A private equity firm has made a “significant” investment in a Leicestershire business which develops new drugs on behalf of other companies.
Synova Capital has given its backing to Charnwood Molecular, which was founded in 1998 as a spin out from Loughborough University.
Synova said Charnwood was a leader in its field, helping pharmaceutical and biotech companies around the world with their drug development programmes.
It said that as big pharma companies cut down on R&D investments, they have been increasingly outsourcing work.
It employs more than 60 staff across sites in Loughborough and BioCity Nottingham,
Synova said: “Demand outpaces supply in the sector, and there remains a limited number of high quality service providers, with Charnwood being one of the last independent platforms of scale in the 海角视频.”
Charnwood founder and chief executive Steve Allin said: “We are extremely excited about what we can achieve in partnership with Synova.
“Synova supported the business over an extended period prior to their investment, helping us to develop a strategic plan that we are all committed to delivering.
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“They were able to leverage their sector expertise and introduced the business to a number of leading industry figures who will help us to grow going forwards.
“With Synova’s support we now have the resources to accelerate growth of our core service offering and to develop further specialist services to support our clients to develop innovative new treatments.”
Tim Ashlin, Synova partner and head of healthcare, said: “Having tracked Charnwood’s progress for a number of years, we are delighted to announce this investment to fuel Charnwood’s ambitious growth plans.
“It’s exciting to be supporting a business that is focused on developing the next generation of cutting-edge pharmaceuticals, and to support the continued growth of the 海角视频 life sciences industry.”
Charnwood Molecular now serves markets across the 海角视频, Europe and the USA, concentrated on the chemical, pharmaceutical and biotechnology industries.
In 2018 it won the Medilink Regional Export Achievement Award, which recognised the significant increase in sales, from £2.6 million in 2017 to £3.5 million the following financial year.