Corium LLC, a commercial-stage biopharmaceutical company, and Gurnet Point Capital, a private investment firm focused on the healthcare and life sciences sectors, have announced the acquisition of their manufacturing business and a $100 million equity investment by Webster Equity Partners, a healthcare-focused private equity firm.
 
The manufacturing business, named Corium Pharma Solutions Inc., transacted with an investment by Webster for more than $400 million in value.

A significant Milestone

With these transactions, Corium is separating into two companies – Corium Pharma Solutions, a contract development & manufacturing organization (CDMO), and Corium, a neuroscience therapeutics commercialization company, to best position each business for future growth. Gurnet Point and Webster will jointly own the CDMO, and each will have representatives on the board for both companies.
 
In the last two years, Corium has achieved significant growth milestones, including receiving U.S. Food and Drug Administration (FDA) approval of, and commercially launching, its lead drug products AZSTARYS and ADLARITY. In addition, Corium has continued to strengthen its CDMO business, including by validating its proprietary CORPLEX technology for use in drug products through the approval of ADLARITY. The investment from Webster validates Corium’s success in development and manufacturing, particularly for transdermal products, and more recent momentum in commercialization of neuroscience therapies.
 
Separating Corium’s two businesses will enable each business to concentrate on growth through its unique expertise. Corium Pharma Solutions will remain focused on expanding its CDMO drug and consumer product capabilities while continuing its current partnerships and the manufacture and supply of ADLARITY. Corium will continue its focus on the commercialization of AZSTARYS and ADLARITY in the U.S. and growing its neuroscience market presence.

Comments from Leadership

“This partnership is a result of the dedication and hard work of our employees, and we wouldn’t have achieved this milestone without the remarkable accomplishments they have driven forward in recent years,” said Perry Sternberg, president and CEO of Corium. “Our partnership with Gurnet Point has been essential to our growth and development, and we are pleased to partner now with Webster and Gurnet Point and continue building on our strong momentum. Gurnet Point and Webster recognize the unique potential of each business in their respective markets, and this news is a testament to our achievements and to our future potential.”
 
“Corium has had incredible success since we acquired the business, adding a therapeutic commercialization capability to its long-standing leadership in CDMO products,” said Travis Wilson, partner at Gurnet Point Capital. “We look forward to partnering with Webster for this next chapter of growth and are confident that our combined expertise and resources supporting Corium’s outstanding team will enable both Corium businesses to capitalize upon their history of success.”
 
“We have been impressed by Gurnet Point’s partnership and deep operational involvement with Corium and believe there is an immense opportunity for growth as separate businesses,” said Deepak Kulkarni, managing director at Webster. “For Webster, entering this partnership is an opportunity to bring our additional resources and industry expertise to the table and help take Corium’s business to the next level in both markets.”
 
SVB Securities served as financial advisor to Corium in this transaction.