Lake Forest, Illinois, April 2004–Waud Capital Partners (“WCP”) has completed an investment in Jazz Pharmaceuticals, Inc., (“the Company”), a Palo Alto-based company focused on improving the lives of patients through the development and commercialization of important pharmaceutical products that treat neurologic and psychiatric disorders. Jazz Pharmaceuticals is creating innovative therapeutics by improving and expanding the uses of known compounds, and is aggressively adding to its pharmaceutical product portfolio through licensing, acquisitions and collaborations.

WCP’s investment is part of the Company’s $250 million Series B financing announced March 24, 2004, which was led by an affiliate of Kohlberg Kravis Roberts & Co., and included investments from Adams Street Partners, Beecken Petty O’Keefe & Company, EGS Healthcare Capital Partners, Golden Gate Capital, Lehman Brothers Healthcare, an entity associated with the Oak Hill investment group and Thoma Cressey Equity Partners. Participants in the Series B financing also included the Company’s Series A investors ($15 million round completed in April 2003), comprised of Prospect Venture Partners, Versant Ventures and Jazz Pharmaceuticals management.

Commenting on the investment, Bruce Cozadd, Jazz Pharmaceuticals’ Executive Chairman offered, “We are extremely excited to have Waud Capital Partners join our distinguished group of investors. The firm’s network of contacts and experience investing in the healthcare industry should bring value to the Company as we build our business.”

Reeve Waud, Managing Partner of Waud Capital Partners commented, “Jazz Pharmaceuticals represents a spectacular opportunity for our firm to partner with a high-caliber management team with a track record of value creation in one of the largest and fastest growing segments of the U.S. economy. We believe Jazz Pharmaceuticals’ reduced risk, low-cost development model differentiates the Company from its specialty pharmaceutical competitors and positions the Company to be very successful.”

For further information on Jazz Pharmaceuticals, visit the Company’s website at www.jazzpharmaceuticals.com. To learn more about Waud Capital Partners, contact Reeve Waud or Wendy Chronister at (847) 604-9550 or visit the firm’s website at www.waudcapital.com.

About Waud Capital Partners, L.L.C.
Waud Capital Partners, L.L.C. is a private equity investment firm founded in 1993 that partners with outstanding managers to invest in middle market buyouts, recapitalizations, industry consolidations and growth equity investments. The firm seeks to invest $5 million to $30 million in business services, healthcare, industrial/specialty distribution and niche manufacturing businesses with enterprise values between $20 million and $100 million. To date, Waud Capital Partners has successfully acquired over thirty businesses in a wide range of industries, including adhesives, alarm monitoring, automotive components, coatings, consumer products, lighting, litigation services, petroleum distribution, pharmaceuticals, publishing, sealants and specialty hospitals. The firm is backed by a number of institutions, including Citigroup, Middlebury College, SunAmerica, The St. Paul Travelers Companies and the University of Chicago Hospitals, among others.

For Further Information:
Reeve Waud, Founder and Managing Partner
Waud Capital Partners, L.L.C.
560 Oakwood Avenue, Suite 203
Lake Forest, IL 60045
847-604-9550
rwaud@waudcapital.com
www.waudcapital.com