Compound interest: QuVa buys Healix’s 503B outsourcing facility
QuVa announced that it had bought Healix’s compounding site in Sugarland, Texas last night, confirming that it will take on all staff employed at the facility. The newly founded pharmacy firm also said it intends to go on a hiring spree as part of a wider expansion.
QuVa CEO Stuart Hinchen said the plan is to “create a large, national pharmacy outsourced compounding partner that works with customers in a collaborative manner” and added that Bain Capital Private Equity had invested to support the expansion.
A QuVa spokesman told us: "The existing Healix team that is dedicated to the 503B activities will remain and be employees of QuVa Pharma. We fully expect our business to grow and as it does, we will add personnel as necessary to most effectively service our customers.
The Texas site – which supplies hospitals with ready to use preparation - is registered as an outsourcing facility under rules introduced by the US Food and Drug Administration (FDA) to clamp down on manufacturing practices at some compounders.
The rules – which were prompted by 64 deaths in 2012 that were caused by contaminated drug products produced at Massachusetts firm NECC – suggested larger operations register as outsourcing facilities.
QuVa was founded earlier this year by Hinchen and Peter Jenkins, co-founder and Chief Development Officer, who have previously worked at JHP Pharmaceuticals and Mayne Pharma.
Chris Gordon, a Managing Director of Bain Capital Private Equity said his organisation made the equity investment after recognising “an enormously compelling opportunity to build a strong business in this growing market."
This was echoed by the QuVa spokesman who told us "We believe there is a market need and opportunity for one more scale national player to meet marketplace demand, particularly one that is focused on manufacturing high-quality products and delivering responsive customer service."