Aptalis Pharmaceutical Technologies said that its divestiture from Actavis plc to TPG, a global private investment firm, has been completed. The company also said that its new name is Adare Pharmaceuticals and John Fraher, who was president of Aptalis Pharmaceutical Technologies, has been named the chief executive officer.

“For decades, we have solved complex formulation, manufacturing and commercialization challenges, which has resulted in transformational medicines that deliver value to all our stakeholders,” said Mr. Fraher. “With the launch of Adare Pharmaceuticals and TPG’s support, we have the vision, resources and talent to expand our pipeline and capabilities, enabling us to establish new and build upon existing partnerships with global pharmaceutical companies. We are focused on developing medicines that further address the needs of a changing healthcare industry and bring even greater benefits to partners and patients.”

“The team at Adare Pharmaceuticals has a proven track record in developing and manufacturing improved medicines and we see great opportunities in the market for their expertise,” said Todd Sisitsky of TPG. “We are committed to growing Adare Pharmaceuticals through acquisitions and new product development, and we believe our experience and success in the healthcare industry make us uniquely suited to support the company. We are excited to work with John and his team to innovate and cultivate new partnerships.”