WOOBURN GREEN, England, July 11, 2016 /PRNewswire/ --
Expands Hospital-Initiated Medicines Portfolio With a Focus onNeonatology and Paediatrics
Martindale Pharma, the UK-based international specialty pharma company, today announced it has completed the acquisition of Viridian Pharma, a UK-based developer and supplier of niche pharmaceutical products. Although financial terms were not disclosed, the acquisition will be immediately accretive to earnings.
This acquisition is part of Martindale Pharma's strategy to expand its product portfolio and actively support further growth of its hospital-initiated medicines product range.
Viridian Pharma has developed five products all of which have regulatory approval in the UK and represent first-to-market specialty hospital-prescribed medicines. The product portfolio consists of caffeine citrate injection and caffeine citrate oral solution for apnoea of prematurity in pre-term babies, sodium chloride oral solution for correction of hypernatremia in infants, sodium citrate oral solution for the prevention of respiratory complications in women undergoing caesarean sections and peppermint water for symptomatic relief of minor upper digestive complaints.
Martindale Pharma has been working with Viridian Pharma to manufacture and market the two key caffeine citrate products, and has built a strong market share of the neonatology or Special Care Baby Units in the UK over the past 10 years, exclusively using the Martindale/Viridian caffeine citrate range. Viridian Pharma will be immediately combined with Martindale Pharma's existing growing business, which has an established UK and international footprint.
Michael Harris, Chief Executive Officer of Martindale Pharma, commented: "Martindale Pharma'sstrategy is to build leading positions in defined business segments where there is a high unmet medical need and a demand for improved product presentations. This acquisition enables us to expand and strengthen our product range of essential medicines. Viridian has created a portfolio of valuable products which are a very good fit for our hospital-initiated medicines portfolio and can be marketed through our UK organisation as well as our international partner network."
Mike Lanning, a founder director of Viridian Pharma, added: "Through the successful collaboration on our caffeine citrate range, Martindale Pharma has demonstrated the capability to ensure these important medicines are preferentially used in vulnerable patients. We are delighted that such a strong business partner has acquired the company and will support and develop the product range into the future."
Media contacts:
Martindale Pharma Michael Clark Tel: +44 (0) 1628 551934 Hume Brophy Mary Clark, Hollie Vile, Elle Kress Tel: +44 (0) 207 862 6390
Notes to editors
About Martindale Pharma®
Martindale Pharma is a leading UK-based, international specialty pharmaceutical company providing essential medicines to over 28 countries around the world.
Our strategy is to build leading positions in defined business segments where there is a high unmet medical need and a demand for improved product presentations. Our focus is on Emergency Care, Hospital-initiated Medicines, Opioid Addiction, Ophthalmics and Unlicensed Medicines (also called "Specials").
With a strong UK presence with expertise in marketing hospital and specialty medicines, Martindale Pharma is recognised as a strategic partner to the NHS and other healthcare providers and supplying over 100 licensed products and with a track record of successful new specialty product launches.
The business also includes a rapidly growing international organisation currently centred on three geographical regions: Saudi Arabia and the Gulf Co-Operation Council territory, Australia and South East Asia and Northern Europe (focused on Scandinavia).
Uniquely as an independent pharma company the company is underpinned by our own modern, efficient UK manufacturing facility which enables us to develop and compete globally to supply high quality, low cost specialty pharmaceuticals in sterile injection and oral liquid formats.
For further information visit our new website http://www.martindalepharma.co.uk
About Viridian Pharma
Viridian Pharma was established in the UK in 2002 to develop and market niche pharmaceutical products for hospital use. For further information visit: http://www.viridianpharma.co.uk