The transaction provides liquidity option to existing investors and secures long-term capital to support continued growth.
RALEIGH, N.C.–(BUSINESS WIRE)–On February 13, 2026, QHP Capital, L.P. (“QHP”) announced the closing of a $1.1 Billion single-asset continuation vehicle for Azurity Pharmaceuticals, Inc. (“Azurity”). The transaction provides liquidity to existing limited partners while enabling QHP to maintain control and continue executing on Azurity’s long-term value creation plan.
The transaction was led by HarbourVest Partners, LLC (“HarbourVest”), with Pantheon Ventures, L.P. participating as a significant investor. Audax Strategic Capital (“ASC”) also participated through a separate structured growth investment. ASC also invested into the continuation vehicle as a syndicate investor.
The transaction offered the existing limited partners in the QHP selling fund the option to either capitalize on strong returns or roll their proceeds into the Continuation Vehicle (“CV”). There was strong participation from a broad set of limited partners, including existing limited partners of QHP. Other existing shareholders, including QHP’s subsequent fund, remain significant investors in Azurity and continue to support the company’s long-term strategy.
The new capital supports Azurity’s continued organic growth, business development and licensing, and potential strategic M&A. ASC provided additional acquisition capital to support the continued growth of Azurity.
Quotes:
“This CV reflects our strong conviction in Azurity’s strategy and leadership”, said Jeff Edwards, Partner at QHP. “We are pleased to partner with HarbourVest as lead investor alongside Pantheon and Audax Strategic Capital as well as other new investors, providing capital to support Azurity’s next phase of growth while offering liquidity to our existing LPs.”
“We are excited to continue our partnership with QHP and welcome our new investors as we enter the next phase of Azurity’s growth”, said Ronald Scarboro, CEO of Azurity. “This CV strengthens our ability to invest in our pipeline and expand our global reach while staying focused on delivering medicines to overlooked patients.”
“We are pleased to serve as the lead investor in the transaction which aligns with our strategy of partnering with what we believe are best-in-class general partners and their high performing portfolio companies,” said Nick Bellisario, Managing Director, HarbourVest Partners. “The QHP and Azurity teams have built an exceptional business, and we are excited to be investing alongside them in the company’s next chapter which will continue the mission of delivering innovative, high-quality medicine to overlooked patients.”
“Continuation vehicles are an increasingly important tool for high-quality assets, offering existing investors liquidity while providing new capital to support the next phase of growth,” said Kevin Dunwoodie, Partner at Pantheon. “Azurity has built a differentiated specialty pharmaceutical platform under QHP’s ownership, and we are pleased to partner with QHP, HarbourVest, Audax Strategic Capital and the management team to support the company’s continued development.”
Advisors
Goldman Sachs & Co. LLC (“GS”) acted as financial advisor to QHP, GS and Eaton Partners, a division of Stifel Nichols, both acted as placement agents, and Ropes & Gray, LLP acted as legal advisor on the transaction.
About Azurity Pharmaceuticals
Azurity Pharmaceuticals is a privately held company committed to delivering innovative, high-quality medicines for overlooked patients. Azurity’s global footprint is over 50 countries, with a diversified portfolio of 50+ medicines spanning 10 dosage forms and 10 key therapeutic areas. Powered by its Next-Gen Commercial Model, Azurity leverages data, analytics, and AI-driven digital tools to enhance market reach and stakeholder engagement. Azurity’s medicines have benefited millions of people. For more information, visit www.azurity.com.
About QHP Capital
Based in the Research Triangle Park of North Carolina, QHP Capital invests in life sciences and pharma services companies with proven products, services, and enabling technologies, utilizing a strategic platform to source, diligence, and create value. Led by a senior team of investment, healthcare, and research professionals, and rooted in the legacy of Quintiles (now IQVIA) and NovaQuest, QHP seeks to partner with founders and management teams to create long-term value. QHP Capital is the management company for NovaQuest Private Equity. For more information, please visit www.qhpcapital.com.
About HarbourVest Partners
HarbourVest is an independent, global private markets firm with over 43 years of experience and more than $146 billion of assets under management as of June 30, 2025. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,250 employees, including more than 235 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $63 billion to newly formed funds, completed over $64 billion in secondary purchases, and invested over $47 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.
About Pantheon
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, private credit, and real assets. For more information, please visit www.pantheon.com.
We have partnered globally with institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $85bn in discretionary assets under management (as of September 30, 2025).
Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.
For further information, please contact:
Pantheon
Mariella Reason, Pantheon Communications
Tel: +44 20 3473 3975 | Email: mariella.reason@pantheon.com
About Audax Strategic Capital
Based in New York and London, Audax Strategic Capital is a flexible partner to private equity sponsors seeking customized equity solutions to drive the continued growth of their portfolio companies. ASC is part of the Audax Private Equity platform, a capital partner to middle market companies with $19.5 billion of assets under management, as of January 2026, over 300 employees, and 100-plus investment professionals. For more information, visit www.AudaxStrategicCapital.com or follow ASC on LinkedIn.
Contacts
Media Contact
Silvia Cruz
silvia.cruz@qhpcapital.com
