Banking & Finance

Neonatal Drug Developer Represents A First For Tidewater Equity Partners

By Cece Nunn, posted Aug 7, 2017
An investment firm headquartered in Wilmington announced its first exit Monday.

Tidewater Equity Partners, which has offices in Wilmington and Raleigh, announced the acquisition of InfaCare Pharmaceutical Corp. by global biopharma company Mallinckrodt Pharmaceuticals (NYSE: MNK) in a deal worth a potential $425 million, according to a news release from Tidewater.

The release said Tidewater’s initial involvement with InfaCare came via investment by Lookout Capital, which is also managed by Tidewater managing partner and founder Merrette Moore, in mid-2014. Investment in the company continued when the principals of Lookout Capital formed Tidewater Equity Partners in late 2016.

“This deal checked virtually all the boxes of what we look for in a later stage healthcare venture capital opportunity: an experienced management team with a track of success, a syndicate of blue chip investors, a product with a demonstrative competitive advantage, and a strong intellectual property position,” Moore said in the release.

InfaCare is a Trevose, Pennsylvania-based specialty pharmaceutical company focused on the development and commercialization of proprietary pharmaceuticals for the neonatal and pediatric patient population. The release said InfaCare's lead product, Stanate (stannsoporfin), is a first-in-class pharmacologic for neonatal jaundice.

FDA approval for Stanate is anticipated in the first half of 2018, according to the release.

Under the terms of the deal, Mallinckrodt will pay $80 million upfront and up to $345 million in milestones for InfaCare, the release said. Additional terms have not been publicly disclosed. The transaction should close later this year.

Moore said Tidewater's portfolio doesn't currently include any Wilmington-area companies.

"We are actively looking for opportunities and really would love to do one locally," Moore said.

The company's Wilmington office is at 1844 Sir Tyler Drive.
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