Health care investor Water Street Healthcare Partners reported on Monday the receipt of approval from the US Food and Drug Administration (FDA) for cardiovascular medication Bivalirudin in 0.9% Sodium Chloride Injection (bivalirudin) following its strategic partnership with a medical products company.

The US FDA approval of bivalirudin marks the fifth drug product successfully developed by Water Street's company, Celerity Pharmaceuticals LLC.

The company said bivalirudin is the first presentation in a frozen, premixed, ready-to-use formulation.

In conjunction, Celerity both funded and led the development and approval of bivalirudin through its strategic partnership with the medical products company.

Upon the US FDA approval of bivalirudin, Celerity transferred ownership to its partner, which will commercially launch the new product in the US.