Pharmaceutical Associates Inc. Announces the Appointment of Healthcare Veteran Paul Campanelli as New Board Member
April 6, 2020
GREENVILLE, SC – Pharmaceutical Associates Inc (“PAI”), a leader in liquid unit-dose, bottle prescription, and over-the-counter medications, announced today the appointment of Paul Campanelli, former CEO of Endo Pharmaceuticals to its Board of Directors.
Paul is the former President, Chief Executive Officer and Director of Endo International [NASDAQ: ENDP] with over 30 years of healthcare experience. Paul transformed the organization, with a vision of becoming a highly focused generics and specialty branded pharmaceutical company. Endo delivers quality medicines to patients in need through excellence in development, manufacturing, and commercialization in multiple business segments including U.S. Branded Pharmaceuticals, U.S. Branded Sterile Injectables, U.S. Generic Pharmaceuticals, and International Pharmaceuticals. Paul led the company’s strategic focus on organic growth through investments in hard-to-produce generic assets and technologies, a highly specialized branded business, and a concentration on differentiated and intelligent product selection. Prior to joining Endo, he had served as Chief Executive Officer of Par Pharmaceutical following the Company’s September 2012 take-private acquisition by TPG. Prior to the TPG acquisition, Mr. Campanelli served as Chief Operating Officer and President of Par Pharmaceutical from 2010 to 2012.
“Paul is a long-time friend and industry colleague of our firm. He brings a great deal of knowledge and experience that will be invaluable to the continued growth and success of PAI,” said Banks Bourne, CEO of Bourne Partners Strategic Capital (“BPSC”). “Paul is joining the board at a pivotal time as we work together to carry out the company’s growth initiatives that include strategic acquisitions, expanding our provider base, and broadening the variety of services that we provide. We are looking forward to working together to ensure that the business continues to prosper.”
“I am extremely excited about this opportunity to join the PAI board. I have known the Bourne team for a long time and worked with them on numerous deals and was very excited when Banks reached out with this opportunity. PAI is at the forefront of producing high quality liquid medicine and their innovative approach to the need for unit dose packaging is a solution to a problem many hospital systems face on a global scale. I’m looking forward to working with the rest of the board to continue the company’s mission” said Paul Campanelli.
“Choosing the right members of our board is a careful and deliberate process,” said Kurt Orlofski. “It was clear from the start that Paul’s knowledge and expertise would help propel our vision forward. Paul will be instrumental in helping grow the business, and his deep network in the pharmaceutical space will be a true value-add. Together, we can accelerate our plans for expansion and innovation as well as attract the right talent to help grow our dynamic company. I’m truly proud to welcome Paul to the PAI Board of Directors.”
In late 2019, PAI announced that it received an investment from Bourne Strategic Capital Partners and Enhanced Healthcare Partners (“Enhanced”).
“We are excited to have Paul Campanelli join the board at PAI,” said Matthew Thompson, Partner at Enhanced. “Paul’s proven executive leadership experience in the healthcare industry, steering healthcare companies through mergers, changes in business models, and other business challenges will be instrumental as PAI continues to build a world-class pharmaceutical business.”
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About Pharmaceutical Associates Inc.
Among North America’s leaders in quality, safety and productivity, Pharmaceutical Associates Inc. manufactures and markets generic liquid pharmaceuticals. PAI has been at the forefront of producing better-targeted suspensions, oral solutions, elixirs, syrups and liquids for nearly 50 years. To meet the unique needs of retail chains and independent pharmacies, hospitals, long-term care facilities and government agencies, PAI offers standard bottle packaging and ready-to-dispense packaging. In fact, PAI was the first independent manufacturer to develop vertically-integrated unit-dose (UD) packaging and the first to offer complete lines of hard-to-find liquid products in both out-patient and UD packaging. For more information on PAI visit: www.paipharma.com
Bourne Partners Strategic Capital is an investment firm specifically focused in the pharmaceutical, pharma services, OTC and consumer health sectors and is an affiliate of Bourne Partners, an Investment Banking advisory firm specializing in the same core areas. Some of BPSC’s active strategic investments include Covis Pharma, Millicent Pharma, iNova Pharma, AMRI, Novitium Pharma and WellDyneRx. As owners and operators with over 20 years of experience, Bourne Partners Strategic Capital strives to generate compelling returns to its investors by being a value-added investment partner in its core focus sectors, ensuring alignment among investors and management, and by working hand-in-hand with management and all stakeholders to grow business value over the long term. For more information, please visit www.bourne-partners.com.