Ballast Point Ventures recently announced its successful exit from two of its portfolio companies, KBI Biopharma and Innocutis.
KBI, headquartered in Durham, North Carolina, has been acquired by a consortium led by JSR Group including CMIC Holdings and Innovation Network Corporation of Japan.
The acquisition will increase JSR’s bioprocess capabilities, provide increased capacity and assist further global expansion.
“KBI is truly a company that did well by doing good in helping to develop and manufacture breakthrough biopharmaceutical drug products,” Drew Graham, former chairman of KBI Biopharma and partner at BPV, said. “We are delighted that KBI has found a new home that will provide an ideal platform for continued growth of the business around the world.”
Innocutis, headquartered in Charleston, South Carolina, is a pharmaceutical company that specializes in developing and commercializing therapies focused on medical treatment of dermatological conditions.
Innocutis has been acquired by Cipher Pharmaceuticals. The acquisition expands Cipher’s commercial presence in the U.S. dermatology market, diversifies its portfolio of commercial-stage products that fulfill high unmet medical needs and supports its goal of becoming the most customer-centric dermatology company in North America.
“Our partnership with Ballast Point Ventures was tremendously beneficial on many levels, including most recently in consummating the acquisition with Cipher that will allow the company to reach new heights,” Joe Pecora, co-founder and CEO of Innocutis, said.