NEW YORK — SK Capital Partners has completed the sale of Noramco, Extractas Biosciences and Purisys to Siegfried Holding AG, a Swiss contract development and manufacturing organization serving the pharmaceutical industry.
Financial terms of the transaction were not disclosed.
The businesses were part of the Noramco Group, which operates in pharmaceutical supply and manufacturing. Following the close of the sale, SK Capital will retain ownership of Halo Pharmaceuticals, a finished-dose-form CDMO with operations in the United States and Canada. Halo has sterile-fill-finish and controlled substance production capabilities.
Lee Karras, CEO of the Noramco Group, and Alan Majewski, CFO, will remain with Halo Pharmaceuticals and continue to lead the business in their current roles.
“I would like to thank the Noramco Group team for its commitment to excellence and SK Capital for its support throughout its ownership period. I look forward to leading Halo Pharmaceuticals during this new phase as an independent CDMO. We are focused on expanding our capabilities to meet evolving customer needs, including the launch of sterile injectable manufacturing at our Whippany, New Jersey facility, which we expect to bring online in the second half of this year,” Karras said.
Aaron Davenport, chairman of Noramco’s board of directors and managing director at SK Capital, said the firm sees further growth potential for Halo Pharmaceuticals as a standalone business.
“SK Capital is privileged to have supported the Noramco Group and its team. Going forward, Halo Pharmaceuticals will continue to build upon decades of supporting pharmaceutical and healthcare clients and we see significant opportunity to sharpen focus on the business and support its next phase of growth,” Davenport said.
Jefferies served as lead financial adviser to Noramco in connection with the transaction. RBC Capital Markets and Rothschild & Co. also served as financial advisers, while Kirkland & Ellis acted as legal counsel.
