Aspire Pharma acquires Morningside Pharmaceuticals and Morningside Healthcare and its subsidiaries, including Morningside Healthcare (India) creating the UK’s premier Speciality Pharma company
Petersfield, Hampshire, October 3rd 2022, Aspire Pharma Limited, today announced the successful completion of its acquisition of Morningside Pharmaceuticals (Loughborough), Morningside Healthcare (Leicester) and Morningside Healthcare (India) (together referred to as “Morningside”); privately owned, speciality generic pharmaceutical organisations.
Morningside delivers Aspire added talent, increased in-market range, and an industry leading pipeline, complementary to Aspire’s. The acquisition establishes Aspire as the premier Speciality Pharma organisation in the UK, with new opportunities to support international growth ambitions.
“We are excited to welcome the Morningside team to the Aspire family. This is a transformative opportunity for both companies to expand and enhance our position as a result of both companies highly complementary product portfolios. The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally. Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses” said Richard Condon, Chief Executive Officer of Aspire Pharma.
“Aspire’s acquisition of Morningside is validation of the long-term growth plan that the shareholders and management of Morningside Pharmaceuticals and Morningside Healthcare have developed over the past 30 years. The combined company will benefit across several areas, including the realisation of enhanced business development capabilities with over 120 complementary mid and late-stage programs” said Tim Brady, Chief Executive Officer, Morningside.
Respective organisations will continue to operate as standalone businesses until further integration and transition announcements are made.
Additional Transaction Details
No terms of the financial agreement were disclosed by either party.
About Aspire Pharma
Aspire is present in the generics, speciality generics, branded medicines, and medical device sectors. Aspire’s investors include founder Graham Fraser-Pye; Juno Pharmaceuticals, a global pharma specialist organisation spanning four continents, focussing on niche differentiated products and H.I.G. Capital, a leading global alternative investment firm with over $50 billion* of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the USA, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo.
About Morningside
Morningside is a provider of licensed prescription medicines to the NHS and retail pharmacy sector, as well as international export markets. The business has over 300 Marketing Authorisations in the UK and Globally, covering a number of key therapeutic areas.
Disclosure Notice
The information contained in this release is as of October 3rd, 2022. Aspire assumes no obligation to update forward‐looking statements contained in this release as the result of new information or future events or developments. This release contains forward-looking information about Aspire’s acquisition of Morningside Pharmaceuticals and Morningside Healthcare that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realise the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realised; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavourable new clinical data and further analyses of existing clinical data; risks associated with interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when license applications may be filed in any jurisdictions; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, the product(s) will be commercially successful.
*Based on total capital commitments managed by H.I.G. Capital and affiliates.