JDS Pharmaceuticals Raises $62 Million; Acquires Two Products
NEW YORK, Nov. 16 /PRNewswire/ -- JDS Pharmaceuticals, LLC (JDS) today announced the completion of a $62 million round of financing led by AIG Healthcare Partners, L.P. and Galen Partners, LP. JDS was founded by Phillip M. Satow for the purpose of acquiring and developing pharmaceutical products in targeted therapeutic markets. JDS has completed the acquisition of Lithobid(R), the leading brand of twice daily sustained release lithium carbonate in the United States, as well as a related late stage developmental compound, JDS 103.
Mr. Satow has more than 30 years of sales and marketing experience in pharmaceuticals at Forest Laboratories, Inc. and Pfizer, Inc., and currently serves on the boards of directors of Forest, Crucell, Inc., and Eyetech, Inc. Mr. Satow is joined by a team of seasoned specialty pharmaceutical executives including Michael Satow, Chief Operating Officer, Daniel Kreisler, Vice President, Marketing, Bruce Friedman, Vice President, Manufacturing and Supply Chain Management, Whitney Stearns, Chief Financial Officer, and Mark Roffman, Ph.D., Vice President, Clinical Development.
"We are very pleased to have completed the financing for JDS Pharmaceuticals, as well as two successful product acquisitions," stated Mr. Satow. "JDS is now in a prime position to expand with a first class management team and strong capital structure in place. We will focus on acquiring additional complementary products, as well as the aggressive development and marketing of our existing products and intellectual property. Our strategy is to build a powerful sales, marketing and business development infrastructure that will attract additional opportunities."
According to Dan Tully, a partner at AIG Healthcare Partners, "The JDS management team has a proven track record of success and a focused approach toward product acquisition opportunities that is consistent with our strategy in this space." John Wilkerson, partner at Galen Partners commented, "We are committed to companies like JDS that have a clear vision and the ability to execute it." Both Mr. Tully and Mr. Wilkerson serve on the JDS Board of Managers.
About JDS Pharmaceuticals, LLC
JDS Pharmaceuticals, LLC is a New York based specialty pharmaceutical company created to sell, market and develop proprietary and branded pharmaceutical products in niche therapeutic markets. Execution of the Company's strategy will involve the acquisition of underperforming products that can be reinvigorated as well as the continued creation of a sales, marketing, and business development infrastructure that will attract new opportunities.
About AIG Healthcare Partners
AIG Healthcare Partners, L.P. (AHP) is a private equity fund focused solely on making investments in healthcare businesses. AHP's investors include pension funds, endowments, financial institutions and high net worth individuals. AHP is sponsored by AIG Global Investment Group, a worldwide leader in asset management and a member company of American International Group, Inc.
About Galen Partners
Galen Partners invests in emerging healthcare companies with superior management, the potential for market leadership and the prospect for outstanding financial performance. Since their inception in 1990, Galen has helped to create, through its portfolio of investments, businesses that today have attained an aggregate market value exceeding $8 billion.
JDS Pharmaceuticals, LLCCONTACT: Michael Satow, Chief Operating Officer of JDS Pharmaceuticals,LLC, +1-212-682-4420, ext. 110