Aspire Pharma, a pharmaceutical company backed by H.I.G. Capital LLC, has acquired Morningside Healthcare and Morningside Pharmaceuticals, a U.K.-based provider of generic and branded pharmaceuticals.
Morningside is focused on developing and licensing generic pharmaceutical products. The business markets approximately 160 SKUs in multiple therapeutical areas, including endocrine, psychiatry, CNS, infectious and gastro. The combination looks to build on H.I.G.’s organic growth and product development, and support new initiatives such as mergers and acquisitions and international expansion.
“This is a transformative opportunity for both companies to expand and enhance our market position as a result of both companies’ highly complementary product portfolios,” says Richard Condon, CEO of Aspire. “The combination will create one of the largest and fastest-growing U.K. pharma companies and see further accelerated growth potential in our current and future product portfolio, in the U.K. and internationally.”
Jefferies International Ltd acted as financial advisor and Kirkland & Ellis acted as legal counsel to H.I.G. Citigroup Global Markets Ltd acted as financial advisor and Eversheds Sutherland LLP acted as legal counsel to the shareholders of Morningside.