A manufacturing complex in Chatham recently acquired by QuVa Pharma Inc. — Courtesy: The Garibaldi Group
By Joshua Burd
A life sciences company has acquired a 165,000-square-foot biotech complex in Chatham, where it plans to embark on renovations that will convert it to a modern manufacturing facility.
The broker in the deal, The Garibaldi Group, announced recently that QuVa Pharma Inc. had acquired the site from an undisclosed global Fortune 500 pharmaceutical company. Garibaldi described the recently formed enterprise as a national platform that makes sterile drugs preparations for hospital, which will be expanded with new production capabilities at the Chatham site.
Financial terms of the private transaction were not disclosed, while the announcement by Garibaldi did not include the property’s address.
In a news release, Garibaldi said QuVa Pharma currently operates two Texas-based manufacturing facilities. In August 2015, the company received a majority equity commitment from Bain Capital Private Equity to support creation and expansion plans.
QuVa Pharma will now “significantly extend” its manufacturing output to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in the eastern United States, the news release said. It can do so with a well-located site along the Interstate 78 corridor.
“When we complete modifications, this facility will be the country’s premier outsourced sterile compounding site, purpose-constructed to comply with FDA regulations and meet the most stringent state and regulatory requirements,” Stuart Hinchen, QuVa Pharma’s co-founder and CEO, said in a prepared statement. “By deliberately establishing our presence at the confluence of robust interstate commerce, we are ensuring that major hospitals and health systems have access to a high-quality alternative for compounded drugs. The purchase allows QuVa to continue setting a new standard for safety, in addition to ensuring a reliable supply.”
QuVa Pharma expects the new state-of-the-art campus to be operational by mid-2017. The buildings will be modified to meet or exceed the FDA’s requirements for sterile manufacturing in the 503B setting, referring to a section of the Federal Food, Drug, and Cosmetic Act. The site will include complete in-house product and environmental testing capabilities, both of which support a major industry quality initiative that QuVa Pharma is leading.
“It’s great in this industry when you can say that you helped deliver a win-win scenario, and I believe that’s what we were able to do with this transaction,” said Jeff Garibaldi, president of The Garibaldi Group. “This deal helps establish a sterile compounding company with a strategic location to serve their logistic and supply chain needs, in addition to creating high paying jobs for the local and regional economy.”
The team of Garibaldi, Charlie Dai and Scott Garibaldi represented Quva Pharma. in the purchase, while the team of Jerry Moore and Chuck Bower of The Garibaldi Group partnered with Bob Morford of Morford & Dodd Realty Inc. to represent the landlord.
