According to the company, this cash injection will ensure its ‘rapid growth’ is adequately supported, by facilitating continued investment in acquiring complementary pharmaceutical products and targeting future acquisitions.
The £30 million loan also has the capacity to be expended to £50 million pending future approval, with Ennogen setting its sights on global 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.”
Established in 2011, Ennogen is focused on three key therapeutic areas: dermatology, respiratory and pain relief, predominantly targeting those with chronic conditions.
To date, the pharmaceutical firm’s growth has been funded through cashflow and shareholder contributions.
It has also grown organically and via acquisitions to build a portfolio of products and currently employs over 50 members of staff.
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.”
