NovaQuest Private Equity Acquires CoreRx

NovaQuest Private Equity has acquired CoreRx, a global contract development and manufacturing organization (CDMO).

Based in Clearwater, FL, CoreRx provides clinical and commercial CDMO services to a wide range of small- to mid-sized pharmaceutical and biotech clients. Founded in 2006, the company offers preformulation, formulation, analytical and stability, clinical manufacturing, commercial manufacturing, and packaging services.

“This transaction is an endorsement of CoreRx’s success to date and its potential for future growth with NovaQuest, a firm with deep healthcare and life sciences expertise and a long history of partnering with market-leading businesses to take them to the next level,” said Todd R. Daviau, president and chief executive officer, CoreRx. “NovaQuest’s expertise in pharmaceutical services and enabling technologies will be invaluable as we look to further grow and enhance the value of our business in partnership with our customers.”

Ashton Poole and Jeff Edwards, partners at NovaQuest, said in a joint statement, “Todd and his management team have done an excellent job building CoreRx from the ground up, growing from a small development organization into a high-quality, end-to-end CDMO with proven commercial capabilities. We look forward to supporting the CoreRx team as they continue to build out their capabilities and provide best-in-class service to the pharmaceutical industry.”

Affiliates of Signet Healthcare Partners, an investor in CoreRx since 2015, will retain a minority position. Deal terms were not announced.