For Immediate Release
Jazz Pharmaceuticals Completes Acquisition of Orphan Medical
Palo Alto, California, June 27, 2005Jazz Pharmaceuticals, Inc. announced today that it has completed the previously announced acquisition of Orphan Medical, Inc.
“The addition of Orphan Medical’s products and experienced specialty sales force establishes our commercial presence in our neurology and psychiatry franchises,” said Robert Myers, Executive Vice President and Chief Business Officer of Jazz Pharmaceuticals. “We are excited about continuing the clinical development of Xyrem®, and we look forward to growing our commercial activities, both through acquiring additional products and by launching products from our internal product development pipeline.”
In connection with the acquisition of Orphan Medical, Jazz Pharmaceuticals completed an $80 million senior debt financing led by Lehman Brothers Principal Investments. Other participants in the financing included General Electric Pension Trust, Deep Cove Mezzanine, LLC and certain entities related to Oak Hill Advisors and Oak Hill Investment Management, respectively. Jazz Pharmaceuticals has raised a total of $345 million in equity and debt funding since its formation in 2003.
About Jazz Pharmaceuticals, Inc.
Jazz Pharmaceuticals is focused on helping patients by meeting unmet medical needs in neurology and psychiatry with important and innovative therapeutic products. Jazz Pharmaceuticals is aggressively building its product portfolio through a combination of commercialization and development activities. Based in Palo Alto, California, the company is committed to working closely with patients, patient advocacy groups and healthcare professionals. For further information, please visit www.jazzpharmaceuticals.com.
About Waud Capital Partners, L.L.C.
Waud Capital Partners, L.L.C. is a private equity investment firm founded in 1993 with more than $400 million of capital under management. WCP partners with exceptional management teams to invest in middle market buyouts, recapitalizations, industry consolidations and growth equity investments. The firm seeks to invest $10 million to $50 million in private companies in the following four areas: business and consumer services, healthcare services, specialty distribution and value-added manufacturing businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $150 million. Since its founding, Waud Capital Partners has successfully made more than sixty investments, without a single capital loss, in a wide range of industries, including adhesives, alarm monitoring, automotive components, coatings, consumer products, lighting, litigation services, petroleum distribution, pharmaceuticals, publishing, sealants and specialty hospitals. The firm is backed by a number of institutions, including Citigroup, Middlebury College, SunAmerica, The St. Paul Travelers Companies and the University of Chicago Hospitals, among others, as well as a number of well-known families and high net worth individuals.
For Further Information:
Reeve Waud, Founder and Managing Partner
Waud Capital Partners, L.L.C.
560 Oakwood Avenue, Suite 203
Lake Forest, IL 60045