Valeritas Inc., a Bridgewater, N.J.-based developer of drug delivery solutions for diabetes, has raised $150m in Series C financing.
The round was led by Welsh, Carson, Anderson & Stowe, which assumes a controlling interest in Valeritas, which participation from existing investors MPM Capital, Pitango Venture Capital, Abingworth, Advanced Technology Ventures, ONSET Ventures, HLM Venture Partners, Agate Medical Investments, CHL Medical Partners, and Kaiser Permanente Ventures.
The company intends to use the funds for its commercialization efforts of the V-Go disposable insulin delivery device (http://www.go-vgo.com), which provides basal-bolus insulin therapy for adult patients with diabetes who require insulin.
In conjunction with the financing, Daniel Pelak, Senior Industry Executive at Welsh, Carson, Anderson & Stowe, will become Chairman of Valeritas’ board.
Led by Chief Executive Officer Kristine Peterson, the company operates its R&D and manufacturing in a state-of-the-art facility in Shrewsbury, MA.