TPG Capital launches new pharma company

Private equity platform TPG Capital formed Ellodi Pharmaceuticals, a new specialty pharma company dedicated to the treatment of a chronic, allergic inflammatory disease of the esophagus.

The disease, eosinophilic esophagitis (EoE), is rare and effects only 57 out of 100,000 patients. The exact cause is unknown, but it is believed to be triggered by a variety of stimuli including certain foods and environmental allergens.

Ellodi is dedicated to a new therapy (APT-1011) to treat the disease, which is in Phase 3 development and is a spin out of Adare Pharmaceuticals. The new entity follows TPG Capital’s sale of Adare Pharmaceuticals specialty CDMO pharmaceutical technology and microbiome business to Thomas H. Lee Partners and Frazier Healthcare Partners.

“Beginning a decade ago with our acquisition of Eurand and since the founding of Adare with the carve-out from Allergan in 2015, we have been proud to partner with John Fraher and the entire management team to build a leading global CDMO,” said Todd Sisitsky, co-managing partner of TPG Capital. “Through the application of its innovative science and proprietary drug delivery and microbiome technologies, Adare products have helped treat millions of patients through its partnerships with customers across the pharmaceutical landscape. We wish the Adare Pharma Solutions team continued success with its new partners.”

The terms of the transaction were not disclosed.

As part of the announcement, Adare’s Global Head of Specialty Pharma, Troy Hamilton, will assume the role of Ellodi Pharmaceuticals’ CEO. He has held several executive and gastroenterology-related commercial leadership roles focused on functional gastrointestinal disorders, inflammatory bowel disease, EoE, short bowel syndrome, rare pediatric cholestasis, and acid-peptic disorders. Hamilton will continue to be supported by the program’s existing clinical team

“We have been privileged to partner with the Adare team for over a decade and are equally excited to continue to invest in the development of APT-1011, with the launch of Ellodi Pharmaceuticals, whose leadership team have spearheaded the program,” said John R. Schilling, MD and partner at TPG Capital. “Our clinical data provide diagnostic, histologic, and patient-reported evidence of safety and efficacy in the treatment of the eosinophilic esophagitis. We look forward to completing the development of APT-1011 and the opportunity to bring this important therapeutic to the patients who are suffering from the disease.”