Tenby Pharma emerges with $25M financing

Florida, USA-based Tenby Pharma has announced its acquisition of Sirion Therapeutics as a wholly-owned subsidiary. From Tenby's inception until the consummation of the Sirion acquisition, the former was a shell company with no business or operations and only nominal assets. Pursuant to the transaction, Sirion's former stockholders acquired control of Tenby, which became the parent holding company for Sirion and its businesses. Additionally, in connection with this transaction, Tenby secured $25.0 million in financing from funds affiliated with North Sound Capital to develop and commercialize the Sirion portfolio of products.

It is anticipated that Tenby Pharma will undergo a name change to Sirion Holdings. Barry Butler, president and chief executive of Sirion, has been appointed president and CEO of Tenby. Kevin Kinsella of Avalon Ventures, Kenneth Widder, former chairman and CEO of Sytera, Roger Vogel, chief medical officer of Sirion Therapeutics, and Barry Butler have been appointed to serve as the initial board of directors of the combined companies.

Sirion has been actively consolidating technology and resources in the ophthalmic industry. Prior to the transaction with Tenby, this year it executed two separate acquisitions. In July, Sirion acquired Sytera, a biopharmaceutical firm and, in August, it bought Rx Development Resources, a clinical research organization focused primarily on ophthalmology. Through the acquisition of RxDR, Sirion gained personnel experienced in bringing ophthalmic products to the market. RxDR was founded in 2003 by Barry Butler and Roger Vogel.