QHP Capital has closed a $1.1 billion single-asset continuation vehicle to support its portfolio company Azurity Pharmaceuticals, providing liquidity to existing investors while positioning the business for continued long-term growth.
The transaction enables existing limited partners to either realize returns or roll their stakes into the new vehicle, with strong participation from a broad base of investors. QHP will retain control of Azurity and continue executing its value creation strategy.
The continuation vehicle was led by HarbourVest Partners, with Pantheon Ventures participating as a significant investor. Audax Strategic Capital also took part through both a structured growth investment and as a syndicate investor in the vehicle.
The new capital will be used to support Azurity’s ongoing organic growth initiatives, business development and licensing efforts, and potential strategic M&A activity. Additional acquisition capital has also been provided to further accelerate expansion.
Azurity Pharmaceuticals is a specialty pharmaceutical company focused on delivering medicines to underserved patient populations. The company operates in more than 50 countries and has a portfolio spanning over 50 medicines across multiple therapeutic areas and dosage forms.
QHP Capital, based in North Carolina’s Research Triangle Park, invests in life sciences and pharma services companies and is rooted in the legacy of Quintiles, now IQVIA, and NovaQuest.
Support: Advisors on the transaction included Goldman Sachs as financial advisor, alongside Eaton Partners as placement agent, and Ropes & Gray as legal advisor.
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
