Pharma business agrees a new £35m banking facility

BURTON-on-Trent pharmaceuticals firm Clinigen has agreed a new four year £35m multi-currency revolving credit facility.

An ‘accordion option’ has also been agreed under which Clinigen can request an additional £15m on the same terms.

The facility, provided by the group’s existing banker, The Royal Bank of Scotland, replaces the existing £20m facility. It is secured on the tangible and intangible assets of the group. 

Robin Sibson, Clinigen’s chief financial officer, said: “This significantly increased facility will provide us with the flexibility to continue to deliver our strategy of adding to our SP product portfolio whilst we continue to drive the business forward through organic growth.” 

Earlier this week Clinigen announced it had bought Savene, a drug linked to the treatment for cancer, from SpePharm.

Savene is involved in the treatment of extravasation in anthracycline chemotherapy in adults.