Strategic Financial Sponsor to Support Continued Growth and Capability Expansion
RALEIGH, N.C. & DURHAM, N.C.–(BUSINESS WIRE)–QHP Capital (“QHP”), the management company for NovaQuest Private Equity (“NQPE”), today announced its acquisition of Lexitas Pharma Services (“Lexitas” or the “Company”), a full-service ophthalmology contract research organization (“CRO”) supporting biopharmaceutical and medical device clinical trials.
Since 2011, Lexitas has provided clinical trial and medical strategy solutions to biopharmaceutical and medical device companies developing ophthalmic products. The Company provides end-to-end support and development expertise in the anterior and posterior segments of ophthalmology. Lexitas has conducted clinical trials for dry eye disease, glaucoma, cataract, uveitis, pediatric myopia, diabetic macular edema, age-related macular degeneration, and retinitis pigmentosa, among others. The Company’s therapeutic area expertise, relationships with ophthalmic KOLs, and network of high-performing research sites has led to strong outcomes for its international customer base.
“For the past decade, Lexitas has had the incredible opportunity and privilege to partner with talented companies with amazing science as they develop their ophthalmic drugs and devices. Partnering with the QHP team brings deep expertise and domain knowledge that is going to allow Lexitas to improve and increase the scope, quality, and efficiency of our capabilities. We couldn’t be more thrilled to be working with QHP and are excited at the prospect of getting safe and efficacious ophthalmic drugs to patients efficiently and quickly,” said George Magrath, M.D., CEO of Lexitas.
“Lexitas is an excellent fit with QHP’s philosophy and strategy of providing strategic capital to growing clinical trial services providers in niche, specialized therapeutic areas,” said Vern Davenport and Jeff Edwards, Partners at QHP. “We look forward to supporting the Lexitas team as they continue to build out their capabilities and provide best-in-class ophthalmic drug development services.”
Additionally, Lexitas appointed Jeanne Hecht as Executive Chairwoman of the Board. Jeanne is a seasoned ophthalmology CRO industry executive having previously served as CEO of Ora, an ophthalmic CRO, where she expanded Ora’s international presence, introduced new lines of business, and furthered its goals along numerous strategic paths.
About Lexitas:
Lexitas is a full-service ophthalmic biopharmaceutical solutions company focused on providing end-to-end eyecare support and exceptional service to biopharma and medical device clients globally. For more information, please visit www.lexitas.com.
About QHP Capital:
QHP Capital, L.P. (the “Firm”), 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, please visit www.novaquest.com/strategy/private-equity/.
Contacts
For further information about Lexitas, please contact:
George Magrath, M.D., Chief Executive Officer
(843) 333-5241, george.magrath@lexitas.com
For media inquiries, please contact:
Jeremy Milner, BackBay Communications
(401) 862-9422, jeremy.milner@backbaycommunications.com