GTCR Announces Partnership with Ed Fiorentino to Form Actient Pharmaceuticals
CHICAGO, March 23, 2009 – GTCR, one of the nation’s leading private equity firms, today announced that it has entered into a partnership with Ed Fiorentino to form Actient Pharmaceuticals, LLC (“Actient”). The new company, headquartered in Deerfield, Illinois, will focus on acquiring and operating specialty pharmaceutical companies and products. Target opportunities include products which are already approved or currently marketed, as well as late-stage development drugs. GTCR plans to invest up to $200 million of equity capital to support management’s strategy. Mr. Fiorentino will serve as Chief Executive Officer of Actient.
Ed Fiorentino is a former corporate officer and 22-year veteran of Abbott Laboratories (NYSE:ABT). His senior-level management experience at Abbott includes Corporate Vice President of Pharmaceutical Commercial Operations where he was responsible for all U.S. sales, marketing and new product planning. He also served as Senior Vice President and President, Abbott Diabetes Care, leading Abbott’s global device business in this area. Most recently, Ed was Executive Vice President of TAP Pharmaceutical, an Abbott joint venture with Takeda Pharmaceutical.
“We are excited to partner with Ed to build an industry-leading specialty pharmaceutical company focused on delivering clinically meaningful products to patients,” said GTCR Principal Dean Mihas. “We believe Ed’s combination of industry expertise and operational experience makes him an ideal partner as GTCR commits to another platform in the specialty pharmaceutical industry.”
“I am thrilled about the opportunity to build a significant global specialty pharmaceutical company,” said Mr. Fiorentino. “GTCR has a long history of backing experienced managers and providing them with the resources and support required to build successful companies through both organic growth and acquisitions. GTCR’s very successful track record with companies like Ovation Pharmaceuticals and Graceway Pharmaceuticals make them an ideal partner with whom to form Actient.”
“We continue to be enthusiastic about investing capital in the pharmaceutical industry,” added Ben Daverman, Vice President at GTCR. “We are actively looking for acquisitions and see a number of compelling investment opportunities in the market today. Working with Ed, we are in a unique position to evaluate and pursue these assets.”
GTCR’s investment in Actient will be made from GTCR Fund IX LP, a private equity fund with $2.75 billion of committed capital.
About Actient Pharmaceuticals
Actient Pharmaceuticals is a specialty pharmaceutical company focused on therapeutics to improve patient outcomes. The company was formed to acquire specialty pharmaceutical companies and products with a focus on select physician specialties. For more information, contact Actient Pharmaceuticals at 847.778.1876.
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.