QHP Capital has closed a $1.1 billion single-asset continuation vehicle for Azurity Pharmaceuticals, providing liquidity to existing investors while securing long-term capital to support the company’s next phase of growth.
The transaction, announced March 18, 2026, enables QHP to retain control of Azurity while continuing to execute its value creation strategy. Existing limited partners were given the option to either realize returns or roll their proceeds into the new vehicle, with strong participation reported across the investor base.
HarbourVest Partners led the transaction, with significant participation from Pantheon Ventures. Audax Strategic Capital contributed both as a syndicate investor in the continuation vehicle and through a separate structured growth investment, including additional acquisition capital.
The newly raised capital is expected to support Azurity’s ongoing organic growth initiatives, business development and licensing efforts, and potential strategic M&A activity. The company, which focuses on delivering medicines to underserved patient populations, operates in more than 50 countries with a portfolio of over 50 products across multiple therapeutic areas and dosage forms.
Support: Goldman Sachs served as financial advisor to QHP, while both Goldman Sachs and Eaton Partners acted as placement agents. Ropes & Gray served as legal advisor on the transaction.
KEY QUOTES:
“This CV reflects our strong conviction in Azurity’s strategy and leadership. We are pleased to partner with HarbourVest as lead investor alongside Pantheon and Audax Strategic Capital as well as other new investors, providing capital to support Azurity’s next phase of growth while offering liquidity to our existing LPs.”
Jeff Edwards, Partner at QHP Capital
“We are excited to continue our partnership with QHP and welcome our new investors as we enter the next phase of Azurity’s growth. This CV strengthens our ability to invest in our pipeline and expand our global reach while staying focused on delivering medicines to overlooked patients.”
Ronald Scarboro, CEO of Azurity Pharmaceuticals
“We are pleased to serve as the lead investor in the transaction which aligns with our strategy of partnering with what we believe are best-in-class general partners and their high performing portfolio companies. The QHP and Azurity teams have built an exceptional business, and we are excited to be investing alongside them in the company’s next chapter which will continue the mission of delivering innovative, high-quality medicine to overlooked patients.”
Nick Bellisario, Managing Director at HarbourVest Partners
“Continuation vehicles are an increasingly important tool for high-quality assets, offering existing investors liquidity while providing new capital to support the next phase of growth. Azurity has built a differentiated specialty pharmaceutical platform under QHP’s ownership, and we are pleased to partner with QHP, HarbourVest, Audax Strategic Capital and the management team to support the company’s continued development.”
Kevin Dunwoodie, Partner at Pantheon Ventures
