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Management Buyout at Speciality European Pharma Limited (SEP)

June 22nd 2016

Management Buyout provides healthy returns for Beringea Growth Finance

(London, UK) Speciality European Pharma (SEP) has announced its acquisition by international specialty pharmaceutical company and leading life science investor Juno Pharmaceuticals Inc. (Juno). The transaction has crystallised an attractive return for Beringea Growth Finance.

In December 2014 Beringea Growth Finance agreed a £4.7m 4-year term loan to SEP. Beringea Growth Finance is part of Beringea, the transatlantic investor in high growth businesses and the loan was made from the ProVen VCTs managed by Beringea. This loan enabled SEP to repay an earlier facility with Clydesdale Bank and to build upon European growth. With Juno’s acquisition of SEP, this loan has been repaid early, generating healthy returns for the ProVen VCTs.

Speciality pharmaceutical and medical devices group SEP was founded in 2006 and is headquartered in the UK. The business focuses on meeting the needs of specialist physicians, acquiring, licensing and distributing pharmaceutical products and medical devices within the urology and urogynaecology markets.

The acquisition provides the company with capital to continue its growth strategy with existing products and in the longer term to invest in the untapped potential in its proprietary development portfolio. Near term goals include United States approval for Bulkamid, the group’s urethral bulking agent and EU approval of Athrosamid, the group’s synovial implant for osteoarthritis.

Mark Taylor, Partner and Head of Growth Finance at Beringea commented: “This is a great next step for SEP. They have already made progress as a leading supplier within the European urology markets and the acquisition by Juno should provide SEP with a solid platform to become an international market leader. Beringea is pleased to have played a role in SEP’s development and have found Patrick and his team to be committed to not only improving the range of pharmaceutical products available but to making them more widely accessible to specialist physicians across Europe”

Patrick Banks, Chief Executive Officer at SEP said: “SEP is at an exciting juncture in its development. An important step-change came with the acquisition of Contura, a medical devices business, in April 2013. This acquisition has proved a great success and with the increased financial strength that has come from substantial revenue growth and the backing that now comes from Juno, the group is well placed to make the significant investments required to deliver its true potential. Working alongside Beringea has enabled SEP to establish a strong commercial footprint in the EU, and begin to realise our potential as a leading pharmaceutical supplier, building up an impressive track record of growth.”