Private equity firm the Carlyle Group (Nasdaq: CG) has formed a new pharmaceutical company in partnershhip with health care focused investment bank and consulting firm Bourne Partners.

The new platform, known as Phoenix Therapeutics, will be majority owned by Carlyle with Bourne taking a minority stake. Phoenix will look for acquisitions in the pharmaceutical space.

“Formalizing the relationship with Bourne is a reflection of our belief that our venture can add significant value in the space, as well as our positive outlook for investing capital in the pharmaceutical industry going forward,” says Carlyle managing director Stephen Wise.

Pharmaceutical deals have been picking up in the middle market. In 2015, Eiger BioPharmaceuticals Inc. agreed to acquire a majority interest in Celladon Corporation;  Midatech Pharma (Nasdaq:MTP) purchased an anti-nausea drug from Galena Biopharma Inc. (Nasdaq:GALE); and Perrigo Co. plc (NYSE: PRGO) is adding generic forms of Retin-A, used to treat acne, from Matawan Pharmaceuticals LLC.

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