Martindale Pharma, a UK-based international specialty pharma company, has completed the acquisition of Viridian Pharma, a developer and supplier of niche pharmaceutical products also based in the UK.
Although financial terms were not disclosed, the acquisition will be immediately accretive to earnings.
This acquisition is part of Martindale Pharma’s strategy to expand its product portfolio and actively support further growth of its hospital-initiated medicines product range.
Viridian Pharma has developed five products all of which have regulatory approval in the UK and represent first-to-market specialty hospital-prescribed medicines.
The product portfolio consists of caffeine citrate injection and caffeine citrate oral solution for apnoea of prematurity in pre-term babies, sodium chloride oral solution for correction of hypernatremia in infants, sodium citrate oral solution for the prevention of respiratory complications in women undergoing caesarean sections and peppermint water for symptomatic relief of minor upper digestive complaints.
Martindale Pharma has been working with Viridian Pharma to manufacture and market the two caffeine citrate products, and has built a strong market share of the neonatology or special care baby units in the UK over the past 10 years, exclusively using the Martindale/Viridian caffeine citrate range.
Viridian Pharma will be immediately combined with Martindale Pharma’s existing growing business.
Michael Harris, chief executive officer of Martindale Pharma, said: “Martindale Pharma’s strategy is to build leading positions in defined business segments where there is a high unmet medical need and a demand for improved product presentations.
“This acquisition enables us to expand and strengthen our product range of essential medicines.
“Viridian has created a portfolio of valuable products which are a very good fit for our hospital-initiated medicines portfolio and can be marketed through our UK organisation as well as our international partner network.”
Mike Lanning, a founder director of Viridian Pharma, added: “Through the successful collaboration on our caffeine citrate range, Martindale Pharma has demonstrated the capability to ensure these important medicines are preferentially used in vulnerable patients.
“We are delighted that such a strong business partner has acquired the company and will support and develop the product range into the future.”