Significantly Enhances Cosette's Ability to
Drive Further Growth Through Investments in Business
Development and R&D
BRIDGEWATER, N.J. and CONSHOHOCKEN, Pa. and NEW YORK, July 17,
2024 /PRNewswire/ -- Avista Capital Partners
("Avista"), a leading New
York-based private equity firm focused exclusively on
healthcare, and Hamilton Lane, a leading global private markets
investment management firm (Nasdaq: HLNE), today announced that
funds managed by Hamilton Lane have acquired a significant equity
interest in Cosette Pharmaceuticals ("Cosette"), a US-based
specialty pharmaceutical company, from Avista and its co-investors.
Avista and these funds managed by Hamilton Lane will jointly
control Cosette going forward, with a focus on accelerating
innovation and growth.
Since Avista's initial investment in Cosette in December 2018, and under the leadership of a new
executive management team, Cosette has successfully launched new
and innovative products across its portfolio through a significant
R&D effort as well as acquisitions and licensing deals which
have expanded the company's presence across existing and new
markets. This includes the recent acquisition of Ambien® and
Ambien CR® in the United
States from Sanofi US. These initiatives have led to robust
historic EBITDA growth and free cash flow generation while
positioning Cosette to capitalize on compelling opportunities
ahead.
Apurva Saraf, President and CEO
of Cosette, stated, "This partnership is a testament to the
remarkable transformation our business has achieved over the past
four years, driven by an unwavering commitment to strategic
business development and operational excellence. I am immensely
proud of the entire Cosette team for their dedication in delivering
this robust growth. We have successfully diversified our portfolio
with branded products such as Clomid®, Ambien®, and Benicar®, along
with innovative, patent-protected drugs like Vyleesi® and
Intrarosa®. With our strong R&D and business development
pipeline, we are well positioned to drive substantial growth in
partnership with Avista and Hamilton Lane."
David Burgstahler, Managing
Partner and CEO of Avista, added, "We value Avista's long-term
relationship with Hamilton Lane and look forward to
collaborating with them as a strategic partner to drive growth and
value at Cosette. Our collective expertise will
prove invaluable as Cosette evaluates larger M&A
opportunities as part of the company's growth strategy."
Ken Binick, Managing Director and
Co-Head of Direct Equity Investments at Hamilton Lane, said, "We
are excited to advance our partnership with Avista and the Cosette
management team. This is a compelling opportunity for us to invest
in what we believe to be a high-quality asset and management team
with a demonstrated track record of impressive growth and a clear
path to further value creation."
This transaction enhances Cosette's balance sheet to continue to
drive growth through investments in R&D and strategic
acquisitions. The transaction will catalyze Cosette's ongoing
mission to build a durable, high growth, branded pharmaceutical
company in the near term.
In conjunction with the transaction, Cosette also entered into a
new term loan financing with Hayfin Capital Management, and a new
revolver provided by UBS Investment Bank, Capital One, National
Association and Santander Corporate & Investment Bank, who
acted as joint lead arrangers and joint bookrunners for the
financing.
Ropes & Gray LLP advised Avista Capital Partners and Cosette
Pharmaceuticals on this transaction and Debevoise & Plimpton
LLP advised Hamilton Lane.
Forward-Looking Statements
Some of the statements in this release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Words such as "will", "expect", "believe", "estimate",
"continue", "anticipate", "intend", "plan" and similar expressions
are intended to identify these forward-looking statements.
Forward-looking statements discuss management's current
expectations and projections relating to our financial position,
results of operations, plans, objectives, future performance and
business. All forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause actual results to be materially different. You should
evaluate all forward-looking statements in the context of the risks
and uncertainties disclosed under the heading "Risk Factors" in
Part I, Item 1A of Hamilton Lane's Annual Report on Form 10-K for
the fiscal year ended March 31, 2024
and subsequent reports filed from time to time with the Securities
and Exchange Commission. The forward-looking statements included in
this release are made only as of the date hereof. Hamilton Lane
undertakes no obligation to update or revise any forward-looking
statement as a result of new information or future events, except
as otherwise required by law.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over
$8 billion invested in more than 45
growth-oriented healthcare businesses globally. Avista partners
with businesses that feature strong management teams, stable cash
flows and robust growth prospects – targeting healthcare product
and technology businesses with clear scale potential across six
sub-sectors experiencing strong tailwinds. The team is supported by
a group of seasoned Strategic Executives enhancing the entire
investment process through strategic insight, operational oversight
and senior counsel, which helps drive growth and performance, while
fostering sustainable businesses and creating long-term value for
all stakeholders. For more information, visit www.avistacap.com or
follow Avista on LinkedIn.
About Hamilton Lane
Hamilton Lane (Nasdaq: HLNE) is one of the largest private
markets investment firms globally, providing innovative solutions
to institutional and private wealth investors around the world.
Dedicated exclusively to private markets investing for more than 30
years, the firm currently employs approximately 700 professionals
operating in offices throughout North
America, Europe,
Asia Pacific and the Middle East. Hamilton Lane has over
$920 billion in assets under
management and supervision, composed of more than $124 billion in discretionary assets and
approximately $796 billion in
non-discretionary assets, as of March 31,
2024. Hamilton Lane specializes in building flexible
investment programs that provide clients access to the full
spectrum of private markets strategies, sectors and geographies.
For more information, please visit our website or follow Hamilton
Lane on LinkedIn.
About Cosette
Cosette Pharmaceuticals, Inc. ("Cosette") is a US-based, fully
integrated pharmaceutical company with a fast-growing portfolio of
branded pharmaceuticals consisting of products in women's health,
cardiology and dermatology. Cosette has a long history in quality
manufacturing of complex dosage forms including topical creams,
ointments, oral liquids/solutions and suppositories. Cosette has
corporate and manufacturing facilities in New Jersey and North
Carolina and is supported by 350+ dedicated employees across
all functional areas. Cosette is backed by Avista Capital Partners,
a healthcare focused private equity firm, and funds managed by
Hamilton Lane, a private markets investment management firm
(Nasdaq: HLNE). For more information, please visit
www.cosettepharma.com or follow Cosette on LinkedIn.
Contacts:
For Avista Capital Partners:
Daniel Yunger / William Halliday
Kekst CNC
daniel.yunger@kekstcnc.com / william.halliday@kekstcnc.com
For Hamilton Lane:
Kate McGann
kmcgann@hamiltonlane.com
For Cosette Pharmaceuticals:
Lynn Munroe
Maracaibo Media Group
lynn@maracaibomedia.com
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SOURCE Avista Capital Partners