Silicon Valley Bank (SVB) has finalised a loan facility of GBP30 million to Alliance Pharma plc (Alliance) as part of a GBP100m bank club.
Alliance will use the facility to partially finance the GBP127.5 million acquisition of the Healthcare Products Business from Sinclair IS Pharma plc.
The acquisition of 27 products will see Alliance almost double in size and increase its footprint outside the UK, with almost half the new company’s sales coming from overseas markets including the US, Asia Pacific and mainland Europe.
Rosh Wijayarathna, Director of Corporate Banking at SVB’s UK Branch, says: “We are delighted to be joining Alliance's banking group at such an important juncture. This transformative acquisition marks a significant milestone in the company’s growth strategy and creates further geographic and product diversification, setting Alliance up for future expansion. The management team has demonstrated fantastic focus and diligence in completing this acquisition and we look forward to working with the team going forward.”
SVB partners with the life science, technology, cleantech, private equity and venture capital industries and bought its niche experience to the process.
Nooman Haque, Director of Life Sciences and Healthcare, adds: “The specialty pharmaceutical market is undergoing enormous change, driven by legislative and fiscal pressures. This major transaction allows Alliance to capitalise on these new opportunities, specifically by strengthening its dermatology franchise and giving it a credible presence outside the UK for the first time. SVB is proud to have lent its unrivalled industry expertise and financing capability to support it.”
ies in the UK, says: 'Element has an exceptional track record and management team, a diversified customer base and serves growing end markets. As a platform investment in a sector with significant consolidation potential, this is an opportunity for Element to continue to grow strongly for the next five years, providing existing and new customers with a broad range of advanced testing capability and services.'
