PAI Pharma Acquires Nivagen Pharmaceuticals

PAI Pharma, a portfolio company of Olympus Partners and a leading U.S. developer, manufacturer and marketer of oral liquid medicines, announced the acquisition of Nivagen Pharmaceuticals, Inc., a California-based pharmaceutical company with advanced aseptic manufacturing infrastructure and a pipeline of ready-to-use sterile injectables. 

Financial terms weren’t disclosed.

PAI’s primary production base is in Greenville, South Carolina, where it operates from two large manufacturing campuses.

Officials said the acquisition marks a significant step forward in PAI's strategy to expand domestic pharmaceutical manufacturing, strengthen supply-chain resilience, and accelerate growth in RTU sterile injectable and hospital-focused therapies, areas that continue to face persistent drug shortages across the U.S. health-care system.

Nivagen, founded in 2009, operates a newly built, state-of-the-art aseptic manufacturing facility in Sacramento, California, designed to support the production of IV bags, vials, prefilled syringes, and cartridges.

Officials said Nivagen brings a pipeline of over 20 RTU injectable products, which complements PAI's existing sterile portfolio of approximately 10 products in development and four on the market.

The officials said the combined pipeline positions PAI to better serve hospitals and health systems with high-quality, domestically manufactured sterile therapies.

"PAI is a market leader in RTU oral liquid medicines, and that same focus on quality, reliability, and patient-centric design carries naturally into RTU injectables," said Kurt Orlofski, CEO of PAI Pharma.

"Olympus is proud to continue supporting PAI as it expands into sterile injectables," said Griffin Barstis, partner at Olympus Partners.

Barstis added, "We believe the combination of PAI's leadership in RTU oral liquids and Nivagen's injectable platform creates a unique business that is well-positioned to serve hospitals and healthcare providers with critical, high-quality medicines."

Officials said the transaction aligns with growing national focus on reshoring pharmaceutical production, reducing reliance on foreign supply chains, and ensuring consistent access to essential medicines.

Aseptic sterile products, particularly RTU injectables, remain among the most shortage-prone therapies in the U.S., underscoring the need for increased domestic capacity and long-term investment, the officials said.

Industry stakeholders and policy leaders have increasingly emphasized that economic resilience, national health security, and patient access depend on sustained investment in U.S. manufacturing, skilled labor, and advanced production capabilities — priorities directly supported, the officials said, by this acquisition.

PAI Pharma and Olympus Partners were advised by Bourne Partners, Kirkland & Ellis LLP as legal counsel, and KPMG LLP as financial and accounting advisor.

Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for growing companies.

Olympus manages in excess of $12 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.

Founded in 1988, Olympus is an active, long-term investor across a range of industries including health care, business services, food services, consumer products, financial services, industrial services and manufacturing.