International pharmaceutical company, Strakan Group Limited has raised GBP30.5 million funding. Of this total, some GBP28.5 million has been committed from three investors existing institutional shareholders, 3i and LMS Capital and a new institutional investor, Warburg Pincus. Non-institutional shareholders committed GBP2 million.
3i and LMS Capital committed around GBP12 million in Strakan in 1999 and will invest GBP5 million and GBP2 million, respectively, in this funding round. Warburg Pincus will put in GBP21.5 million.
Founded in 1995 with head-quarters in the Scottish Borders, Strachan is an independent research-based company positioned at the leading edge of the research, development and marketing of new and unique prescription products for the treatment of bone and skin diseases. The global market for such treatments is estimated at around $7 billion and as many of these diseases are age related, the global market is set to grow rapidly in line with world demographic trends.
The company has research and development facilities in the UK, US and Japan, as well as a sales and marketing operation in the UK. Strakan has also secured global and wide-ranging international rights to patented new products and new drug delivery technologies. These include the patented intradermal ResiDerm technology, which has multiple applications for the topical treatment of skin diseases.
Strakan chief executive, Harry Stratford, said: “This investment gives us the green light to forge ahead with our R&D programmes to bring our new therapies and drug delivery systems to the international marketplace. We are confident they will play a significant role in global healthcare.”