News Release

The Carlyle Group and Pharmaceutical Industry Veterans Launch Millicent Pharma with Acquisition of Femring


New York, NY – Global alternative asset manager The Carlyle Group (“Carlyle”, NASDAQ: CG) and pharmaceutical industry veterans Dr. John King, Roger Boissonneault, and Geoffrey Elliott today announced that they have jointly launched Millicent Pharma. Millicent Pharma will seek to build a global pharmaceutical company via the acquisition and development of pharmaceutical products. Femring – a long-acting, estrogen-based, vaginal ring treatment for menopausal women acquired from Allergan (NYSE: AGN) – is the first acquisition by Millicent Pharma.

Dr. King will serve as Chairman of Millicent Pharma, Mr. Boissonneault as Chief Executive Officer (CEO), and Mr. Elliott as Chief Financial Officer (CFO). Prior to Millicent Pharma, Dr. King, Mr. Boissonneault, and Mr. Elliott led Warner Chilcott, a global pharmaceutical company specializing in women’s health, gastroenterology, urology, and dermatology, until its $9 billion sale to Actavis in 2013. At Warner Chilcott and its predecessor companies, Dr. King served as Non-executive Chairman, Executive Chairman, and CEO, Mr. Boissonneault as CEO, and Mr. Elliott as CFO. Several former Warner Chilcott senior executives who have proven track records in the pharmaceutical industry are also joining the Millicent Pharma leadership team.

Chairman Dr. King commented, “We and Carlyle share a vision of building a leading pharmaceutical platform with an emphasis on supporting pharmaceutical products that bring real value to patients. Carlyle has a deep understanding of the pharmaceutical sector and a record of helping build market-leading businesses, and we look forward to working together.”

CEO Mr. Boissonneault continued, “We are excited to partner with Carlyle and launch Millicent Pharma. We believe Millicent Pharma is well positioned to succeed as a pharmaceutical platform given our collective industry expertise, extensive networks, and financial resources.”

Stephen H. Wise, Managing Director and Global Head of Healthcare for The Carlyle Group, added, “Carlyle is thrilled to be investing behind John, Roger, and Geoffrey – proven leaders and visionaries in the pharma industry. We look forward to partnering with this team to build a differentiated pharma platform.”

Millicent Pharma’s first product acquisition, Femring (estradiol acetate), is a long-acting, ring-based estrogen treatment for menopausal symptoms. Warner Chilcott, under the leadership of the Millicent Pharma management team, developed and launched Femring in 2003.

The Millicent Pharma management team and Carlyle jointly financed Millicent Pharma’s acquisition of Femring. Carlyle’s equity investment came from Carlyle Partners VII, a U.S.-focused buyout fund. Carlyle worked with Bourne Partners on this transaction, and Bourne Partners will be an investor and partner in this new venture as part of the Phoenix Therapeutics venture between the two firms. Latham & Watkins LLP acted as legal advisor to Millicent Pharma.

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About Millicent Pharma

Millicent Pharma is a pharmaceutical company that is focused on improving patient lives and outcomes and seeks to acquire, develop, manufacture, and commercialize pharmaceutical products globally. The executive team at Millicent Pharma – John King, Roger Boissonneault, and Geoffrey Elliot – will seek future acquisitions with the financial backing of the executive team and The Carlyle Group. Millicent Pharma is headquartered in Ireland.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents.

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