RoundTable Collaborates With Bioniche Pharma on Key Growth Developments
Bioniche Appoints New Chief Executive Officer, Completes Two Key Product Acquisitions
LAKE FOREST, IL, May 25, 2007 — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced three key developments today that will contribute to the growth of its portfolio company Bioniche Pharma Group Limited (“Bioniche Pharma” or the “Company”). These developments include Bioniche’s appointment of Steve Thornton as President and Chief Executive Officer, the completion of its previously announced $3.7 million acquisition of Aloprim (allopurinol sodium) for Injection from Nabi Biopharmaceuticals, and the acquisition of Esmolol Hydrochloride (“Esmolol”) from Metrics Pharmaceutical Ventures, LLC. Aloprim for Injection is indicated for the management of patients with leukemia, lymphoma, and solid-tumor malignancies who are receiving cancer therapy that cause elevations of serum and urinary uric acid levels. Esmolol is a generic injectable cardiology product indicated for the treatment of patients with tachycardia and hypertension. RoundTable and other Bioniche Pharma shareholders concurrently made an additional equity investment in the Company to support these product acquisitions. Terms of the Esmolol acquisition were not disclosed.
Mr. Thornton brings over 27 years of experience working with both branded and generic pharmaceutical companies, as well as experience in the medical devices and drug delivery markets. Before joining Bioniche Pharma, Mr. Thornton was the President of SkyePharma, a drug delivery technology company. Mr. Thornton also served in a variety of leadership roles at Elan Pharmaceutical Technologies Ltd. (EPT), Schein Bayer Pharmaceutical Services Inc., Bayer Pharmaceuticals AG, and Eli Lilly Corporation.
“I am excited about the opportunity to work with the highly talented Bioniche Pharma team,” said Mr. Thornton. “Bioniche has developed very strong manufacturing, development, and sales and marketing capabilities. The Company has tremendous potential and is well positioned to execute its niche injectable strategy, extend its product portfolio, and deliver superior growth. I look forward to working with the RoundTable team whose impressive operating and transaction resources will greatly benefit Bioniche.”
“RoundTable is enthusiastic about Bioniche Pharma’s progress and is delighted to welcome Steve to the team,” said Jack L. McGinley, a Founding Partner of RoundTable and Chairman of the Board of Bioniche Pharma. “Steve comes during an important time for Bioniche as we implement our development and acquisition growth strategy. Steve’s leadership, deep pharmaceutical expertise and market knowledge will be a valuable resource to Bioniche and a complement to the existing management team.”
“We are also very pleased to have completed the acquisitions of Aloprim and Esmolol,” Mr. McGinley continued. “Both products fit perfectly into our niche product strategy and are excellent complements to the existing portfolio.”
Bioniche Pharma is a leading developer and manufacturer of injectable generic pharmaceuticals. The Company manufactures over 20 pharmaceutical products, both branded and generic. Of Bioniche’s products, which come in either vial or syringe formats, 11 are approved injectable products sold in the US and Canadian markets. The Company’s products serve a variety of niche markets and are sold to both the primary care and hospital markets.
RoundTable acquired a majority stake in Bioniche Pharma in February 2006, and made additional equity investments in May 2006, December 2006, and May 2007 to support product acquisitions and growth initiatives, and to acquire the equity position of a minority shareholder. Bioniche Pharma continues to actively pursue additional product acquisitions with RoundTable’s support and guidance.
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified healthcare companies. RoundTable currently manages $1.1 billion in capital, including two equity funds totaling $900 million and a subordinated debt fund of $200 million. More information about RoundTable Healthcare Partners and its investments can be found at www.roundtablehp.com.