Private equity firm NorthEdge has invested in Torbay Pharmaceuticals, a Paignton, UK-based sterile injectable contract manufacturer.
The amount of the deal was not disclosed. The investment was funded by NorthEdge Fund III, and led by Ray Stenton, Andrew Skinner, Allan Dunn, Mani Minhas, Mike Craven and Alex Griffiths. Ray Stenton and Allan Dunn will join the board on behalf of NorthEdge. Jonathan Glenn and Guy Topping have been appointed as Non-Executive Chair and Non-Executive Director respectively, both of whom bring significant experience in supporting contract manufacturing organisations to achieve sustainable and long-term growth.
The company intends to use the funds to strengthen its capabilities and expand its reach in North America, while continuing to grow and invest in its 250-strong team at its UK headquarters in Paignton, Devon.
Established in the 1970s as part of the Torbay and Devon NHS Foundation Trust, Torbay Pharmaceuticals is a sterile injectable contract manufacturer and licence holder which offers fill/finish services for sterilised injectables into plastic and glass vials. It specialises in small to medium-sized commercial batches of generic small-molecule drug products. The company’s specialist portfolio includes licensed and unlicensed sterilised injectables, electrolyte solutions for total parenteral nutrition (TPN) compounding and a range of non-sterile oral solutions.
Over the last six years, Torbay has been on a rapid growth journey that has seen an increasing demand for its commercial-scale sterile injectable fill/finish capabilities. The business supplies healthcare organisations and pharmaceutical companies throughout the UK and internationally.
Further North American market expansion offers a range of commercial opportunities for Torbay. To support this, the investment will facilitate the growth of Torbay’s team, greater automation of inspection and packaging processes and strengthen its plastic vial capabilities – ensuring the company is positioned to meet evolving regulatory requirements in both the US and Europe. Torbay has also invested in a new high-speed filling line to support customer growth.
FinSMEs
19/11/2023