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Santander UK has provided Ennogen Healthcare International, a growing UK based pharmaceuticals manufacturer, with a £30 million loan facility to support its international expansion plans.
Established in 2011, Ennogen is a pharmaceutical and healthcare company focused on three key therapeutic areas: dermatology, respiratory and pain relief, predominantly targeting those with chronic conditions.
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.”
Sarah Laverty, Structured Finance Director at Santander UK, said: “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.”
The loan package provided by Santander will ensure that the company’s rapid growth is adequately supported as it will allow them to continue to invest in purchasing bolt-on pharmaceutical products in complementary therapeutic areas and target future acquisitions. The £30 million approved funding facility also has the capability to be extended to £50 million, subject to future approval, with Ennogen looking at international expansion opportunities.