Garibaldi Announces Building Sale To Sterile Compounding Firm
CHATHAM, NJ (December 7, 2016) — The Garibaldi Group/CORFAC International is proud to announce their efforts in orchestrating the sale of a biotech pharmaceutical facility in New Jersey to QuVa Pharma, Inc., a recently formed national platform for a sterile compounding pharmacy. The Garibaldi Group represented both the buyer as well as the seller, an international Fortune 500 Pharmaceutical Company, in the transaction. Financial terms of the private transaction were not disclosed.
QuVa Pharma currently operates two Texas-based 503B registered manufacturing facilities. In August 2015, the company received a majority equity commitment from Bain Capital Private Equity to support creation and expansion plans.
The 165,000 square-foot biotech campus will be converted to enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the US. Located along Interstate 78 in western New Jersey, and in close proximity to the I-95 corridor and Newark Liberty International Airport, the strategically located facility is a gateway to major distribution hubs and opens significant expansion opportunities for QuVa Pharma with access to Pennsylvania and Ohio to the West, New York to the East, New England to the North, in addition to DC and key Southeastern markets.
“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,” said Stuart Hinchen, QuVa Pharma’s co-founder and Chief Executive Officer. “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 anticipates the state-of-the-art 503B manufacturing campus will commence operations in mid-2017. The buildings will be modified to meet or exceed the FDA’s requirements for sterile manufacturing in the 503B setting. 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 Garibaldi Group team of Jeff Garibaldi, Charlie Dai and Scott Garibaldi represented Quva Pharma, Inc. 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.