Close Brothers VCT has committed GBP1.8 million to Peakdale Molecular Limited, a contract research company providing integrated chemistry to the pharmaceutical industry for early stage drug discovery. The money invested comes from the Close Brothers Development VCT and Close Technology & General VCT plc, both managed by Close VCT Management. The new funding will be used to provide working capital and to finance a significant growth phase in Peakdale’s development, helping to create 100 new jobs.
Derbyshire-based company Peakdale was founded in 1992 and is involved in the design, production and supply of compounds for use in pharmaceutical research programmes and agrochemical products. Its current customer base includes global companies such as Glaxo SmithKline, Pfizer, Merck and Bayer.
The company recently moved to a new 40,000 square foot, purpose built facility situated in Chapel-en-le-Frith with six laboratories. The financing provided by Close VCT will help to fund the addition of 11 new laboratories, following a phased roll-out. The new laboratories will enable the company to significantly increase its capacity in order to keep pace with ever increasing market demand for out-sourced chemistry services.
Will Fraser-Allen of Close VCT management said: “Drug companies are coming under increasing pressure to improve and accelerate drug discovery and development in order to develop better drugs at a faster pace. Out-sourced chemistry services offer drug companies greater operating efficiencies, reduced fixed costs, expanded R&D capacity and access to new technologies. Peakdale is highly regarded in the outsourced chemistry field and offers us the opportunity to back a quality management team in a rapidly growing market.”