Target Healthcare seeks acquisitions after funding deal
Glasgow pharmaceuticals company Target Healthcare has raised a £20m warchest for acquisitions and to support its organic growth in the UK and overseas.
The company manufactures and supplies medicines to retail pharmacies, hospital trusts and large pharmacy wholesalers.
In the past year it has acquired the two Durham-based businesses, Pern Consumer Products, which produces eczema treatment brand Dermacool, and Quantum Pharmaceutical, which is focused on the manufacture and supply of special medications.
In 2017 Target Healthcare acquired UK unlicensed medicine manufacturer Temag Pharma, which has been integrated into the wider business.
In ten years the company has grown from an initial staff of two to more than 300 and is targeting an increase in annual turnover of more than 40% this year on the £75m it achieved in 2021.
The latest funding was provided by Santander UK whose relationship director Jonathan Kelly said it would help Target Healthcare’s continued growth overseas.