The loan package from Santander will support the company’s growth and enable it to continue to invest in purchasing bolt-on pharmaceutical products in complementary therapeutic areas and target future acquisitions.
The £30m approved funding facility also has the capability to be extended to £50m, subject to future approval, with Ennogen targeting international expansion opportunities.
Jason Tate, chief financial officer at Ennogen, said: “Santander quickly understood our business and came up with an innovative and flexible approach to meet our acquisition and product development needs. With offices and specialism in key locations around the world, Santander are best placed to support our international expansion strategy.
“Working with both the team in Manchester and Liverpool, it is clear they have a strong knowledge of the pharmaceutical and healthcare industry.”
Sarah Laverty, structured finance director at Santander UK, added: “We are delighted to support Ennogen with this new £30m facility, which will help deliver their acquisition plans. The business has a strong management team and clearly articulated strategy, which is exactly the type of business Santander looks to support.”
