Conshohocken-based Hamilton Lane has acquired a major stake in Cosette Pharmaceuticals, a New Jersey-based specialty pharmaceutical company, writes Jeff Blumenthal for the Philadelphia Business Journal.

The private markets investment management firm is now part of a controlling faction in Cosette. Hamilton Lane bought the undisclosed share of the company from Avista Capital Partners, a New York-based private equity firm that remains a co-investor.

The financial terms of the deal were not disclosed.

Following the sale, Hamilton Lane and Avista will jointly control Cosette, which focuses on women’s health, cardiology, and dermatology.

According to Ken Binick, managing director and co-head of direct equity investments at Hamilton Lane, Cosette is exactly the type of investment the firm’s direct equity platform seeks.

“I think we found it to be a very attractive asset with what we believe is a clear path for value creation,” said Binick. “And I think it checked the box in a lot of different ways.”

While the deal was finalized, Cosette acquired the U.S. rights from Sanofi to prescription sleep medication Ambien, which generated $39 million in U.S. sales in the 12 months ending this April.

“We thought it was a good addition to [Cosette’s] existing portfolio,” said Binick.

Read more about Hamilton Lane’ acquisition of a major stake in Cosette Pharmaceuticals in the Philadelphia Business Journal.

Hamilton Lane co-CEO on investing in private markets