Delivering what we commit to.
Sector: Healthcare / Pharmaceuticals
Deal Type: MBO
Date: Sep '00 – Apr '07
Deal Size: £12m
I had nothing but support from Gresham who made a tremendous contribution to our business and enabled us to transform Penn into the company it is today.
Penn is a drug delivery business providing fully integrated pharmaceutical services. Based in Tredegar, South Wales, the business tests, develops and manufactures products for companies including an international range of customers.
How did we help?
Gresham originally backed the £12m management buy-out in September 2000 and de-merged Penn into two separate businesses – Penn Pharmaceutical Holdings and Penn T both to improve the operational effectiveness of the businesses and to facilitate the sale in October 2004 of the Penn T business to Celgene, the leading US oncology business. Following this sale, Gresham worked with Penn to restructure its core business and develop its presence in international markets.
We exited the business in two parts, the first to Celgene Corporation for £62.5m in 2004 and the final part in a deal worth £67m in 2007.