Azurity Pharmaceuticals Inc. has entered into a definitive agreement to acquire Arbor Pharmaceuticals Inc. from existing investors including JW Asset Management and KKR.

“On behalf of the Azurity and Arbor teams, I am delighted to announce this agreement and the potential it brings to our combined company,” said Amit Patel, chairman and CEO of Azurity. “The combination of the two companies, each steeped in rich legacies, will create a one-of-a-kind company leveraging increased scale and diversification, a breadth of dosage forms, integrated capabilities, and expanded market presence to better serve our patients’ needs.”

“Arbor is excited to be joining forces with Azurity to further our goal of bringing innovative products to the market that improve patients’ lives,” commented Ed Schutter, CEO of Arbor. “I am proud of the business that our team has built over the last ten years and am confident that the combined entity will enhance our success and provide more treatment options for patients.”

“We are proud to continue our partnership with Azurity,” said Jeff Edwards, partner at NovaQuest Private Equity, the majority owner of Azurity.  “This combination accelerates our shared vision of building the leading patient-centric company that differentiates itself by bringing distinctive, high-value products that meet the unique needs of our patients, through state-of-the-art innovation and commercialization capabilities.”

“Today is a tremendous milestone for both Arbor and Azurity, and a strong validation of the products that they provide to patients in need,” said Jason Wild, chairman of Arbor and chief investment officer of JW Asset Management.

“We are proud to have supported Arbor and its management team and are excited for the company’s next phase of growth in partnership with Azurity,” added Ali Satvat, co-head of Americas health care private equity and global head of health care strategic growth at KKR.

JPMorgan Chase Bank NA and Truist Securities Inc. are financing sources for the transaction for Azurity. Smith Anderson served as legal advisor to Azurity.  MTS Health Partners LP served as exclusive sell-side financial advisor and King & Spalding served as legal advisor to Arbor. Simpson Thacher & Bartlett LLP served as legal advisor to KKR.