Celerity Pharmaceuticals is a company that Water Street created in partnership with one of the world’s leading pharmaceutical corporations to support it with maximizing its drug development investment. Water Street invested in Celerity in 2013 to lead development of multiple generic product families on behalf of our pharmaceutical partner. Once the products receive regulatory approval, the corporation will purchase them from Water Street at a previously agreed-upon price. We engaged Al Heller, a Water Street operating partner who has more than 35 years of pharmaceutical leadership experience, to serve as chairman of Celerity. We are currently in discussions with other pharmaceutical companies interested in adopting this innovative new model of outsourcing to give them greater flexibility to support their drug development and realize the full value of their assets.