Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company dedicated to advancing the science of analgesia, announced that the company has entered into a $75 million debt facility agreement with an affiliate of OrbiMed Advisors LLC to support general business operations and the launch of ZORVOLEX™ (diclofenac). ZORVOLEX was approved by the United States Food and Drug Administration (FDA) on October 18, 2013.
“The recent FDA approval of ZORVOLEX marks an exciting time for Iroko, and through this agreement with OrbiMed, we will have the additional resources necessary to commercialize the first lower dose NSAID from our portfolio in the first quarter of 2014,” said Osagie Imasogie, Executive Chairman of the Board, Iroko Pharmaceuticals.
MTS Securities, LLC, an affiliate of MTS Health Partners, acted as the exclusive financial advisor to Iroko in this transaction.
ZORVOLEX is the first and only FDA approved NSAID developed using proprietary SoluMatrix Fine Particle Technology™. ZORVOLEX contains diclofenac as submicron particles that are approximately 20 times smaller than their original size. The reduction in particle size provides an increased surface area, leading to faster dissolution. ZORVOLEX was developed to align with recommendations from FDA and professional medical organizations that NSAIDs be used at the lowest effective dose for the shortest possible duration of time consistent with individual patient treatment goals.
OrbiMed is aninvestment firm dedicated exclusively to the healthcare sector, with over $8 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies.
MTS Securities, LLC, an affiliate of MTS Health Partners, located in New York, provides aligned strategic and financial advisory services to companies, academic institutions and other non-profits of all sizes in the global healthcare industry.
Iroko is a global specialty pharmaceutical company, based in Philadelphia, dedicated to advancing the science of analgesia.