BRIDGEWATER, NJ, and CONSHOHOCKEN, PA, and NEW YORK — Hamilton Lane (Nasdaq: HLNE) and Avista Capital Partners announced that funds managed by Hamilton Lane have acquired a significant equity stake in Cosette Pharmaceuticals. The acquisition was made from Avista and its co-investors. Moving forward, both Hamilton Lane and Avista will jointly control Cosette, aiming to boost innovation and growth.
Since Avista’s investment in Cosette in December 2018, the company has launched several new products. This growth was driven by a strong research and development (R&D) effort, acquisitions, and licensing deals. One notable acquisition was Ambien® and Ambien CR® from Sanofi US. These moves have led to significant EBITDA growth and free cash flow generation, setting Cosette up for future opportunities.
Apurva Saraf, President and CEO of Cosette, highlighted the company’s progress: “This partnership is a testament to the remarkable transformation our business has achieved over the past four years, driven by an unwavering commitment to strategic business development and operational excellence. I am immensely proud of the entire Cosette team for their dedication in delivering this robust growth. We have successfully diversified our portfolio with branded products such as Clomid®, Ambien®, and Benicar®, along with innovative, patent-protected drugs like Vyleesi® and Intrarosa®.”
David Burgstahler, Managing Partner and CEO of Avista, expressed enthusiasm for the partnership with Hamilton Lane: “We value Avista’s long-term relationship with Hamilton Lane and look forward to collaborating with them as a strategic partner to drive growth and value at Cosette. Our collective expertise will prove invaluable as Cosette evaluates larger M&A opportunities as part of the company’s growth strategy.”
Ken Binick, Managing Director and Co-Head of Direct Equity Investments at Hamilton Lane, added, “We are excited to advance our partnership with Avista and the Cosette management team. This is a compelling opportunity for us to invest in what we believe to be a high-quality asset and management team with a demonstrated track record of impressive growth and a clear path to further value creation.”
The deal enhances Cosette’s financial position, allowing continued investment in R&D and strategic acquisitions. It aligns with Cosette’s mission to become a high-growth, branded pharmaceutical company.
Cosette also secured new financing arrangements, including a term loan from Hayfin Capital Management and a revolving credit facility from UBS Investment Bank, Capital One, and Santander Corporate & Investment Bank. Ropes & Gray LLP advised Avista and Cosette, while Debevoise & Plimpton LLP advised Hamilton Lane.
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