Hunt Valley's Pharmaceutics International raises $93 million

Pharmaceutics International Inc., a Hunt Valley drug developer and manufacturer, has raised $93 million in equity and refinanced debt.

New York-based Signet Healthcare Partners was the lead investor, along with Athyrium Capital Management, Hildred Capital Partners and Pharmascience Inc.


Pharmaceutics International Inc., or Pii, will use the money to advance its drug-formulation capabilities and upgrade commercial manufacturing operations. The company will also use the new funding to develop its pipeline of generic drugs.

Pii does contract development and manufacturing for global pharmaceutical firms. The company specializes in drug dosage development, including fine-tuning a medication's formula and determining what form — capsule, tablet, cream or aerosol, to name a few options — it should take.


The company also helps clients meet good-manufacturing regulations enforced by the Food and Drug Administration and required for new drug approval.

"This investment and partnering with experienced life sciences investors will allow us to better serve our clients and marketing partners and to build a bigger pipeline of products," Chairman and CEO Dr. Syed Abidi, who is also the company's founder, said in a statement.

Michael Bogda, a veteran pharmaceutical executive who most recently worked as president of Lannett Co. Inc., has been named president and chief operating officer.

In addition to its Hunt Valley headquarters, Pii has manufacturing facilities in the United Kingdom. The company was founded in 1994 and has 500 employees, according to its website.