Company news: Doximity, Jazz Pharmaceuticals
The medical social network Doximity has raised $17 million in series B financing, reported MedCity News. CEO Jeff Tangney told the publication the money would be used to “scale the network and expand our offerings.” The company's network provides a secure environment in which professionals can discuss patient cases and exchange patient information. The series B financing brings company funding to $27 million. Doximity says 1 in 7 US doctors are in its network.
Jazz Pharmaceuticals is putting some distance between itself and the women's healthcare business it scooped up when it purchased Azur in 2011. The company announced Thursday that it is selling the six products, which include the prenatal vitamins Natelle One and Gesticare DHA, to specialty company Meda. The transaction includes a $95 million sale price, as well as the transfer of about 60 employees from Jazz to Meda. Analysts Corey Davis of Jefferies and Michael Faerm supported the sale in their respective September 6 research notes. Both wrote that the women's drugs weren't a solid fit with Jazz's scope, with Faerm adding that the deal scuttles a roster of products that have margins “well below co. average. Faerm attributed the lower margin to the promotional costs: sales ratio, which he estimated to be about 50 sales reps for $30 million in sales.