MidCap Financial Provides $42M for Pernix Acquisition
January 18, 2013
Commercial finance company MidCap Financial provided a $42 million senior secured credit facility to support the acquisition of Cypress Pharmaceuticals and Hawthorn Pharmaceuticals by Pernix Therapeutics earlier this month. Pernix is backed by PE investor Aisling Capital and VC backer OrbiMed Advisors; Cypress had been a portfolio company of TA Associates. Bethesda, MD-based MidCap focuses exclusively on middle-market lending in the broad national healthcare industry, and specializes in $5 million to $200 million loans. It also acted as sole lead arranger, joint bookrunner and administrative agent in the transaction.