Scottish pharma maker secures £20m funding

Target Healthcare received a working capital boost of £20 million for its plans to grow organically and through acquisitions.

Santander UK’s funding program is expected to provide the Glasgow-headquartered pharmaceutical manufacturer with what it needs to expand customer base across the UK, including Northern Ireland.

It supplies drugs to retail pharmacies, hospital trusts and large pharmacy wholesalers. Most sales are in the UK, but the business also has customers in Europe and the Middle East, with the bank lending its expertise for expansion in those markets.

Target Healthcare is also looking to expand through acquisitions, building on those it made last year of Pern Consumer Products, which produces eczema treatment brand Dermacool, and Quantum Pharmaceutical, which focuses on medicine manufacturing and an aseptic department, which provides sterile medicines. to the NHS and private hospitals.

Pern Consumer Products and Quantum Pharmaceutical are based in Durham and retain their own corporate identity. They follow Target Healthcare’s 2017 acquisition of unlicensed UK drugmaker Temag Pharma, which has been integrated into the wider business.

Target Healthcare was established in 2012 and has grown over the past decade from an initial staff of two to over 300 employees.

The company is now targeting an increase in annual revenue of more than 40% this year, from the £75m it made in 2021.

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