NovaQuest Private Equity Announces Investment In Bend Bioscience to Broaden CoreRx Offering
Bend Bioscience and QHP Capital (the management company for NovaQuest Private Equity) have recently announced plans to invest in a new operation in Bend, OR, an emerging hub of biotechnology R&D and manufacturing. The Bend Bioscience team, as part of CoreRx, will focus on drug delivery R&D partnerships, product development, and early phase manufacturing for enhanced formulations utilizing particle engineering-based drug delivery technologies.
“This is an exciting development with Bend Bioscience adding a new dimension of technology and innovation capabilities to CoreRx’s existing foundation of product development and manufacturing solutions,” said Ajay Damani, CEO of CoreRx and Bend Bioscience.
This investment includes approximately 20,000 sq ft of laboratory, processing suites, and office space for 50 employees. This includes state-of-the-art laboratory and process equipment and processing space designed to meet the quality and safety standards of both pharmaceutical clients and regulatory agencies. Bend Bioscience is expected to begin operations in its R&D and innovation lab as early as December of this year, with additional manufacturing and analytical capabilities operational in mid-2023.
“We believe Bend Bioscience will fill an unmet need, offering problem-solving, formulation, and manufacturing for valuable but challenging therapies and collaborating to develop new technologies for the rapidly evolving problem statements in the in pharmaceutical industry,” said Dan Dobry, Bend Bioscience’s Co-founder and CoreRx’s Chief Strategy Officer,
Key areas of expertise and infrastructure for the Bend Bioscience team will include bioavailability enhancement, solid dosage form development, stabilization of biologics and vaccines, and particle engineering for pulmonary delivery. This investment follows recent additions of expertise to the CoreRx team, including Amber Broadbent, Scott Bone, and Michael Grass, who have a track record of experience in these fields.
Bend Bioscience, located in Bend, OR, is an early phase Contract Development and Manufacturing Organization (CDMO) with an emphasis on drug delivery R&D partnerships, product development, and early phase manufacturing for enhanced formulations utilizing particle engineering-based drug delivery technologies. For more information, visit www.bendbioscience.com.
CoreRx, Inc. is an industry leading (CDMO), providing innovative drug formulation, development, GMP manufacturing, and packaging solutions to global pharmaceutical and bio-pharmaceutical partners. From its state-of-the-art, multi-site campus in Clearwater, Florida and its early product development center in San Rafael, California, CoreRx delivers value-added solutions to its partners, from clinic to commercial scale and across a range of dosage forms. For more information, visit www.corerxpharma.com.
QHP Capital, L.P. is the management company for NovaQuest Private Equity (NQPE). NQPE is a private equity firm that invests in lower middle market healthcare companies primarily in North America. The Firm invests in services and technology companies where a strategic partner and operating resources can accelerate growth, targeting companies in healthcare and pharmaceutical services industries. NQPE invests in the form of buyouts, growth equity, and recapitalizations. For more information, visit www.novaquest.com/strategy/private-equity/.
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