Pharma business gains £1m investment

PECKFORTON Pharmaceuticals has secured £1m worth of investment from its existing investor base, including management, EV and YFM Private Equity.

The new money, which also includes bank funding from Royal Bank of Scotland, will provide extra working capital for the Crewe-based firm, allowing it to embark on new product launches.

Peckforton is a fast-growing business which focuses on supplying injectable drugs to hospitals. It has been rated as the number one supplier to the NHS Commercial Medicines Unit for the past five years. It also offers a range of over-the-counter products including antacids.
 
The company has the regulatory expertise to source low-cost products in countries such as India and gain the necessary approvals to bring them to market in the UK.

Managing director Paul Boulton said: “This investment will allow Peckforton to progress with its development pipeline and consider expanding into continental Europe.”
 
EV’s head of technology investment, Julian Viggars, said: “Peckforton is experiencing rapid growth as a result of new contract wins, licence approvals and new product launches. The company has won over 80% of contracts it has bid for over the past four years and been named as the leading supplier in its field to the NHS.

“It is also looking to pursue a number of other growth opportunities.”

Angela Warner, portfolio director at YFM Equity Partners, added: “Since we invested in the business in 2007, we have worked in partnership with the management team and EV to grow the business to become a market leading supplier of medicines to the NHS. This additional financial investment will enable the team to develop its business both nationally and internationally.”