Ballast Point Ventures completes two portfolio company exits
May 10, 2015
CHARLESTON, SC – Ballast Point Ventures is pleased to announce successful exits from two of its portfolio companies.
KBI Biopharma, headquartered in Durham, NC, and with facilities in Research Triangle Park, NC and Boulder, CO, has been acquired by a consortium led by JSR Group that also includes CMIC Holdings and Innovation Network Corporation of Japan.
KBI currently serves more than 200 pharmaceutical and biopharma clients in the US, Canada, Europe, Korea, and Japan, helping them accelerate and optimize their drug development and manufacturing programs. The acquisition will expand JSR’s bioprocess capabilities, provide increased capacity, and facilitate further global expansion.
Drew Graham, the former Chairman of KBI Biopharma and Partner at BPV, remarked, “The sale of our interest in KBI marks the end of a very successful six-year investment for BPV. We are very appreciative of the outstanding job that Joe McMahon and his team did in building KBI into a leader in the bioprocessing development and manufacturing space, and for the significant value they created for KBI shareholders, employees, their customers and the patients they all serve. KBI is truly a company that did well by doing good in helping to develop and manufacture breakthrough biopharmaceutical drug products. We are delighted that KBI has found a new home that will provide an ideal platform for continued growth of the business around the world.”
KBI President and CEO Joe McMahon commented, “Drew Graham’s active involvement on our board, and the deep and consistent support provided by the entire team at BPV, were indispensable to our growth and progress in a very dynamic and complex field. This exciting new partnership with JSR Group, CMIC Holdings, and Innovation Network Corporation of Japan will combine KBI’s core competencies with the material science leadership, global presence and financial strength of our new partners.”
Innocutis, headquartered in Charleston, SC, is a pharmaceutical company specializing in the development and commercialization of therapies focused on medical treatment of dermatological conditions. The acquisition by Cipher Pharmaceuticals (NASDAQ:CPHR) expands the acquiror’s commercial presence in the U.S. dermatology market, diversifies its portfolio of commercial-stage products that fulfill high unmet medical needs, and supports its goal of becoming the most customer-centric dermatology company in North America.
Matt Rice, an Innocutis Director and Partner with BPV, said, “When we first made the decision to partner with Joe Pecora and Jonathan Alba four years ago, we were impressed with their proven track record of both identifying unique dermatological therapies and building high-quality sales organizations. Joe, Jonathan, and the Innocutis team continued their success during their partnership with BPV, and we are excited for them and the opportunity they have to continue to build the business with Cipher Pharmaceuticals.”
Joe Pecora, co-Founder and CEO of Innocutis, stated, “We had a vision when we set out to build Innocutis into a leading dermatology business. Matt and the BPV team helped us execute on that vision by providing both the capital and the support we needed to take the company to the next level. Our partnership with Ballast Point Ventures was tremendously beneficial on many levels, including most recently in consummating the acquisition with Cipher that will allow the company to reach new heights.”
About Ballast Point Ventures
Ballast Point Ventures is headquartered in St. Petersburg, Florida and currently has $360 million in capital under management. BPV provides expansion capital to rapidly growing, privately owned companies across several industries, including health care, business and financial services, communications and consumer/retail. The partners of Ballast Point Ventures have invested in and supported more than 85 companies over the past twenty years. BPV seeks to partner with outstanding entrepreneurs and provide them with capital, an extensive network of successful entrepreneurs and key industry players, and a wealth of experience surrounding the opportunities and challenges facing rapidly growing companies. BPV seeks to make $5 million to $12 million growth equity investments in companies with substantial operations in Florida, the Southeast and Texas.
