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Warburg Acquires JHP From Morgan Stanley for $195 Million

Dec. 31 (Bloomberg) -- Warburg Pincus LLC, a New York-based private-equity firm, bought a majority of specialty-drug company JHP Pharmaceuticals LLC from Morgan Stanley Principal Investments for $195 million.

The acquisition was made on a “debt-free, cash-free basis,” JHP, a 5-year-old firm based in Parsippany, New Jersey, said today in a statement. JHP co-founder and Chief Executive Officer Stuart Hinchen and other managers retained ownership interests. Additional terms weren’t disclosed.

JHP, which develops and makes aseptic injectable drugs, was created by Hinchen and Peter Jenkins in 2007 with Morgan Stanley’s backing. That October, it bought a manufacturing plant in Rochester, New York, from King Pharmaceuticals for about $90 million. The following year, it paid an undisclosed sum to Procter & Gamble Co. for global rights to Dantrium, used to treat malignant hypothermia. Hinchen, who had been president, became CEO when Jenkins retired in 2011.

Warburg Pincus, a buyout sponsor and venture-capital firm started by the late Lionel Pincus in 1966, has more than $30 billion in managed assets. It closed its latest flagship investment fund, a $15 billion vehicle, in 2007.

Elizabeth H. Weatherman, who heads Warburg Pincus’s health-care group, didn’t immediately return a phone message seeking comment.

To contact the reporter on this story: David Carey in New York at dcarey13@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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