Tag Archives: Biopharmacy

Soleno Therapeutics Announces Proposed $200 Million Public Offering of Common Stock

Abingworth

REDWOOD CITY, Calif., July 10, 2025 (GLOBE NEWSWIRE) — Soleno Therapeutics, Inc. (Soleno) (Nasdaq:SLNO), a biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today that it intends to offer and sell $200 million of shares of its common stock in an underwritten public offering. In addition, Soleno intends to grant the underwriters a 30-day option to purchase up to an additional $30 million of shares of common stock. The proposed public offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Goldman Sachs & Co. LLC and Guggenheim Securities are acting as the joint book-running managers for the proposed public offering.

Soleno intends to use the net proceeds from this offering to fund the commercialization of VYKAT™ XR, the first approved therapy to address hyperphagia in individuals with Prader-Willi syndrome, which was approved by the U.S. Food and Drug Administration on March 26, 2025. Soleno also intends to use the proceeds from the public offering to fund its regulatory and market development activities in the European Union and further research and development efforts, as well as general corporate purposes, which may include working capital, capital expenditures, other clinical trials, other corporate expenses and acquisitions of complementary products, technologies or businesses, though the company does not have agreements or commitments for any specific acquisitions at this time.

The shares will be offered pursuant to a registration statement on Form S-3ASR (File No. 333-276344) previously filed with, and automatically declared effective by, the Securities and Exchange Commission (the “SEC”) on January 2, 2024. The offering is being made solely by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov. The final terms of the public offering will be disclosed in a final prospectus supplement and accompanying prospectus relating to the offering that will be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Soleno Therapeutics, Inc.

Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company’s first commercial product, VYKAT XR (diazoxide choline) extended-release tablets, formerly known as DCCR, is a once-daily oral treatment for hyperphagia in adults and children 4 years of age and older with Prader-Willi syndrome.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Soleno’s expectations on the completion, timing and size of the proposed public offering, Soleno’s intention to grant the underwriters a 30-day option to purchase additional shares, the anticipated use of proceeds therefrom, and all other statements that are not statements of historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Soleno’s business, including those described in Soleno’s Annual Report on Form 10-K for the year ended December 31, 2024, Soleno’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2025, prior press releases and in other filings and reports filed with the SEC. The events and circumstances reflected in Soleno’s forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, Soleno does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Corporate Contact:

Brian Ritchie
LifeSci Advisors, LLC
212-915-2578

Media Contact:
media@soleno.life


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Source: Soleno Therapeutics

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Merck to Acquire Verona Pharma, Expanding its Portfolio to Include Ohtuvayre® (ensifentrine), a First-In-Class COPD Maintenance Treatment for Adults and Expected to Drive Growth into the Next Decade

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Abingworth
Acquisition aligns with Merck’s science-led business development strategy and expands pipeline and portfolio of treatments for cardio-pulmonary diseases
Merck to hold investor call at 8 a.m. ET today

RAHWAY, N.J. & RALEIGH, N.C.–(BUSINESS WIRE)–Merck (NYSE: MRK), known as MSD outside of the United States and Canada, and Verona Pharma plc (Nasdaq: VRNA) (“Verona Pharma”), a biopharmaceutical company focused on respiratory diseases, today announced that the companies have entered into a definitive agreement under which Merck, through a subsidiary, will acquire Verona Pharma for $107 per American Depository Share (ADS), each of which represents eight Verona Pharma ordinary shares, for a total transaction value of approximately $10 billion.

Through this acquisition Merck will add Ohtuvayre® (ensifentrine), a first-in-class selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), to its growing cardio-pulmonary pipeline and portfolio. The U.S. Food and Drug Administration approved Ohtuvayre in June 2024 for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients. Ohtuvayre is the first novel inhaled mechanism for the treatment of COPD in more than 20 years and combines bronchodilator and non-steroidal anti-inflammatory effects. Ohtuvayre is also being evaluated in clinical trials for the treatment of non-cystic fibrosis bronchiectasis.

“This acquisition of Verona Pharma reflects the commitment we have to delivering innovative treatments to patients and our ability to execute on our science-led and value-driven business development strategy,” said Robert M. Davis, chairman and chief executive officer, Merck. “Ohtuvayre complements and expands our pipeline and portfolio of treatments for cardio-pulmonary diseases while delivering near- and long-term growth as well as value for shareholders. This novel, first-in-class treatment addresses an important unmet need for COPD patients persistently symptomatic based on its unique combination of bronchodilatory and non-steroidal anti-inflammatory effects. We look forward to welcoming the talented Verona Pharma team to Merck.”

“Today’s announced agreement with Merck is the culmination of years of focus and determination by the Verona Pharma team advancing Ohtuvayre, the first novel inhaled mechanism for the maintenance treatment of COPD in two decades,” said David Zaccardelli, president and chief executive officer, Verona Pharma. “Since launching Ohtuvayre in August 2024 we have seen rapid and accelerating uptake in the U.S. We believe Merck’s commercial footprint and industry-leading clinical capabilities will help accelerate the potential of Ohtuvayre to reach more patients living with COPD. This agreement will enable the strong launch trajectory of this important medicine and provides value to Verona Pharma shareholders.”

The transaction was unanimously approved by both the Merck and Verona Pharma Boards of Directors and is intended to be effected by way of a scheme of arrangement under UK law. Closing of the proposed acquisition is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act, approval of Verona Pharma shareholders, sanction by the High Court of Justice of England and Wales and other customary conditions. The transaction is expected to close in the fourth quarter of 2025 and will result in the capitalization of most of the purchase price as an intangible asset for Ohtuvayre (which will be amortized as a GAAP-only charge over the life of the product).

Investor Call

Merck will hold an investor call today, July 9, 2025 at 8 a.m. ET to discuss the proposed transaction. Journalists who wish to ask questions are requested to contact a member of Merck’s Media Relations team at the conclusion of the call. Investors, journalists and the general public may access a live audio webcast of the call via this weblink.

All participants may join the call by dialing (800) 369-3351 (U.S. and Canada Toll-Free) or (517) 308-9448 and using the access code 2398172.

Advisors

Citi and Morgan Stanley & Co. LLC acted as financial advisors to Merck in this transaction and Freshfields LLP acted as Merck’s legal advisor. Centerview Partners LLC acted as exclusive financial advisor to Verona Pharma and Latham & Watkins LLP as Verona Pharma’s legal advisor.

Ohtuvayre Indication and Important Safety Information

INDICATION

Ohtuvayre is indicated for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients.

IMPORTANT SAFETY INFORMATION

Contraindication: Ohtuvayre is contraindicated in patients with hypersensitivity to ensifentrine or any component of this product.

Warnings and Precautions:

Acute Episodes of Bronchospasm Ohtuvayre should not be used for the relief of acute symptoms, i.e., as rescue therapy for the treatment of acute episodes of bronchospasm. Acute symptoms should be treated with an inhaled, short-acting bronchodilator.

Paradoxical Bronchospasm As with other inhaled medicines, Ohtuvayre may produce paradoxical bronchospasm, which may be life threatening. If paradoxical bronchospasm occurs following dosing with Ohtuvayre, it should be treated immediately with an inhaled, short-acting bronchodilator. Ohtuvayre should be discontinued immediately and alternative therapy should be instituted.

Psychiatric Events Including Suicidality Before initiating treatment with Ohtuvayre, healthcare providers should carefully weigh the risk and benefits of treatment with Ohtuvayre in patients with a history of depression and/or suicidal thoughts or behavior. Patients, their caregivers, and families should be advised of the need to be alert for the emergence or worsening of insomnia, anxiety, depression, suicidal thoughts, or other mood changes, and if such changes occur to contact their healthcare provider. Healthcare providers should carefully evaluate the risks and benefits of continuing treatment with Ohtuvayre if such events occur.

Treatment with Ohtuvayre is associated with an increase in psychiatric adverse reactions. Psychiatric events including suicide-related adverse reactions were reported in clinical studies in patients who received Ohtuvayre (1 suicide attempt and 1 suicide). Additionally, the most commonly reported psychiatric adverse reactions in the pooled 24-week safety population were insomnia (6 patients [0.6%] Ohtuvayre 3 mg; 2 patients [0.3%] placebo), and anxiety (2 patients [0.2%] Ohtuvayre 3 mg; 1 patient [0.2%] placebo). Depression-related reactions including depression, major depression, and adjustment disorder with depressed mood occurred in 4 patients [0.4%] receiving Ohtuvayre and no patients receiving placebo.

Adverse Reactions: The most common adverse reactions ≥1% in Ohtuvayre and greater than placebo in the pooled population were back pain 1.8%, hypertension 1.7%, urinary tract infection 1.3%, and diarrhea 1.0%.

These are not all of the possible risks associated with Ohtuvayre.

Please see Prescribing Information for Ohtuvayre (ensifentrine) at: https://ohtuvayrehcp.com/wp-content/uploads/sites/2/2024/11/Ohtuvayre-US-Prescribing-Information.pdf, Patient Information for Ohtuvayre at: https://ohtuvayre.com/wp-content/uploads/2024/11/Ohtuvayre-US-Prescribing-Information.pdf.

About Chronic Obstructive Pulmonary Disease (COPD)

Chronic obstructive pulmonary disease (COPD) is a progressive respiratory condition that causes restricted airflow and breathing problems. Emphysema and chronic bronchitis are the two most common types of COPD. Common symptoms of COPD include shortness of breath an ongoing cough or a cough that produces a lot of mucus, wheezing, chest tightness or heaviness and fatigue. Smoking and air pollution are the most common causes of COPD. An estimated 390 million people suffer from COPD worldwide as of 2019 and COPD is the fourth leading cause of death worldwide. There is no cure for COPD.

About Ohtuvayre® (ensifentrine)

Ohtuvayre is the first inhaled therapy for the maintenance treatment of adults with COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule. Verona has evaluated nebulized Ohtuvayre in its Phase 3 clinical program ENHANCE (“Ensifentrine as a Novel inHAled Nebulized COPD thErapy”) for COPD maintenance treatment. Ohtuvayre met the primary endpoint in both ENHANCE-1 and ENHANCE-2, demonstrating statistically significant and clinically meaningful improvements in lung function. A fixed-dose combination of ensifentrine and glycopyrrolate, a LAMA, is currently under development for the maintenance treatment of COPD.

About Verona Pharma

Verona Pharma is a biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of chronic respiratory diseases with significant unmet medical needs. Ohtuvayre® (ensifentrine) is the company’s first commercial product and the first inhaled therapy for the maintenance treatment of COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule. Ensifentrine has potential in other respiratory diseases such as non-cystic fibrosis bronchiectasis. For more information, please visit www.veronapharma.com.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

UK Takeover Code does not apply

Verona Pharma is not a company subject to regulation under the City Code on Takeovers and Mergers (the “UK Takeover Code”), therefore no dealing disclosures are required to be made under Rule 8 of the UK Takeover Code by shareholders of Verona Pharma or Merck.

Additional Information and Where to Find it

In connection with the proposed transaction between Verona Pharma and Merck, Verona Pharma will file with the Securities and Exchange Commission (“SEC”) a proxy statement on Schedule 14A. Additionally, Verona Pharma may file other relevant materials with the SEC in connection with the proposed transaction. Investors and securityholders of Verona Pharma are urged to read the proxy statement (which will include an explanatory statement in respect of the Scheme of Arrangement of Verona Pharma, in accordance with the requirements of the U.K. Companies Act 2006) and any other relevant materials filed or that will be filed with the SEC, as well as any amendments or supplements to these materials and documents incorporated by reference therein, carefully and in their entirety when they become available because they contain or will contain important information about the proposed transaction and related matters. The definitive version of the proxy statement will be mailed or otherwise made available to Verona Pharma’s securityholders. Investors and securityholders will be able to obtain a copy of the proxy statement (when it is available) as well as other filings containing information about the proposed transaction that are filed by Verona Pharma or Merck with the SEC, free of charge on EDGAR at www.sec.gov, on the investor relations page of Verona Pharma’s website at https://www.veronapharma.com/investors/, by contacting Verona Pharma’s investor relations department at IR@veronapharma.com, or on Merck’s website at www.merck.com.

Participants in the Solicitation

Verona Pharma, Merck and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Verona Pharma in connection with the proposed transaction. Information about Verona Pharma’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, will be included in the proxy statement (when available). You may also find additional information about Verona Pharma’s directors and executive officers in Verona Pharma’s proxy statement for its 2025 Annual General Meeting filed on March 18, 2025 and Verona Pharma’s other filings with the SEC available at the SEC’s Internet site (www.sec.gov), including any statements of beneficial ownership on Form 3 or Form 4 filed with the SEC after such proxy statement. Information about Merck and its directors and executive officers can be found in Merck’s proxy statement filed on April 9, 2025 and Merck’s other filings with the SEC available at the SEC’s Internet site (www.sec.gov), including any statements of beneficial ownership on Form 3 or Form 4 filed with the SEC after such proxy statement. Verona Pharma shareholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of Verona Pharma directors and executive officers in the proposed transaction, which may be different than those of Verona Pharma shareholders generally, by reading the proxy statement and any other relevant documents that are filed or will be filed with the SEC relating to the proposed transaction. You may obtain free copies of these document using the sources indicated above.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including with respect to the company’s proposed acquisition of Verona Pharma, and readers are cautioned not to place undue reliance on such statements. Such forward-looking statements include, but are not limited to, the ability of the company and Verona Pharma to complete the transactions contemplated by the transaction agreement, including the parties’ ability to satisfy the conditions to the consummation of the transaction contemplated thereby, statements about the expected timetable for completing the transaction, the company’s and Verona Pharma’s beliefs and expectations and statements about the benefits sought to be achieved in the company’s proposed acquisition of Verona Pharma, the potential effects of the acquisition on both the company and Verona Pharma, the possibility of any termination of the transaction agreement, as well as the expected benefits and success of Verona Pharma’s products and product candidates. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the proposed transaction will be satisfied on the expected timetable or at all, or that any pipeline candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include, but are not limited to, uncertainties as to the timing of the proposed transaction; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the proposed transaction contained in the transaction agreement may not be satisfied or waived (including, but not limited to, the failure to obtain the approval of the proposed transaction by Verona Pharma shareholders and the failure to obtain the sanction of the High Court of Justice of England and Wales); the effects of disruption from the transactions contemplated by the transaction agreement and the impact of the announcement and pendency of the transactions on Verona Pharma’s business; the risk that shareholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Forward-Looking Statements of Verona Pharma

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including with respect to the proposed acquisition of Verona Pharma, and readers are cautioned not to place undue reliance on such statements. Such forward-looking statements include, but are not limited to, the ability of Merck and Verona Pharma to complete the transactions contemplated by the transaction agreement, including statements about the transaction contemplated thereby, statements about the expected timetable for completing the transaction, Verona Pharma’s beliefs and expectations and statements about the benefits sought to be achieved in the proposed acquisition, the potential effects of the acquisition on Verona Pharma, as well as the expected benefits and success of Verona Pharma’s products and product candidates. These statements are based upon the current beliefs and expectations of Verona Pharma’s management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the proposed transaction will be satisfied on the expected timetable or at all, or that any pipeline candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include, but are not limited to, uncertainties as to the timing of the proposed transaction; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the proposed transaction contained in the transaction agreement may not be satisfied or waived (including, but not limited to, the failure to obtain the approval of the proposed transaction by Verona Pharma shareholders and the failure to obtain the sanction of the High Court of Justice of England and Wales); the effects of disruption from the transactions contemplated by the transaction agreement and the impact of the announcement and pendency of the transactions on Verona Pharma’s business; the risk that shareholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; Verona Pharma’s dependence on the successful commercialization of Ohtuvayre and the uncertain market acceptance of Ohtuvayre as a treatment for COPD; and risks related to pharmaceutical product development, including Verona Pharma’s ongoing development of ensifentrine and any other product candidates and combinations, and the uncertainty of clinical success.

Verona Pharma undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Verona Pharma’s Annual Report on Form 10-K for the year ended December 31, 2024 and Verona Pharma’s other filings with the SEC.

 

Contacts

Merck Investor Contact: 
Peter Dannenbaum
(732) 594-1579

Merck Media Contacts: 
Robert Josephson
(203) 914- 2372

Justine Moore
(347) 281-3754

Verona Pharma plc: 
Victoria Stewart
+1 (844) 341-9901
IR@veronapharma.com

Argot Partners: 
Verona Pharma – US Investor Enquiries 
+1 (212) 600-1902
verona@argotpartners.com

Ten Bridge Communications: 
Verona Pharma – International / US Media Enquiries 
Wendy Ryan
+1 (781) 316-4424
tbcverona@tenbridgecommunications.com

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Afton Scientific, an Arlington Capital Partners Portfolio Company, to Expand Biopharmaceutical Facility in Albemarle County

Arlington

Commonwealth of Virginia

Office of Governor Glenn Youngkin

Pharmaceutical manufacturer will invest over $200 million and create hundreds of new jobs 

RICHMOND, VA, October 2, 2024 – Governor Glenn Youngkin today announced that Afton Scientific, a manufacturer of sterile injectable pharmaceuticals, will invest over $200 million to expand its biopharmaceutical manufacturing facility in Albemarle County. The project will create hundreds of new jobs. Virginia successfully competed with several states for the project.

“Afton Scientific’s multi-million dollar expansion in Albemarle County is a powerful testament to Virginia’s thriving life sciences industry,” said Governor Glenn Youngkin. “This investment not only creates over 200 new jobs but also strengthens our healthcare innovation sector – particularly in pharmaceutical manufacturing. It is companies like Afton Scientific that showcase why Virginia was just named America’s Top State for Business in 2024.”

“Afton Scientific’s investment in Central Virginia underscores the strength of Virginia’s business climate and skilled workforce,” said Secretary of Commerce and Trade Caren Merrick. “This announcement truly embodies our goals to foster high-tech job growth and innovation in manufacturing. We’re proud to support Afton Scientific’s continued success in the Commonwealth.”

“This announcement represents an exciting advancement in providing critical, life-saving therapies to more Americans, and Afton Scientific is thrilled about our expansion in Central Virginia, where we’ve grown the company since day one,” said CEO of Afton Scientific Thomas Thorpe. “The involvement of the Virginia Economic Development Partnership and Albemarle County, and the Commonwealth’s support for local businesses was critical to our ability to bring advanced manufacturing jobs and economic growth to the area.”

“Our county continues to grow as a recognized hub for innovation, particularly in the emerging biotech sector,” said Chairman of the Albemarle County Board of Supervisors Jim Andrews. “This project strengthens the industry locally by bringing in significant outside capital investment to expand a home-grown company. By working with state partners, we’re focused on expanding access to these jobs locally, creating more opportunities for technical career pathways. This aligns with our strategic focus on sustainable economic development and improving our community’s quality of life. Together, we are driving long-term prosperity for our region.”

“Afton Scientific is engaged in groundbreaking work, and we are fortunate to secure their commitment to growing in our community,” said Senator Creigh Deeds. “This investment not only secures valuable jobs in the Charlottesville area, it provides hope for improved health outcomes.”

“Afton Scientific’s expansion is a win for Albemarle County, bringing over 200 new jobs and strengthening our region’s biopharmaceutical sector,” said Delegate Katrina Callsen. “This investment truly reinforces Central Virginia’s position as a leader in healthcare innovation.”

“Congratulations to Tom Thorpe and the Afton Scientific team on this exciting announcement,” said President of the Central Virginia Partnership for Economic Development Helen Cauthen. “CVPED is thrilled with Afton Scientific’s success and that it is expanding again in Albemarle County. Their growth demonstrates that the biosciences ecosystem is thriving in the Central Virginia region.”

Afton Scientific is a contract development and manufacturing organization with a history of innovation in the biopharmaceutical space. Afton’s work supports critical, life-saving therapies and chronic disease treatments by performing aseptic fill-finish for products ranging from pre-clinical to commercial-scale manufacturing across various therapeutic areas. The company received a majority investment from Arlington Capital Partners, a private equity firm specializing in government regulated industries, in January 2024. The company’s expansion in Albemarle County will enable Afton to implement newer manufacturing technologies, treat new diseases, and serve more people who rely on these therapies, strengthening Virginia’s position in the growing biopharmaceutical industry.

The Virginia Economic Development Partnership worked with Albemarle County and the Central Virginia Partnership to secure the project for Virginia. Governor Youngkin approved a grant from the Commonwealth’s Opportunity Fund to assist Albemarle County with the project.

Support for Afton Scientific’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.

Afton Scientific is also a current participant – and a past 2012 graduate – of the Virginia Leaders in Export Trade Program, which assists Virginia exporters that have firmly established their domestic operations and are committed to international exporting as a growth strategy.

This expansion builds upon Afton Scientific’s existing presence in the Commonwealth, with its current facility located at 2020 Avon Court, Charlottesville, VA 22902.

 

About Arlington Capital Partners

Arlington Capital Partners is a Washington, D.C.-area private investment firm specializing in government-regulated industries. The firm partners with founders and management teams to build strategically important businesses in the government services and technology, aerospace and defense, and healthcare sectors. Since its inception in 1999, Arlington has invested in over 150 companies and is currently investing out of its $3.8 billion Fund VI. For more information, visit Arlington’s website at www.arlingtoncap.com and follow Arlington on LinkedIn.

Contacts

Office of the Governor

Christian Martinez

christian.martinez@governor.virginia.gov

 

Virginia Economic Development Partnership

Pryor Green

pgreen@vedp.org

 

Arlington Capital Partners

Kelsey Clute

kclute@arlingtoncap.com

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CVC Credit Partners refinances Ardena’s credit facilities

CVC Credit Partners refinances Ardena’s credit facilities

13 Jul 2020

CVC Credit Partners teams up with GHO Capital to support Ardena’s international growth strategy

CVC Credit Partners is pleased to announce that it has provided financing to Ardena, a specialist pharmaceutical contract development and manufacturing organisation (CDMO). The funding is in the form of a first lien loan to refinance existing debt as well as an acquisition facility to support the business’ ongoing expansion of its international footprint. MDW Capital served as the debt advisor for the transaction.

Founded in 2013, Ardena is a multi-service CDMO, assisting small-to-mid sized biopharma with services spanning the full development life cycle. The business offers a comprehensive ‘Make, Analyse, File’ model from drug substance and drug product manufacturing and bioanalytical services to regulatory dossier development. With a strong reputation for quality and a flexible service delivery model, Ardena’s differentiated high science approach caters to a diversified base of over 300 customers throughout Europe, the US, Japan and Korea. Headquartered in Ghent, Belgium, it also operates sites in the Netherlands, Sweden and Latvia.

Harry Christiaens, CEO of Ardena, commented: “We are pleased to have completed the refinancing of our credit facility and to have finalised access to a committed acquisition facility. We are now well positioned to continue our strong organic growth profile and drive the next stage of international expansion to better serve our global customer base.”

The partners at GHO Capital added: “Operating within a highly fragmented market, Ardena is the market leading platform from which to build a fully integrated early stage CDMO, serving Biopharma clients globally. CVC Credit Partners are engaged with our vision for the future of the business and their experience of the healthcare sector as well as supporting numerous international growth strategies will be highly beneficial to realising Ardena’s full potential.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, said: “Ardena is a quality business which is well positioned to benefit from positive underlying growth trends in its markets. It has a respected and highly qualified team, and an experienced partner in GHO Capital. We are pleased to be able to support Ardena and GHO and look forward to working closely with them both in the years ahead.”

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3i creates single use bioprocessing platform

3I

3i Group plc (“3i”) today announces that it has established a single use bioprocessing platform serving the biopharmaceutical sector with the acquisitions of Cellon, Silicone Altimex and TBL Performance Plastics.  Cellon, based in Luxembourg, and TBL, based in New Jersey, were acquired from their founder owners, who will continue to serve as key leaders of the platform.  Silicone Altimex had been a UK based subsidiary of 3i-backed Q Holding (“Q”) that was acquired in 2015 from its owners, who remain advisors to the company.

Cellon is a manufacturer of single-use products for bioprocessing, storage, and transport of sterile solutions for pharmaceutical and biotech companies in the production of biological drugs, vaccines and therapies. Its products include sterile bottles for the production of biologic drugs, custom tube and bottle sets and platinum-cured silicone tubing. The company has a 54,000 sq. ft. manufacturing facility in Luxembourg.  Cellon serves leading developers of biologics, vaccines and cell & gene therapies.

TBL is a vertically integrated thermoplastic manufacturer of high purity tubing, sanitary fittings, over-moulded connections and other products for biopharmaceutical production facilities.  It operates a 20,000 sq. ft. facility in Sparta, NJ, where it provides injection moulding, extrusion and ISO Class 7 clean room assembly services.  TBL serves leading OEMs, as well as leading integrators and distributors serving the bioprocessing production market.  Silicone Altimex provides high quality, integrated elastomeric solutions to biopharmaceutical manufacturers.  Its products include a broad range of silicone tubing, clean room assemblies and other components.

As the biopharmaceutical industry continues to transition to single-use bioprocessing technologies (“SUT”) given their flexibility, cleanliness and cost advantage in comparison to stainless steel equipment, manufacturers are seeking partners that can deliver flexible solutions, innovative products and faster turnaround times.  The newly established platform will offer industry leading products, such as the PharmaTainerTM bottles and carboy product line, aSURE® fittings, Tri-Clamp® ends, Bio-EaseTM clamps, a wide range of tubing solutions such as Cellgyn® and cleanroom bioprocessing assembly capacity in North America and Europe for custom solutions. These products support the research, development and commercial production of life saving therapies, accelerating production setup times and time to market with lower required capital investment.

Thomas J. Hook, CEO, Q, said:

“With Cellon and TBL, it became clear we had a unique opportunity to establish a standalone platform in the SUT market.  We believe a dedicated approach is in the best interests of serving the market and the combined customer base of leading biopharma and vaccine manufacturers, integrators and distributors.  Q Holding will be reinvesting proceeds to support a significant expansion of its production capacity for our cardiovascular and peripheral vascular catheter product lines.”

Richard Fry, CEO, Cellon, said:

“We are excited to work with 3i given its international team and shared vision for opportunities to support Cellon’s continued growth and complement its product offering and geographic footprint. We believe they will be a great partner for us as we look to expand our production capacity and portfolio of innovative and high quality products.”

Bob DuPont, CEO, TBL, commented:

“The partnership opportunity between TBL, Cellon and Silicone Altimex is very exciting and significantly expands the portfolio of products and solutions we can provide to the industry.  We look forward to discussing with our customers and partners how we can better serve their needs as a global organisation.”

Richard Relyea, Partner, 3i US, commented:

“3i has been looking for some time to build a platform serving the high growth SUT market. In combining Cellon, TBL and Silicone Altimex we are establishing a platform with a strong product suite of leading SUT solutions and clean room production capacity in North America and Europe.  We will continue to invest in innovation, production capacity and geographic footprint to better serve our customers.”

3i is actively looking for additional opportunities to grow the platform through further acquisitions and organic investment that would enable it to expand its suite of innovative products, increase its capacity and capabilities and better serve its market leading global customers.

 

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Q Acquires TBL Performance Plastics

3I

SOLON, OH, October 2019 – Q announced today that it has entered into an agreement to acquire TBL Performance Plastics, Sparta, NJ, a leading manufacturer of single-use bio-process components and systems including fittings, tubing, single-use assemblies, and fabrication.

TBL represents a strategic acquisition for Q’s Biopharma Business, creating a flexible and multi-faceted biopharma component and single-use assembly manufacturer with North American and European production and distribution centers.

Together, Q and TBL will offer an in-depth suite of development and manufacturing services, material technologies, and industry expertise. The combined business will also offer complete product lifecycle management with cleanroom assembly and packaging services.

Thomas J. Hook, Chief Executive of Q, commented: “We are delighted to have reached this agreement to purchase TBL. The businesses are highly complementary and the acquisition represents a critical milestone in building Q’s Biopharma Business. It will significantly enhance the value we can deliver to our North American customer base.”

P. Robert DuPont Jr., CEO of TBL, added, “We are excited to be working with Q to build an industry-leading Single-Use Technology (“SUT”) business. Q’s operational excellence, synergistic capabilities, and silicone products are powerful resources. Combined with TBL’s portfolio of other non-metallic products and services for the biotech industry, our companies are strategically aligned as key players in the industry. The alignment will benefit our customers by providing them with a greater global network, product development, and manufacturing capabilities.”

Richard Relyea, Managing Director 3i North America, commented: “3i is pleased to support Q in this strategic acquisition of TBL. The combination further supports our commitment to expanding our offering in the biopharma market. We will continue to invest to further expand our capabilities, geographic footprint and differentiated products to better support our global customer base.”

About Q
Q provides world class engineered and elastomeric solutions for the global life sciences, automotive,
and industrial markets. With Centers of Excellence in North America, Mexico, Europe, the Middle East,
India and China, Q goes to market in the life sciences as Silicone Altimex and Q Medical Devices (Qure,
Degania, Biometrix, Arthesys) and in electrical management as Quality Synthetic Rubber (QSR).

About TBL
TBL Performance Plastics manufactures non-metallic single-use products tailored for biopharmaceutical
manufacturers, CMOs, drug development companies and related OEMs. TBL offers industry-leading
expertise in developing non-metallic fluid transfer and storage products with a heavy focus on quality,
regulatory compliance, and meeting the application-specific needs of our clients.

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