Torbay and Devon NHS Foundations Trust is today announcing the sale of its pharmaceutical business, Torbay Pharmaceuticals (TP), to leading regional private equity firm, NorthEdge.
Over the last six years Torbay Pharmaceuticals has grown to become a contract manufacturer and licence holder serving global markets.
TP colleagues have been transferred to their new employer, Torbay Pharmaceuticals Ltd. The business is looking forward to expanding its global reach and increasing the number of people employed at its head office in Paignton.
NorthEdge is a regional private equity firm, owned and built by its senior team. The firm backs entrepreneurial and ambitious management teams in the Technology, Healthcare, Business Services and Specialised Industrials sectors and has a strong track record of supporting regional businesses reach to their potential, while placing an emphasis on responsible investing.
Liz Davenport, Chief Executive at Torbay and Devon NHS Foundations Trust comments: “We are justly proud of how Torbay Pharmaceuticals (TP) has grown from a backroom in Torbay Hospital in the 1970s to a sizable manufacturer. Over the years, TP has constantly grown and innovated to deliver an increasing volume and range of medicines, while supporting local jobs and the NHS.
“TP has huge potential and we want to ensure that it has the right environment in which to flourish. We want to ensure a sustainable future for TP and its dedicated employees, therefore, we have taken the significant decision that the time is right for TP to expand and provide further local employment and add further value to our local economy and the NHS by developing its product portfolio of essential medicines outside of the NHS. We are confident that NorthEdge have the right skills and expertise to support them to achieve this.”
Emma Rooth, CEO at Torbay Pharmaceuticals adds,
“From our earliest days supporting local hospitals, we have never lost sight of our primary goal: to create medicines that deliver the very best outcomes for patients. This commitment will continue to drive everything we do at Torbay Pharmaceuticals.”
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