Graceway Pharmaceuticals to launch new facility after Thanksgiving

By Sara Rosenberg

New York, Nov. 9 - Graceway Pharmaceuticals Inc., a GTCR Golder Rauner, LLC portfolio company, is anticipating holding a bank meeting some time after Thanksgiving, with early December being the likely timeframe, to launch its proposed credit facility, an informed source told Prospect News on Thursday.

Bank of America is the lead bank on the deal.

The facility will contain a revolver, a first-lien term loan and a second-lien term loan, the source said, declining into specifics about sizes.

Proceeds will be used to fund the acquisition of 3M Co.'s pharmaceutical business in the United States, Puerto Rico, Canada and Latin America for $875 million.

As part of the transaction, Chester Valley Pharmaceuticals, Inc., another GTCR portfolio company, will merge into Graceway. Chester Valley, based in Malvern, Pa., is a specialty dermatology company focused on acquiring, in-licensing, developing and commercializing branded prescription products.

The transaction is hoped to close by the end of the year, the source added.

Graceway is a Bristol, Tenn., pharmaceutical company focused on acquiring, in-licensing and developing branded prescription pharmaceutical products.

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