DISTRESSED DAILY: Carlyle-Backed Pharma Firm Faces Cash Flow Woe

Cash flow troubles are hitting Carlyle-backed pharmaceutical developer Curia Global Inc.

The Albany-based firm, which is known for drug contract development and manufacturing, was taken private by Carlyle and GTCR in 2017. Since then, the company has been hit by inflationary pressures, dwindling demand for Covid-19 related products and rising interest rates, S&P Global Ratings analysts Tulip Lim and Michael McConnell wrote in a note. That’s left the company highly levered and with a sizable interest burden, they added.

The ratings company predicts a domino effect this year when it comes to pharmaceutical spending: funding is likely to ...