disorders and cystic fibrosis. Aptalis has built a leadership position in the North American gastroenterology market through internal product development and synergistic acquisitions of products and companies, and sells its products through its specialty sales forces in North America and the European Union.

Investor Growth Capital made a $55 million equity investment (including co-investment from its sole LP) in Aptalis in April 2011. In conjunction with IGC’s investment, Aptalis acquired IGC portfolio company Mpex Pharmaceuticals, whose lead product, Aeroquin (inhaled levofloxacin for treatment of pulmonary infections in cystic fibrosis patients), is currently in Phase 3 development. Aeroquin has the potential to expand Aptalis’ cystic fibrosis franchise and drive operating leverage.

IGC had previously invested $20 million in Aptalis (then known as Axcan) in 2000. Coincident with IGC’s investment, the Company listed on the NASDAQ and IGC was represented on the Board from 2000 to 2005.

“In Aptalis, we saw a unique opportunity to invest in a profitable, diversified specialty pharmaceutical business led by an experienced management team with a demonstrated track record,” said Abhijeet Lele of IGC, a member of Aptalis’ Board. “Since our investment, the Company has continued to deliver strong operating results, executed on multiple business development transactions and progressed its internal pipeline.”

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IGC has been a valued partner for Aptalis since their investment in the Company in 2011, actively engaging with our business and management team and bringing insights about strategy and potential transactions.”

Frank Verwiel
President and CEO, Aptalis