Torbay and Devon NHS Foundations Trust has sold its pharmaceutical business to private equity firm NorthEdge.
Torbay Pharmaceuticals, which employs 250 staff at its headquarters in Paignton, supplies healthcare and medical organisations throughout the Ƶ and internationally.
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NorthEdge, which backs firms in the tech and healthcare sectors, said its investment in the sterile injectables manufacturer would support job creation at its Paignation base and further expansion into the North American market. Following the deal, which was completed for an disclosed amount, funds will also be spent on automating the company’s inspection and packaging processes and a new high-speed filling line, to support customer growth.
Liz Davenport, chief executive at Torbay and Devon NHS Foundations Trust said: “We are justly proud of how Torbay Pharmaceuticals has grown from a backroom in Torbay Hospital in the 1970s to a sizable manufacturer. Over the years, the company has constantly grown and innovated to deliver an increasing volume and range of medicines, while supporting local jobs and the NHS.
“Torbay has huge potential and we want to ensure that it has the right environment in which to flourish and impact global health outcomes. We are confident that NorthEdge is the right partner to support them on the next phase of their journey.”
Emma Rooth, chief executive of Torbay Pharmaceuticals, added: “From our earliest days supporting local hospitals, we have never lost sight of our primary goal which is to create quality medicines that deliver the very best outcomes for patients. This commitment will continue to drive everything we do at Torbay.”
Ray Stenton, managing partner at NorthEdge, commented: “We understand the significance of this investment and take our responsibilities of growing the business in a sustainable way very seriously, ensuring Torbay remains an employer of choice in the region and continues to add value to its long-standing customers, as well as the local economy.
“We look forward to playing our part in growing another business of global significance from the Ƶ regions, working with Emma and the team to build a better business, together.”
Torbay represents NorthEdge’s seventh Healthcare investment and its fifth in Pharma Services, following investments into medical communications agency, Helios; specialist life sciences talent provider, Meet; pharma-services commercial impact agency, ramarketing; and most recently immuno-oncology contract research organisation, Antibody Analytics.
NorthEdge was advised by Justin Crowther and Drew Wightman, Alantra (corporate finance), Tom Durrant, Squire Patton Boggs (legal) and Candesic (commercial due diligence). Torbay and Devon NHS Foundation Trust was advised by Amar Shah, Deloitte (corporate finance) and Addleshaw Goddard (legal).
