Penn Pharmaceuticals sees growth on back of boom in contract manufacturing
Wales-based contract development and manufacturing company Penn Pharmaceutical Services has reported strong sales figures for the fifth consecutive year. It said its performance was helped by a series of manufacturing projects for phase III trials and small scale commercial batches.
Wales-based contract development and manufacturing company Penn Pharmaceutical Services has reported strong sales figures for the fifth consecutive year. It said its performance was helped by a series of manufacturing projects for phase III trials and small scale commercial batches.
The company, located in Tredegar, South Wales, reports a 53% increase in its contract manufacturing figures against the same period last year, with overall sales for its key outsourced services at £8.57m to March 2005, up 30% on the previous year.
Significant projects for key European and US clients supplemented strong performances in clinical trials supply and QP consultancy since the implementation of the EU Clinical Trials Directive in May last year.
Penn ceo Craig Rennie said: 'Growth has remained strong since our second MBO in December last year and the resurgence of the contract manufacturing division has been a major factor. The QP consultancy side of the business has proved another success story with comprehensive audits carried out for clients in the US, Canada and Japan in recent months.'
The company recently invested in new equipment for formulation and analytical development activity and doubled its stability testing capacity. Manufacturing capability has also been expanded.
The management team at Penn completed its first MBO in 2000, with private equity house Gresham Trust retaining a 55% holding. This holding was reduced to 25% as part of last December's Secondary MBO and Penn's increased focus on its outsourced pharmaceutical development and manufacturing services.
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