Local News & NorthwestSeptember 23, 2024
SACRAMENTO, Calif.--(BUSINESS WIRE)--Sep 23, 2024--
AP News, Associated Press

SACRAMENTO, Calif.--(BUSINESS WIRE)--Sep 23, 2024--

Nivagen Pharmaceuticals, Inc. (“Nivagen”), a specialty pharmaceuticals company, announced the sale of its MedisourceRx business unit to the leading health and wellness company, Hims & Hers Health, Inc, with Bourne Partners as its exclusive financial advisor.

The MedisourceRx business unit is an FDA registered 503B outsourcing facility. The proceeds from the sale will be used to complete the build out of a 100,000 square foot state-of-the-art sterile manufacturing and R&D facility which will enable Nivagen to onshore its production capabilities and enter the CDMO business. By reshoring sterile product manufacturing, Nivagen will streamline its supply chain while significantly reducing both manufacturing costs and time to market for new product launches.

“In a strategic move, Nivagen has sold its subsidiary, Seaview Enterprises LLC, dba MedisourceRx, an FDA-registered 503B sterile compounding pharmacy in California. The proceeds from this sale will enable Nivagen to sharpen its focus on its upcoming state-of-the-art sterile injectable manufacturing facility in Sacramento,” said Jay Shukla, CEO of Nivagen. “Additionally, the move will allow Nivagen to focus on the ANDAs and 505(b)(2) pipeline, further advancing its growth strategy.”

About Nivagen Pharmaceuticals, Inc.

Nivagen ( www.nivagen.com ) is a specialty pharmaceuticals company engaged in developing, manufacturing, and marketing pharmaceutical products across generics and specialty drugs (including sterile injectables – IV bags, vials, PFS and cartridges) and 505(b)(2)s, as well as offering 503B compounding services to the institutional channel. The company has a state-of-the-art sterile manufacturing facility that can produce various dosage forms, including sterile IV bags (both aseptic and terminally sterilized) and sterile injectables (including Vial, PFS & Cartridge). The company also has a global distribution network that can reach over 50 countries. The company’s vision is to provide high-quality and affordable pharmaceutical products to customers and patients worldwide.

About Bourne Partners

Bourne Partners is a financial services firm specializing in the healthcare, pharma, and pharma services sectors. Located in Charlotte, North Carolina, the company offers investment banking and advisory services. As owners and operators with over 20 years of experience, Bourne Partners strives to enrich the lives and improve the health and well-being of their partners and patients across the globe by facilitating the efficient movement of capital through the global healthcare sector. For more information, please visit here.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20240923141087/en/

bmiller@lifesciencecfo.com

KEYWORD: CALIFORNIA NORTH CAROLINA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: MEDICAL SUPPLIES BIOTECHNOLOGY SUPPLY CHAIN MANAGEMENT MANUFACTURING FDA PROFESSIONAL SERVICES HEALTH PHARMACEUTICAL OTHER MANUFACTURING RETAIL FINANCE

SOURCE: Nivagen Pharmaceuticals, Inc.

Copyright Business Wire 2024.

PUB: 09/23/2024 02:17 PM/DISC: 09/23/2024 02:16 PM

http://www.businesswire.com/news/home/20240923141087/en

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