Paignton, UK, 20 November 2023 – Private equity firm NorthEdge has invested in sterile injectable contract manufacturer and licence holder Torbay Pharmaceuticals (Torbay) to support its next phase of international growth, after purchasing it from Torbay and Devon NHS Foundation Trust.

Over the last six years, Torbay has been on a rapid growth journey that has seen an increasing demand for its commercial-scale sterile injectable fill/finish capabilities. The business supplies healthcare organisations and pharmaceutical companies throughout the UK and internationally.

NorthEdge’s 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 at its UK headquarters in Paignton, Devon.

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. Torbay has also invested in a new high-speed filling line to support customer growth.

NorthEdge is backing CEO Emma Rooth, and a highly experienced management team, to deliver the exciting and ambitious growth plan. 

Emma Rooth said: “From our earliest days supporting local hospitals, we have never lost sight of our primary goal which is to create quality medicines that deliver the very best outcomes for patients. This commitment will continue to drive everything we do at Torbay.

“We went through an extremely thorough and robust process of selecting the right investment partner and chose to work with NorthEdge as we feel they have the perfect combination of life sciences experience and cultural alignment. We are very proud of the strong relationships we’ve developed with our customers and the flexible, can-do approach of our team, and we are excited to be working with a partner that shares our values and can help us accelerate our vision to connect patients, clinicians and customers with essential medicines around the world.”

Liz Davenport, Chief Executive at Torbay and Devon NHS Foundations Trust comments: “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, the company has constantly grown and innovated to deliver an increasing volume and range of medicines, while supporting local jobs and the NHS.

“Torbay has huge potential and we want to ensure that it has the right environment in which to flourish and impact global health outcomes. We are confident that NorthEdge is the right partner to support them on the next phase of their journey.”

NorthEdge is a leading regional private equity firm, owned and built by its senior team. The firm has a track record of supporting national and international businesses based in the UK regions to reach their potential, whilst placing an emphasis on responsible investing.

Ray Stenton, Managing Partner at NorthEdge adds: “We are delighted to be supporting Emma and the Torbay team on the next phase of their journey. This investment will allow management to accelerate the growth of the business, which will further improve patient outcomes nationally and internationally.

“We understand the significance of this investment and take our responsibilities of growing the business in a sustainable way very seriously, ensuring Torbay remains an employer of choice in the region and continues to add value to its long-standing customers, as well as the local economy. We look forward to playing our part in growing another business of global significance from the UK regions, working with Emma and the team to build a better business, together.”

The investment was funded by NorthEdge Fund III, and led by Ray Stenton, Andrew Skinner, Allan Dunn, Mani Minhas, Mike Craven and Alex Griffiths. Ray Stenton and Allan Dunn will join the board on behalf of NorthEdge. Jonathan Glenn and Guy Topping have been appointed as Non-Executive Chair and Non-Executive Director respectively, both of whom bring significant experience in supporting contract manufacturing organisations to achieve sustainable and long-term growth.

Torbay represents NorthEdge’s seventh Healthcare investment and its fifth in Pharma Services, following investments into medical communications agency, Helios; specialist life sciences talent provider, Meet; pharma-services commercial impact agency, ramarketing; and most recently immuno-oncology contract research organisation, Antibody Analytics.

NorthEdge was advised by Justin Crowther and Drew Wightman, Alantra (corporate finance), Tom Durrant, Squire Patton Boggs (legal) and Candesic (commercial due diligence).

Torbay and Devon NHS Foundation Trust was advised by Amar Shah, Deloitte (corporate finance) and Addleshaw Goddard (legal).

For more information on Torbay Pharmaceuticals, visit: www.torbaypharma.com

About Torbay Pharmaceuticals 

Torbay Pharmaceuticals (Torbay) is a sterile injectable contract manufacturer and licence holder based in Paignton, UK. Established in the 1970s as part of the Torbay and Devon NHS Foundation Trust, Torbay has grown to a 250-strong team serving an international client base of healthcare organisations and pharmaceutical companies. It received investment from private equity firm NorthEdge in November 2023 and became Torbay Pharmaceuticals Ltd. 

As a CMO, Torbay offers fill/finish services for terminally sterilised injectables into plastic and glass vials. It specialises in small to medium-sized commercial batches of generic small-molecule drug products. The company’s specialist portfolio includes licensed and unlicensed terminally sterilised injectables, electrolyte solutions for total parenteral nutrition (TPN) compounding and a range of non-sterile oral solutions.   

For more information on Torbay Pharmaceuticals, visit: www.torbaypharma.com