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BioCity welcomes R5 Pharmaceuticals acquisition by Aesica
The purchase of Nottingham pharmaceutical formulation specialist and clinical manufacturer R5 Pharmaceuticals by Aesica Pharmaceuticals was announced on Tuesday 29th June and welcomed by major shareholder BioCity Nottingham.
R5 Pharmaceuticals was set up towards the end of 2006 and has grown rapidly within BioCity, employing around 60 highly specialised staff. Export sales account for 75% of turnover, a factor which contributed to R5's win of the national Medilink UK Export Achievement award in March this year.
BioCity Nottingham, which has an investment subsidiary, Mobius Life Sciences, was the largest shareholder in R5 Pharmaceuticals and is delighted with today's announcement. The deal represents a significant return on investment for BioCity whose shares have now been transferred in total to Aesica. Dr Glenn Crocker, BioCity CEO, was a founder director of R5 and non-executive CFO and has played an active part in the company's development.
He commented "Today we celebrate the enormous achievement by Chairman Ian Wilding, CEO Paul Titley and the team they have led since late 2006. The company's performance and strength of management has been a significant factor in securing the deal with Aesica. The support of new owners will no doubt open up new opportunities for R5"
"BioCity is in the business of creating, nurturing and supporting the very best life science firms for a global purpose," continues Dr Crocker. "R5's success is a great validation of this model, which we will continue to implement and further expand over the coming years".
For further information please visit http://www.r5pharma.com/