Thomas H. Lee Partners (THL) and Frazier Healthcare Partners have jointly announced the acquisition of Adare Pharmaceuticals from TPG Capital. Adare Pharmaceuticals will now operate under the rebranded name Adare Pharma Solutions. This strategic acquisition encompasses Adare’s contract development and manufacturing organization (CDMO), pharmaceutical technology, and microbiome businesses. TPG Capital will retain the rights to Adare’s Eosinophilic Esophagitis (EoE) product, which has been established as a separate entity.
This partnership with leading private equity firms Thomas H. Lee Partners and Frazier Healthcare Partners is set to propel Adare Pharma Solutions into a new phase of accelerated growth. The focus will be on enhancing the company’s capabilities in assisting pharmaceutical companies to develop and manufacture innovative medicines that significantly improve patient outcomes and overall health. The rebranding to Adare Pharma Solutions underscores the company’s commitment to delivering comprehensive, end-to-end CDMO services, leveraging proprietary technologies, and maintaining a strong emphasis on superior customer service.
John Fraher, CEO of Adare, commented on the acquisition, stating, “Adare has consistently demonstrated its ability to utilize its advanced technologies to develop and manufacture high-value products for our partners and patients. Oral solid drug delivery remains the most prevalent drug class, and our collaboration with Thomas H. Lee Partners and Frazier will empower us to further invest in and expand our global presence as a specialized CDMO within the pharmaceutical and microbiome technology sectors. These areas have been instrumental in our growth trajectory to date. We extend our gratitude to TPG for their valuable partnership and support over the past decade.”
Adare Pharma Solutions distinguishes itself through the application of several proprietary technologies within its CDMO operations. These include Microcaps®, a solvent or aqueous-based coacervation process for taste-masking; Diffucaps®, incorporating release-controlling polymers or protective coatings onto drug-layered cores, granules, or crystals; and MMTS™ Multi Mini Tablet System, which applies functional membranes to 1.0-2.0 mm cylindrical tablets for precise release rate control. Additionally, Adare’s portfolio features Optimµm®, Stratµm®, and Unisun® microsphere and microcapsule technologies, offering unparalleled control over release rates and facilitating expanded delivery forms such as liquid, injectable, and otic solutions, along with microbiome thermal inactivation technology tailored for pharmabiotic microbiome requirements.
Joshua Nelson and Megan Preiner, Managing Directors at Thomas H. Lee Partners, jointly stated, “We firmly believe in the sustained growth trends within the pharmaceutical outsourced services sector. We are excited to invest in Adare, a recognized leader in the development and manufacturing of transformative medicines for global pharmaceutical companies. Thomas H. Lee Partners is committed to leveraging our extensive healthcare experience and operational expertise to support Adare in building upon its impressive history. We aim to help Adare further enhance its product and technology development, support its customer base, and explore strategic new opportunities, including potential acquisitions, to facilitate the achievement of their long-term growth objectives.”
Nathan Every, General Partner at Frazier Healthcare Partners, added, “Frazier has thoroughly evaluated numerous potential CDMO investment opportunities, and we are particularly enthusiastic about investing in Adare. We view Adare as a market leader optimally positioned for significant expansion and sustained success. Frazier Healthcare Partners is eager to collaborate with Adare in this exciting next phase of growth.”
Todd Sisitsky, Co-Managing Partner of TPG Capital, reflected on the partnership, “Beginning ten years ago with our acquisition of Eurand and the subsequent establishment of Adare in 2015 from Allergan, we are proud to have partnered with John Fraher and the entire management team in building a premier global CDMO. Through Adare’s dedication to innovative science and proprietary drug delivery and microbiome technologies, their products have positively impacted millions of patients through collaborations with partners across the pharmaceutical industry. We wish Adare Pharma Solutions continued success with their new partners.”
The financial terms of the acquisition remain undisclosed. RBC Capital Markets served as the financial advisor to Thomas H. Lee Partners and Frazier, while Kirkland & Ellis provided legal counsel. Debevoise & Plimpton acted as the legal advisor for TPG Capital and Adare Pharmaceuticals.
About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. (THL) is a private equity firm focusing on investments in middle market growth companies across four key sectors: Consumer, Financial Services, Healthcare, and Technology & Business Solutions. Headquartered primarily in North America, THL leverages deep sector expertise and internal operating resources to foster transformative growth and build enduring value in partnership with management teams. Since its inception in 1974, Thomas H. Lee Partners has raised over $25 billion in equity capital, invested in more than 150 companies, and completed over 400 add-on acquisitions, representing a total enterprise value at acquisition exceeding $200 billion. For further details on Thomas H. Lee Partners, please visit www.THL.com.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is exclusively dedicated to the healthcare sector, operating as a leading middle market private equity firm. With over $4.8 billion in total capital raised, Frazier has invested in over 200 companies, encompassing buyouts of profitable healthcare services companies, venture capital, and company creation. Frazier emphasizes a partnership approach with strong management teams, utilizing internal operating resources and a robust network to develop exceptional companies. Frazier has offices in Seattle, WA, and Menlo Park, CA, and invests across the U.S., Canada, and Europe. More information about Frazier Healthcare Partners is available at www.frazierhealthcare.com.
About Adare Pharma Solutions
Adare Pharma Solutions, formerly Adare Pharmaceuticals, is a leading specialty contract development and manufacturing organization (CDMO) globally recognized for its advanced pharmaceutical technologies, development, and manufacturing services. Adare utilizes its proprietary pharmaceutical technology and microbiome scientific platforms to create innovative and improved medicines and therapies for the global market. Through its CDMO business, Adare offers co-development and contract services to biopharmaceutical companies worldwide, facilitating the development and manufacturing of products marketed by its partners. Adare has a proven track record, having developed and manufactured over 40 products sold by partners in more than 100 countries, including notable brands like Lacteol™, Zoolac™, and Viactiv™, as well as a range of branded and complex generic products. To learn more, visit www.AdarePharma.com.
About TPG
TPG, established in 1992, is a prominent global alternative asset firm with approximately $83 billion in assets under management. Operating from offices across the globe, including in Austin, Beijing, Fort Worth, Hong Kong, London, and New York, TPG’s investment platforms span a diverse array of asset classes, including private equity, growth equity, real estate, and public equity. TPG’s objective is to develop dynamic products and options for its investors while upholding rigorous discipline and operational excellence across its investment strategies and portfolio performance. For more information, visit www.tpg.com.
