GREENVILLE, S.C. and SACRAMENTO, Calif., Jan. 6, 2026 /PRNewswire/ -- PAI Pharma ("PAI"), a portfolio company of Olympus Partners and a leading U.S. developer, manufacturer and marketer of oral liquid medicines, today announced the acquisition of Nivagen Pharmaceuticals, Inc. ("Nivagen"), a California-based pharmaceutical company with advanced aseptic manufacturing infrastructure and a robust pipeline of ready-to-use sterile injectables.  The acquisition marks a significant step forward in PAI's strategy to expand domestic pharmaceutical manufacturing, strengthen supply-chain resilience, and accelerate growth in RTU sterile injectable and hospital-focused therapies, areas that continue to face persistent drug shortages across the U.S. healthcare system.

Nivagen operates a newly built, state-of-the-art aseptic manufacturing facility in Sacramento, California, designed to support the production of IV bags, vials, prefilled syringes, and cartridges. Nivagen brings a rich pipeline of over 20 RTU injectable products, which complements PAI's existing sterile portfolio of approximately 10 products currently in development and 4 on the market. The combined pipeline positions PAI to better serve hospitals and health systems with high-quality, domestically manufactured sterile therapies.

"PAI is a market leader in RTU oral liquid medicines, and that same focus on quality, reliability, and patient-centric design carries naturally into RTU injectables," said Kurt Orlofski, CEO of PAI Pharma.

"Olympus is proud to continue supporting PAI as it expands into sterile injectables," said Griffin Barstis, Partner at Olympus Partners. "We believe the combination of PAI's leadership in RTU oral liquids and Nivagen's injectable platform creates a unique business that is well-positioned to serve hospitals and healthcare providers with critical, high-quality medicines."

Strengthening Domestic Manufacturing and Addressing Drug Shortages

The transaction aligns with growing national focus on reshoring pharmaceutical production, reducing reliance on foreign supply chains, and ensuring consistent access to essential medicines. Aseptic sterile products, particularly RTU injectables, remain among the most shortage-prone therapies in the U.S., underscoring the need for increased domestic capacity and long-term investment. Industry stakeholders and policy leaders have increasingly emphasized that economic resilience, national health security, and patient access depend on sustained investment in U.S. manufacturing, skilled labor, and advanced production capabilities — priorities directly supported by this acquisition.

"This acquisition represents a meaningful investment in American pharmaceutical manufacturing at a time when domestic capacity, reliability, and readiness matter more than ever," said Jay Shukla, President of Nivagen Pharmaceuticals.

"This investment underscores the growing role Natomas and the Sacramento region are playing in strengthening America's pharmaceutical manufacturing capacity," said Congressman Ami Bera, M.D. (CA-06). "This state-of-the-art facility is helping expand access to ready-to-use sterile injectable medicines, support hospital systems, and improve patient care. I appreciate PAI's investment and look forward to working with them to position the Sacramento region for further growth."

Advisors

PAI Pharma and Olympus Partners were advised by Bourne Partners, Kirkland & Ellis LLP as legal counsel, and KPMG LLP as financial and accounting advisor.

About PAI Pharma

PAI Pharma is a U.S.-based pharmaceutical manufacturer specializing in oral liquid generic prescription medications, with a strong domestic manufacturing footprint and a commitment to quality, affordability, and supply chain resilience. In addition to its oral liquid manufacturing operations, PAI also distributes a portfolio of sterile injectable medications, expanding patient access to critical therapies across care settings. With more than five decades of experience, PAI plays a vital role in supporting the reliability of the U.S. pharmaceutical supply chain.

About Olympus Partners

Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for growing companies. Olympus manages in excess of $12 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Founded in 1988, Olympus is an active, long-term investor across a broad range of industries including healthcare, business services, food services, consumer products, financial services, industrial services and manufacturing.

About Nivagen Pharmaceuticals

Founded in 2009 and headquartered in Sacramento, California, Nivagen Pharmaceuticals, Inc. is a specialty pharmaceutical company with advanced aseptic manufacturing infrastructure and a pipeline focused on ready-to-use sterile injectables and complex dosage forms.

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SOURCE PAI Pharma