GTCR announces partnership to form Graceway Pharmaceuticals

By Lisa Kerner

Erie, Pa., Feb. 7 - GTCR Golder Rauner, LLC said it has entered into a partnership with Jefferson J. Gregory to form Graceway Pharmaceuticals, Inc.

The new company, headquartered in Bristol, Tenn., will focus on acquiring, in-licensing and developing branded prescription pharmaceutical products, according to a company news release.

GTCR plans to invest up to $200 million of equity capital to build a leading specialty pharmaceutical company.

Gregory, former chairman and chief executive officer of King Pharmaceuticals, Inc., will serve as chairman and chief executive officer of Graceway.

GTCR said Gregory was instrumental in growing King from a small contract manufacturing operation with approximately $10 million in annual revenues to a Fortune 500 branded pharmaceutical company.

"We are enthusiastic about working with Jeff to identify acquisition opportunities and create value as we build Graceway together," GTCR principal Ned Jannotta, Jr., said in the release. "Our relationship with Jeff is another good example of GTCR partnering with outstanding managers to build valuable companies."

GTCR is a Chicago-based private equity investment firm.

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