Water Street Healthcare Partners announced today that Joseph C. Papa has joined its team of senior investment professionals and executives dedicated to growing health care businesses. Mr. Papa, former chairman and CEO of Bausch and Lomb, will spearhead the health care firm’s search for its next investment in the specialty pharmaceutical sector. Water Street has earmarked $500+ million to kick off the initiative.

“The most rewarding part of my career is playing a role in developing new products and services that are improving patients’ lives. I’m excited to work with Water Street’s team to achieve our shared goal of building a specialty pharmaceutical company that will make a meaningful impact in health care,” said Joseph C Papa.

Mr. Papa brings more than 30 years of pharmaceutical experience to Water Street, including:

• leading eye health company Bausch & Lomb through an IPO after completing the successful turnaround of multinational pharmaceutical company Valeant Pharmaceuticals (later rebranded as Bausch Health Companies)
  
  
• spearheading Perrigo’s transformation into a global multi-billion-dollar pharmaceutical manufacturer during his 10-year tenure as CEO
  
  
• serving in leadership roles to grow businesses at global health care organizations, including Cardinal Health, Searle Pharmaceuticals, and Novartis Pharmaceuticals
  
  
• leading teams in launching products that are recognized as blockbuster drugs, including Celebrex (arthritis) and Lotrel and Diovan (high blood pressure)

“Joe has led an incredibly diverse range of global pharmaceutical businesses, encompassing branded and generic drugs across nearly every major therapeutic area. In every situation, Joe finds a path toward growth. We are thrilled to be working with him to expand our group of businesses focused on contributing to a stronger health care system,” said Tim Dugan, managing partner, Water Street.

Working with Mr. Papa, Water Street is in discussions with founders and leadership teams of specialty pharmaceutical businesses that are interested in a partner to advance their goals for growth. The health care firm has a strong track record of building businesses that develop and commercialize products on behalf of global pharmaceutical, medical device, and biotech organizations. In addition to pharmaceutical businesses, Water Street is pursuing investments in companies specializing in life sciences, medical diagnostics and products, and health care services.