Bruce Downey has agreed to join NewSpring Capital as a partner. He previously was chairman and CEO of Barr Pharmaceuticals Inc.
NewSpring Capital, a family of private equity funds providing capital to companies primarily in the Mid-Atlantic region, today announced that Bruce L. Downey, former Chairman and Chief Executive Officer of Barr Pharmaceuticals, Inc. will join the NewSpring team effective April 1, 2009.
Downey will become a Partner in NewSpring’s second dedicated healthcare fund, NewSpring Health Capital II, L.P. (“NSH II”), managed by Brian G. Murphy and Zev S. Scherl. Capitalizing on the disciplined investment criteria established for NSH II’s predecessor fund, NSH II focuses on a diversified blend of growth and expansion investments in the healthcare services, life sciences and medical device sectors. NSH II conducted its first close in January 2008 and is currently investing.
Bruce Downey joined Barr in 1993 as President and was elected Chairman and Chief Executive Officer in 1994. Under Downey‘s leadership, Barr’s annual revenues increased from $60 million to over $2.5 billion in 2008. Barr’s geographical footprint expanded to include 30 countries, including the United States and Central/Eastern Europe. During his tenure, Barr grew to be the fourth largest global generic drug company. He also built a successful proprietary women’s healthcare business (Duramed Pharmaceuticals), with Barr becoming a leader in oral contraceptives in the United States. In December 2008, Barr was acquired by Teva Pharmaceutical Industries, Ltd. (NASDAQ: TEVA) for approximately $9.0 billion.
“We are extremely excited to have Bruce join the NewSpring team,” stated Brian G. Murphy, General Partner of NewSpring Health Capital II. “Few people have established as impressive a track record of leadership and results in the pharmaceutical industry over the last 15 years. Under Bruce’s direction, Barr became a global industry leader in the generic pharmaceutical arena and a significant force in the proprietary women’s healthcare business. Along the way, Bruce has also become a leading advocate and developer of generic biologic products and policies.”
Zev S. Scherl, General Partner of NewSpring Health Capital II, added, “We are delighted to have Bruce join our team. We are confident our investors will benefit from Bruce’s strong operational sense, extraordinary knowledge of the industry and his ability to generate substantial returns for investors.”
“I have known and worked with the NewSpring team for over five years, through Barr’s investment interest in NewSpring’s healthcare funds and as a member of NewSpring Capital’s Advisory Committee,” commented Bruce Downey. “I respect their ability to create strong returns for their investors and look forward to working more closely with the team as we continue to deploy the NSH II fund and expand the portfolio of investments.”
About NewSpring Capital
NewSpring Capital is a family of private equity funds providing growth and expansion capital for companies primarily in the Mid-Atlantic region. NewSpring Capital currently has over $500 million of assets under management. The family of NewSpring Capital funds consists of (i) NewSpring Health Capital, which provides equity capital to healthcare companies within the life sciences, healthcare services and medical device sectors, (ii) NewSpring Mezzanine Capital, which provides mezzanine capital for expansion stage and buyout opportunities in the business services, healthcare, information technology, and specialty manufacturing sectors, and (iii) NewSpring Ventures, which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology. NewSpring Capital has offices in Radnor, Pennsylvania, and Short Hills, New Jersey. To learn more about NewSpring Capital, please visit www.newspringcapital.com.
About Bruce L. Downey
Bruce L. Downey joined Barr Pharmaceuticals, Inc. in 1993 and was appointed Chairman of the Board and Chief Executive Officer in 1994. Prior to joining Barr, Downey was a Capital Partner in Winston & Strawn, and Partner in a predecessor firm, Bishop, Cook, Purcell and Reynolds. In 1979, he founded Baller & Downey, which later merged with Bishop, Cook, Purcell and Reynolds. Downey began his legal career in the Honors Program at the U.S. Department of Justice. He later worked as a Special Litigation Counsel at the U.S. Department of Energy. Downey graduated with honors from Miami University in 1969 and received his law degree cum laude from Ohio State. Mr. Downey also served on the Board of Editors of The Ohio State University Law Journal and was elected to the Order of the Coif. Mr. Downey is a former director of Warner Chilcott. In 2006 and 2007, he served as the Chairman of the Board for the Generic Pharmaceutical Association (GPhA), the trade association for the generic pharmaceutical industry. Mr. Downey is currently the Chair of the Board of Ambassadors for Johns Hopkins’ Project RESTORE that funds research and clinical trials to support the creation of progressive treatments for transverse myelitis and multiple sclerosis.