RK Pharma Inc. Secures Significant Investment in New Round of Growth Capital Financing from Signet Healthcare Partners
/RK Pharma Inc. Secures Significant Investment in New Round of Growth Capital Financing from Signet Healthcare Partners
Pearl River, NY (August 5, 2019) – RK Pharma Inc. (“RK”, or “RK Pharma”, or “the Company”), a privately-owned fully vertically integrated generic pharmaceutical company, with participation across the value chain from intermediates, active pharmaceutical ingredients (“API”) and drug product manufacturing, announced today that on August 5, 2019 it completed a financing transaction which will help fund its next stage of expansion. The investment was made by Signet Healthcare Partners (“Signet”), a New York based growth equity firm specializing in healthcare investments.
Concurrently, James Gale, Managing Director at Signet Healthcare Partners, will join the board of directors of RK Pharma. The growth capital will be used to enhance RK Pharma’s manufacturing capabilities at the Pearl River site and its research and development investments in expanding the company’s diverse pipeline of generic products.
Dr Ravishanker Kovi, Founder & Executive Chairman of RK Pharma Inc said, "We had an excellent working relationship with Signet in our earlier venture and are very excited at the opportunity to partner with Signet again. The current investment will allow us to accelerate the growth of our vertically integrated business and add capacity to our Pearl River, New York, injectables manufacturing facility. The new facility and equipment will allow us to innovate and introduce our Ready to Use/ Ready to Dilute Injectables, Prefilled Syringes, Vials, IV Bags, Sterile Ophthalmic medications, and other sterile high potent drug products to the market”.
In addition to the Manufacturing facility in New York, the RK Pharma group of companies include Apicore LLC, Archis Pharma LLC (both 100% subsidiaries) and significant stake in Aktinos Pharma Pvt Ltd. Apicore and Aktinos provide a rich supply of complex API’s and Intermediates. Archis Pharma is the commercialization arm of the RK Pharma Group. The company is evaluating several in-licensing opportunities of marketed products in addition to launching its own products.
“We are pleased to collaborate again with Dr. Kovi to develop complex APIs and injectable drugs. We share his commitment to improving patient access to more affordable medications,” said James Gale, Managing Director at Signet Healthcare Partners. “Signet is very excited to be partnering with this talented group of individuals. ”
Pepper Hamilton LLP acted as legal counsel for Signet Healthcare Partners and Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel for RK Pharma.
About RK Pharma
RK Pharma is a New Jersey based privately held Company that was founded in 2018. The Company has a focus on the development, manufacture and sale of high quality and affordable generic pharmaceutical products worldwide. RK Pharma has a unique integrated development, regulatory and manufacturing capabilities, with a focus on products with formulation challenges and first generic opportunities.
About Signet Healthcare Partners
Signet Healthcare Partners is an established provider of growth capital to innovative healthcare companies. Signet invests in commercial-stage healthcare companies that are revenue generating or preparing for commercial launch. The firm’s focus has primarily been on the pharmaceutical sector and medical technology companies. Signet maintains a disciplined, yet flexible investment approach. As an active investor, Signet partners closely with its companies to build their value including facilitating activities between portfolio companies. During Signet’s 18-year history, it has developed a strong reputation and track record of successful investments. Signet has raised four funds with total capital commitments of over $400 million and has invested in more than 45 companies. For more information, visit www.signethealthcarepartners.com.
For more information, please contact:
RK Pharma:
George R. Thomas, Ph.D., MBA
President & CEO
732-640-4351
george@rkpharmainc.com
Signet Healthcare Partners:
Jerry Liao
Senior Associate
212-893-1179
jerry.liao@signethp.com