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Santander UK Grants £30 Million Loan Package to Ennogen Healthcare
The loan is intended to support Ennogen’s growth as it looks to international acquisitions.
Santander UK, a retail and commercial bank based in the United Kingdom, has announced it has provided Ennogen Healthcare International, a UK-based pharmaceuticals manufacturer, with a £30 million loan to support its international expansion plans. Ennogen, which was established in 2011, is focused on dermatology, respiratory, and pain relief therapies, especially those with chronic conditions. The loan package is intended to support the company’s rapid growth as it invests in purchasing bolt-on pharmaceutical products in appropriate therapeutic areas and targets future acquisitions. The approved funding may be extended to £50 million as Ennogen considers international expansion opportunities, although this is subject to future approvals.
“Santander quickly understood our business and came up with an innovative and flexible approach to meet our acquisition and product development needs,” said Jason Tate, chief financial officer at Ennogen, in a Santander press release (1). “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.”
Ennogen is based in Dartford and has a regional office in Northwich, Cheshire. Over the past few years, it has grown both organically and through acquisitions, resulting in its current staff totaing over 50 members. Its growth so far has been funded through cashflow and shareholder injections; this loan is intended to give the company a flexible approach to its growth strategy.
“We are delighted to support Ennogen with this new £30m facility, which will help deliver their acquisition plans,” said Sarah Laverty, Structured Finance director at Santander UK in the press release. “The business has a strong management team and clearly articulated strategy, which is exactly the type of business Santander looks to support.”
Reference
- Santander, Santander Provides Pharma Manufacturer Ennogen with £30 Million Credit Facility for Growth. Press release, May 2, 2024.
