Ropes & Gray Advised QHP Capital on $1.1 Billion Continuation Vehicle for Azurity Pharmaceuticals

Ropes & Gray advised QHP Capital, L.P. (“QHP”) on a $1.1 billion single-asset continuation vehicle for Azurity Pharmaceuticals, Inc. (“Azurity”). The transaction provides liquidity to existing limited partners while enabling QHP to maintain control and continue executing on Azurity’s long-term value creation plan. The closing was announced in a press release on March 18.

The transaction was led by HarbourVest Partners, LLC, with Pantheon Ventures, L.P. participating as a significant investor. Audax Strategic Capital also participated through a structured growth investment and in the continuation vehicle as a syndicate investor. The new capital supports Azurity’s continued organic growth, business development and licensing, and potential strategic M&A. Goldman Sachs & Co. LLC (“GS”) acted as financial advisor to QHP. GS and Eaton Partners, a division of Stifel Nichols, both acted as placement agents.

The Ropes & Gray team was led by asset management partners Jon Rash and Peter Laybourn, asset management counsel Marc Migliazzo and Young Yoon, asset management partner Alyssa Horton, tax, employment and benefits partner Jim Brown, private equity partners Martin Ruhaak and Deidre Johnson, finance partner Patricia Teixeira, litigation and enforcement partner Lisa Kaltenbrunner, and executive compensation and employee benefits partner Jenny Rikoski Whitney.