Pharmaceuticals business has new owner

Torbay and Devon NHS Foundations Trust has sold its pharmaceutical business Torbay Pharmaceuticals to leading regional private equity firm, NorthEdge.
Over the last six years Paignton-based Torbay Pharmaceuticals has grown to become a contract manufacturer and licence holder serving global markets.
TP staff have been transferred to their new employer, Torbay Pharmaceuticals Ltd.
The business says it is looking forward to expanding its global reach and increasing the number of people employed at its head office in Paignton.
NorthEdge is a regional private equity firm, owned and built by its senior team.
The firm backs entrepreneurial and ambitious management teams in the Technology, Healthcare, Business Services and Specialised Industrials sectors and has a strong track record of supporting regional businesses to reach their potential, while placing an emphasis on responsible investing.
Liz Davenport, chief executive at Torbay and Devon NHS Foundations Trust, said: “We are justly proud of how Torbay Pharmaceuticals has grown from a backroom in Torbay Hospital in the 1970s to a sizable manufacturer. Over the years, TP has constantly grown and innovated to deliver an increasing volume and range of medicines, while supporting local jobs and the NHS. TP has huge potential and we want to ensure that it has the right environment in which to flourish. We want to ensure a sustainable future for TP and its dedicated employees.
“Therefore, we have taken the significant decision that the time is right for TP to expand and provide further local employment and add further value to our local economy and the NHS by developing its product portfolio of essential medicines outside of the NHS.
“We are confident that NorthEdge have the right skills and expertise to support them to achieve this.”
Emma Rooth, chief executive at Torbay Pharmaceuticals, said: “From our earliest days supporting local hospitals, we have never lost sight of our primary goal: to create medicines that deliver the very best outcomes for patients. This commitment will continue to drive everything we do at Torbay Pharmaceuticals.”
NorthEdge say their investment will see Torbay strengthen its capabilities and significantly expand its reach in North America, while continuing to grow and invest in its 250-strong team who are based at its UK headquarters.
Further North American market expansion offers a range of commercial opportunities for Torbay.
To support this, the investment will facilitate the growth of Torbay’s team, greater automation of inspection and packaging processes and strengthen its plastic vial capabilities – ensuring Torbay is well-positioned to meet evolving regulatory requirements in both the US and Europe.
NorthEdge says that it is backing chief executive Emma Rooth, and a highly experienced management team, to deliver the exciting and ambitious growth plan.
Ray Stenton, who is a managing partner at NorthEdge, said: “We are delighted to be supporting Emma and the Torbay team on the next phase of their journey.”