Argenta Limited and NovaQuest Capital Management announced a $30 million product financing agreement for the development of several innovative veterinary pharmaceuticals.
The collaboration leverages NovaQuest’s capital and expertise, and Argenta’s knowledge and know-how in research and development activities that advance animal health.
“The capital investment from NovaQuest accelerates Argenta’s strategy of providing innovative solutions and Molecule to Market services through global partnerships. We are delighted by the collaboration with NovaQuest and we look forward to strengthening our partnership through additional programs in the future,” said Ben Russell, CEO of Argenta.
Argenta will conduct the R&D activities from its locations in the United States and New Zealand and will use proprietary drug delivery technologies to develop what are expected to be the next generation of veterinary pharmaceutical products. Argenta and NovaQuest will look for commercialization partners as the project progresses.
“This is an historic milestone for Argenta and instrumental in advancing our commitment to deliver innovation to the animal health industry. I am excited to leverage our product development expertise, IP and technology to accelerate some of the many options available,” commented Edward McGruder, Global head of Research, Development and Innovation at Argenta.
For NovaQuest, a premier biopharma and life sciences investment firm with extensive experience in human health product financing, this represents their first expansion into a collaboration of this nature within the animal health industry.
“We are excited to enter into this collaboration with Argenta, a trusted global leader in the animal health industry. With this investment we expand NovaQuest’s commitment to funding innovation in animal health across a wide range of companies and products,” said Jonathan Tunnicliffe, Chief Investment Officer of NovaQuest.
“NovaQuest’s commitment to bringing innovation to the animal health industry, combined with Argenta’s unparalleled end-to-end development capabilities and expertise make this a truly exciting collaboration,” said Brian Axe, Managing Director at NovaQuest.
Both companies are eager to start this product development journey to help accelerate innovation in the animal health industry.
Wyrick Robbins Yates & Ponton LLP acted as legal counsel to NovaQuest.