Iroko Pharmaceuticals Secures $75 Million in Debt Financing to Support ZORVOLEX™ (diclofenac) Commercialization
PHILADELPHIA, NOVEMBER 21, 2013 — Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company dedicated to advancing the science of analgesia, today announced that the company has entered into a $75 million debt facility agreement with an affiliate of OrbiMed Advisors LLC (“OrbiMed”) to support general business operations and the launch of ZORVOLEX™ (diclofenac). ZORVOLEX was approved by the United States Food and Drug Administration (FDA) on October 18, 2013.
“The recent FDA approval of ZORVOLEX marks an exciting time for Iroko, and through this agreement with OrbiMed, we will have the additional resources necessary to commercialize the first lower dose NSAID from our portfolio in the first quarter of 2014,” said Osagie Imasogie, Executive Chairman of the Board, Iroko Pharmaceuticals.
MTS Securities, LLC, an affiliate of MTS Health Partners, acted as the exclusive financial advisor to Iroko in this transaction.
ZORVOLEX is the first and only FDA approved NSAID developed using proprietary SoluMatrix Fine Particle Technology™. ZORVOLEX contains diclofenac as submicron particles that are approximately 20 times smaller than their original size. The reduction in particle size provides an increased surface area, leading to faster dissolution. ZORVOLEX was developed to align with recommendations from FDA and professional medical organizations that NSAIDs be used at the lowest effective dose for the shortest possible duration of time consistent with individual patient treatment goals. For more information, visit www.zorvolex.com.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $8 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed’s team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
As one of the largest investment firms dedicated to the healthcare sector, OrbiMed seeks to be a capital provider of choice, bringing the global resources required to be an exceptional long-term partner for building world-class healthcare companies. www.OrbiMed.com.
About MTS Securities, LLC and MTS Health Partners
MTS Securities, LLC, an affiliate of MTS Health Partners, located in New York, provides aligned strategic and financial advisory services to companies, academic institutions and other non-profits of all sizes in the global healthcare industry. For further information, please visit www.MTSPartners.com.
About Iroko Pharmaceuticals, LLC
Iroko is a global specialty pharmaceutical company, based in Philadelphia, dedicated to advancing the science of analgesia. The company develops and globally commercializes pharmaceutical products. In addition to the Iroko products that are marketed worldwide, the company has a robust pipeline of investigational lower dose NSAID products being developed using iCeutica Pty Ltd’s proprietary SoluMatrix Fine Particle Technology™. For more information, visit www.iroko.com.