EVENTS | VIEW CALENDAR
Actient Pharmaceuticals acquires Timm Medical Technologies
LAKE FOREST, Ill.óActient Pharmaceuticals LLC, a specialty pharmaceutical company launched in March 2009, has acquired Timm Medical Technologies Inc., a company that specializes in products and services for the diagnosis and treatment of urological disorders, primarily in the area of erectile dysfunction. Financial terms of the acquisition were not announced.
Timm's principal product is its Osbon ErecAid, which is a drug-free, non-invasive vacuum therapy system that is said to be 90 percent effective in cases where drugs such as Cialis and Viagra are ineffective or produce unwanted side effects. Timm claims that more than 1 million couples are Osbon users. The company also markets Promescent, a topical treatment that is used to prolong the time to ejaculation.
"Timm Medical and the Osbon brand names are synonymous with outstanding quality and service," says Ed Fiorentino, CEO of Actient. "We look forward to combining the companies and expanding our efforts in providing urology products and services that improve patient outcomes."
The acquisition of Timm Medical is consistent with Actient's strategic focus in urology, Fiorentino notes. Actient is now able to offer pharmaceutical and medical device and diagnostic solutions to the urology community, he adds.
"We are excited to join Actient," adds David Talen, president of Timm Medical. "We believe that Actient will help enhance our position as a valued resource for urologists and patients."
Prior to joining Actient, Fiorentino was a corporate officer and 22-year veteran of Abbott Laboratories, where his experience included a stint as corporate vice president of pharmaceutical commercial operations and responsibility for all U.S. sales, marketing and new product planning. He also served as president of Abbott Diabetes Care, leading Abbott's global device business in this area. Most recently, Fiorentino was executive vice president of TAP Pharmaceutical, an Abbott joint venture with Takeda Pharmaceutical, which has now been dissolved.
Actient was established in partnership with private equity firm GTCR, and Timm Medical is the company's second acquisition since its founding. In July 2010, Actient completed its first transaction to license and acquire six pharmaceutical products from UCB Inc., an international biopharmaceutical company based in Brussels, Belgium. Products in the transaction included: Edex (alprostadil for injection), Theo-24 (theophylline anhydrous), Semprex-D Capsules (acrivastine and pseudoephedrine hydrochloride), Levatol (penbutolol sulfate), Robaxin (methocarbamol tablets, USP) and Dilatrate-SR (isosorbide dinitrate).
"Going forward, we will continue to seek additional opportunities in specialty areas that allow us to extend our branded prescription product offering," Fiorentino says.
Edex, a prostaglandin, is also used to treat erectile dysfunction as a third-line therapy. Currently, the Actient sales force calls only on urologists, with other products being sold by "non-personal means." In the future, Fiorentino expects the company to add more urology products to its portfolio and expand into women's health.
Founded in 1980, Chicago-based GTCR focuses on investing in growth companies in the financial services and technology, healthcare and information services and technology industries. The firm stresses what it calls the "Leaders Strategy"ófinding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8 billion in over 200 companies and has taken 38 public.