CIT Serves as Lead Arranger in $190 Million Financing of Vertical/Trigen Holdings’ Combination with Osmotica

  • Vertical/Trigen Is a Specialty Pharmaceutical Company and a Portfolio Company of Avista Capital Partners, a Leading Private Equity Firm
  • Osmotica Is a Specialty Pharmaceutical Company with a Proprietary Drug Delivery System
  • Combination Will Create a Vertically Integrated Specialty Pharmaceutical Company with Capabilities Across the Pharmaceutical Lifecycle
  • Combined Company Will Take on the Osmotica Name

NEW YORK--()--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Healthcare Finance served as Lead Arranger for a $190 million senior secured credit facility to help finance the combination of Vertical/Trigen Holdings, LLC (Vertical/Trigen) with Osmotica Holdings Corp Limited (Osmotica), a specialty pharmaceutical company with a proprietary drug delivery system and a portfolio of branded and generic drugs with a focus in neuroscience/pain (CNS) therapeutics. Vertical/Trigen, a portfolio company of Avista Capital Partners, is a specialty pharmaceutical company that develops and distributes branded and generic prescription pharmaceuticals. The combined company will take on the Osmotica name. Senior financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

Brian Markison, Chief Executive Officer, Osmotica, said, “We are pleased to have completed this strategic combination, which brings together two highly complementary businesses with demonstrated track records of developing commercially successful pharmaceutical products. I look forward to working with the combined team to ensure that the new Osmotica builds on the strengths of both companies to deliver greater value for physicians, patients and the healthcare system overall. CIT’s healthcare finance expertise played a crucial role in helping to facilitate this transaction.”

Sriram Venkataraman, Partner, Avista Capital Partners, said, “Avista valued CIT’s experience in the healthcare and pharmaceutical sectors as we worked to complete this transaction. We look forward to working with CIT again in the future.”

William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “The pharmaceutical market continues to present strong investing opportunities for private equity firms such as Avista with deep sector experience. Together, the combination of Vertical/Trigen and Osmotica will create a vertically integrated specialty pharmaceuticals company with end-to-end capabilities across the pharmaceutical lifecycle, a diverse drug portfolio, a robust R&D platform, world class regulatory infrastructure, proprietary technology and proven distribution capabilities. We are pleased we could leverage our healthcare finance knowledge to help bring this transaction to completion.”

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About Avista Capital Partners

Avista Capital Partners is a leading private equity firm with over $6 billion under management and offices in New York, Houston and London. Founded in 2005, Avista makes controlling or influential minority investments in growth-oriented healthcare, communications and industrial businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. avistacap.com

About Osmotica

Osmotica Holdings Corp Limited is a global specialty pharmaceutical company with a proven history of developing commercially successful pharmaceutical products. The Company uses its proprietary osmotic technology platform and with strategic partners develops and commercializes high quality pharmaceutical products. In addition to the products currently on the market, the Company’s pipeline includes numerous ANDA programs and several innovative neurology-based NDA programs.

Osmotica Holdings Corp Limited and its related companies form an international group of companies with principal operations located in the United States, Argentina and Hungary. osmotica.com

About Vertical/Trigen

Vertical Pharmaceuticals, LLC was founded in 2003 with a mission to develop, market and acquire products offering therapeutic benefits for patients and healthcare providers. Vertical Pharmaceuticals supplies niche over the counter and prescription pharmaceutical preparations, specializing in women’s health and pain management. Vertical’s medications are marketed by its dedicated sales force throughout the United States. verticalpharma.com

Trigen Laboratories, LLC is a generic pharmaceutical company offering unique products across an increasing array of categories. Trigen seeks to bring value-driven generic products to its customers, working vigorously with its partners to identify and develop products which face an assortment of challenges. Additionally, Trigen identifies unique marketing opportunities and is steadfast in its pursuit to deliver products to best serve these markets. trigenlab.com

About CIT

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com

Contacts

CIT MEDIA RELATIONS:
Matt Klein, (973) 597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, (973) 740-5058
Senior Vice President
Barbara.Callahan@cit.com

Release Summary

CIT SERVES AS LEAD ARRANGER IN $190 MILLION FINANCING OF VERTICAL/TRIGEN HOLDINGS’ COMBINATION WITH OSMOTICA

Contacts

CIT MEDIA RELATIONS:
Matt Klein, (973) 597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, (973) 740-5058
Senior Vice President
Barbara.Callahan@cit.com