Aspire Pharma acquires Morningside Pharmaceuticals and Morningside Healthcare and its subsidiaries, including Morningside Healthcare (India) creating the UK’s premier Specialty Pharma company

Aspire Pharma Limited, today announced the successful completion of its acquisition of Morningside Pharmaceuticals (Loughborough), Morningside Healthcare (Leicester) and Morningside Healthcare (India) (together referred to as “Morningside”); privately owned, specialty generic pharmaceutical organisations.

Morningside delivers Aspire added talent, increased in-market range, and an industry leading pipeline, complementary to Aspire’s. The acquisition establishes Aspire as the premier Specialty Pharma organisation in the UK, with new opportunities to support international growth ambitions.

“We are excited to welcome the Morningside team to the Aspire family. This is a transformative opportunity for both companies to expand and enhance our position as a result of both companies highly complementary product portfolios. The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally. Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses” said Richard Condon, Chief Executive Officer of Aspire Pharma.

“Aspire’s acquisition of Morningside is validation of the long-term growth plan that the shareholders and management of Morningside Pharmaceuticals and Morningside Healthcare have developed over the past 30 years. The combined company will benefit across several areas, including the realisation of enhanced business development capabilities with over 120 complementary mid and late-stage programs” said Tim Brady, Chief Executive Officer, Morningside.

Respective organisations will continue to operate as standalone businesses until further integration and transition announcements are made.

Additional Transaction Details: No terms of the financial agreement were disclosed by either party.

About Aspire Pharma

Aspire is present in the generics, speciality generics, branded medicines, and medical device sectors. Aspire’s investors include founder Graham Fraser-Pye; Juno Pharmaceuticals, a global pharma specialist organisation spanning four continents, focussing on niche differentiated products and H.I.G. Capital, a leading global alternative investment firm with over $50 billion* of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the USA, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo.

About Morningside

Morningside is a provider of licensed prescription medicines to the NHS and retail pharmacy sector, as well as international export markets. The business has over 300 Marketing Authorisations in the UK and Globally, covering a number of key therapeutic areas.

Disclosure Notice

The information contained in this release is as of October 3rd, 2022. Aspire assumes no obligation to update forward‐looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about Aspire’s acquisition of Morningside Pharmaceuticals and Morningside Healthcare that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realise the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realised; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavourable new clinical data and further analyses of existing clinical data; risks associated with interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when license applications may be filed in any jurisdictions; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, the product(s) will be commercially successful.

*Based on total capital commitments managed by H.I.G. Capital and affiliates.

 

Thank you to all of Morningside’s colleagues for giving so generously to Macmillan’s Coffee Morning, which supports people living with cancer.

The Morningside team baked up a storm to ensure a range of scrumptiously delicious cakes and other treats were on sale, with every penny going to the charity.

In 2021, Macmillan raised over £11 million and hope to top that this year.

A Macmillan spokesperson said: “Right now, more than 3 million people are living with cancer in the UK. By 2030 this figure will rise to 4 million.

“We’re here to help everyone with cancer live life as fully as they can, by providing physical, financial and emotional support. We’ll do whatever it takes, no matter what a person’s needs are, we will listen and support them however they need us to — big or small.”

Macmillan provides services for people living with cancer at every stage of their cancer experience, and are here to provide emotional, practical, physical, and financial support.

They are 98% funded by voluntary donations, so fundraising is essential to make sure they can deliver the vital support people living with cancer need.

To find out more about Macmillan visit here.

One of Morningside’s proudest partnerships is being the named sponsor of the 5,000 capacity Morningside Arena, Leicester; the home of the Leicester Riders Basketball Team.

The Leicester Riders were once again UK basketball champions in 2022, which is their 6^th title, and means that they have now qualified to compete in the European Basketball Champions League.

To show our support, Morningside has sponsored the Riders’ European shirt, which they have proudly worn throughout their campaign on the continent alongside the likes of Romanian side CSO Voluntari.

The team is part of the Qualification Round, which is a three-round knockout format, with the winners of four separate tournaments achieving qualification for the BCL regular season. The teams were drawn against each other based on their BCL ranking, and unseeded teams were seeded according to their country ranking.

Talking about Morningside’s support for the team’s European ambitions, our Chairman Dr Nik Kotecha OBE DL, said: “As the named partner of the Morningside Arena, Leicester, we’re very proud of the huge success of the Leicester Riders, who call the venue their home.

“The Riders’ six British Basketball League titles have really put Leicester and the Morningside Arena on the map, so it’s great to also see them competing against the best teams in Europe, as part of this prestigious international basketball tournament.”

For Morningside our multi-year partnership with the Morningside Arena, Leicester, is so special because we donate the conference facilities for free to good causes, so they can raise much needed funds, as part of our agreement.

Dr Nik added: “From everyone at Morningside Pharmaceuticals, we would like to wish the Team the best of fortune in the European Champions League qualifiers and beyond.”

Morningside Pharmaceuticals has helped address the stigma of witchcraft in Africa by donating medicines connected with the treatment of epilepsy.

Our teams worked diligently to donate 1,000 packs of the drug to Syston Aid charity Inter Care, which has since distributed them to communities in Sierra Leone, Tanzania, Malawi, Zambia and Ghana.

Due to a lack of healthcare provision, many African communities still associate epilepsy with witches and wizards, and often resort to traditional herbal treatments and even public ceremonies in-order-to ward off perceived evil spirits and to heal the patient.

Dr Nik Kotecha OBE DL, Chairman of Morningside, said: “We have had the privilege of working with African communities for the past 30 years and have seen first-hand the excellent medical talent, skills and expertise taking place throughout the continent.

“Access to quality medicines and healthcare remains a problem, which has led many rural communities to seek traditional remedies. I hope our donation helps support Inter Care and the work of other Aid organisations in addressing the lack of knowledge around conditions such as epilepsy, where a wide range of treatment is available.”

As part of Inter Care’s community epilepsy work, they supported a five-year-old girl called Ella, from the city of Bo in Sierra Leone, who had been suffering seizures from birth.

Her community sought out traditional remedies, which did nothing to prevent her often six seizures per day. This led her family to eventually seek hospital treatment where she responded well to the epilepsy medicine, and her parents were provided with comprehensive information and support to help manage her condition.

Albert Sesay from Bo Children’s’ Hospital, said: “Like in many epilepsy cases in the communities we support; when a patient has an epileptic seizure the elders of the communities, family members and others always claim they are attacked by witches and wizards, and traditional treatments are administered to them.

“In most cases these patients are given garlics, smoked with traditional herbal medicines leaves and even take them to societal ceremonies. Before receiving medical treatment. Ella and other children and adults in her position go through so much pain and stress.”

Diane Hardy from Inter Care stated that: “We would very much like to thank Morningside Pharmaceuticals for their kind donation, which is helping to treat other people facing the same social barriers to seeking proper medical support, which patients such as Ella and her family have encountered.”

According to Bo Children’s Hospital, 20,000 people fall sick with epilepsy each year, including over 2,500 children, which leads to four epilepsy-related deaths each day.

During a recent visit to see Ella following her treatment, her parents were asked for their feedback on the support they have received from Bo Children’s Hospital and the Inter Care UK team. Ella’s mother, Nina said: “Words cannot express how grateful I am, any time I look at my daughter my heart gladdens. I am so thankful for your relentless efforts. I don’t know if my daughter would have been alive if it were not for your support.”

Supporting charities and good causes, and working with communities to bring them together to improve people’s quality of life, is a passion for Morningside, which is why we’re delighted to be Headline Sponsors of the Voluntary Action Leicestershire (VAL) Awards 2022.

The Awards celebrate the fantastic contribution volunteers, charities and community groups make in Leicester, Leicestershire and Rutland, including the sectors’ truly amazing inspirational leaders, unsung heroes and those that have gone above and beyond over the last 18 months.

The event was hosted by VAL’s Kevin Allen-Khimani and broadcaster Rupal Rajani. Kevin said: “It was fantastic to see the calibre and number of nominations for the 2022 VAL Awards.

“The past two years have seen unprecedented pressure and stresses on our charity and voluntary sector here in Leicester, Leicestershire and Rutland, so it was wonderful to come together again and celebrate their achievements and hard work.

“The only problem we found is that the Judges had a really tough job deciding on the winners in each category.”

Our Chairman Dr Nik Kotecha added: “Having a vibrant and inspirational charity and voluntary sector in our city and county is an essential component of a successful society – and precisely why Morningside Pharmaceuticals is proud to support.

“Tonight has been an incredible opportunity to allow us to, collectively, take a moment to reflect and recognise the inspiring people and organisations that work diligently behind the scenes to support our community.”

Morningside is a passionate supporter of the work of VAL, which has been an active part of the local voluntary, community and social enterprise (VCSE) sector for over half a century.

Originally formed as the Leicester Council for Social Services in 1965, VAL’s work has constantly evolved with the times, but always kept local people at its heart.

Today, VAL provides advice, support and training to charities and community groups across Leicester and Leicestershire. With around 2,400 registered charities and an estimated 3,800 grassroots community organisations across the city and county, they help charities to reach their potential and continue delivering vital services within local communities.

As well as being Headline Sponsors, Morningside was also proud to present the Overall Charity of the Year Award.

On behalf of the Morningside Team congratulations to all of the nominees on the night. In our eyes you’re all winners.

To find out more about Voluntary Action Leicestershire (VAL) visit here.

On behalf of everyone at Morningside we would like to pay our deepest respects to HM Queen Elizabeth II for her unwavering leadership over the past 70 years.

Her Majesty’s presence touched us all in the most profound way, and her lasting legacy to do good and to be a guiding light, even during the darkest of times, will never be forgotten.

Paying tribute to Her Majesty, our CEO Tim Brady said: “Her Majesty Queen Elizabeth II was a constant in my life and the life of all the people of this great country.

“Her unwavering and steadfast sense of duty and service has been an inspiration to us all.”

As the Commonwealth Games in Birmingham come to an end, our Chairman Dr Nik Kotecha OBE, looks at how the games have brought out the best in nations, and examines the modern relevance and benefits to the UK of the concept of ‘Commonwealth. 

This summer’s Commonwealth Games in Birmingham have highlighted the best of humanity under the most difficult of circumstances; but I’m not just talking about the exceptional performances of the athletes.

The games have come to celebrate and symbolise all that is great about diversity and inclusion, where multi-culturalism takes centre stage and wins gold.

But for many, the concept of ‘Commonwealth’ is outdated and consigned to Britain’s much maligned colonial past, so what is its relevance to today’s world?

For me, the Commonwealth Games and the diversity and inclusivity of the Commonwealth are particularly meaningful, as they have run like a thread through my life, both personally and as an entrepreneur.

I was born in East Africa, my family heritage is from India, whilst I am now proudly British, having lived here for 50 years. I have conducted business throughout the world and in particular the Commonwealth. I think there are three key elements to focus on.

First, the Commonwealth has been helpful to many entrepreneurs and small businesses looking to expand. Whilst it does not offer a single market like the European Union, it is instead a powerful economic network, accounting for 9.4% of the UK’s total trade, 9.8% of UK exports and 9.1% of UK imports.

When I set up my pharmaceuticals company in 1991 from my home garage, this was before the internet and the world was much less connected. We looked for exporting opportunities to emerging markets. Some of the first countries we exported to were Commonwealth ones, such as Barbados, Guyana and many African nations.

The Commonwealth contains emerging economies, which, as they recover from Covid, are set to grow fast. It offers a network through which companies can grow and entrepreneurs can find opportunity. This will be particularly important as countries continue to rebuild from the ravages of Covid. The Commonwealth has a noticeably young population, with 60% of people under the age of 30. We need to provide skills, jobs and hope to the next generation.

Second, the Commonwealth is an important part of the UK’s post-Brexit identity and role in the world. Following the Brexit deal which took effect on 1st January 2021, the UK is refreshing its trading relationships. There are great opportunities here. As an example, India is the giant of the Commonwealth, and is set to become the world’s third largest economy by 2025. I was part of the PM Theresa May’s Trade delegation to India six years ago and have done business there. I know that there is an appreciation of UK standards, services and products, as well as a shift towards regulatory alignment on things like law and accounting procedures. UK-India trade is worth about £25 billion, supporting half a million jobs, and is set to grow.

The UK has been busy negotiating and finalising new trade deals, including an Enhanced Trade partnership with India, which the Department for International Trade (DIT) is working to expand into a comprehensive free-trade agreement – having completed the 4th round of talks in June 2022.

We are also applying to join the 11 nations Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Canada, Australia and New Zealand.

There is a rationale for prioritising Commonwealth countries. Research shows that intra-Commonwealth trade is 19% cheaper, due to similar legal and regulatory systems, which is sometimes labelled the Commonwealth advantage. It is therefore not surprising that the trade of Commonwealth countries tends to be proportionately greater with members than non-members.

Whilst trade, investment and capital flows are important, the third factor I’d like to discuss are the people-to-people links, across the 2.5 billion people of the Commonwealth, which brings me back to the real achievements of the entire Olympic movement. The association, whether it’s through the Commonwealth or sporting achievement, spans every continent and has diversity at its heart with the people unified through common ties cemented by language and shared experiences and history. For Commonwealth countries these bonds are reflected in the strong diasporas in London, the Midlands, and the rest of the UK.

It’s also especially important to highlight how well the Commonwealth Games have showcased the many strengths of Birmingham and the Midlands. The success of celebrating diversity and inclusion has certainly been one of the stand-out accomplishments of this summer’s games. It should also be recognised that trade brings people together and facilitates cooperation and understanding between nations.

We underappreciate how important the Commonwealth Games and our ties to Commonwealth countries are to our history, but also to our present and future; and how together we will continue to play a key role in championing global trade, diversity and inclusion.

Through the Commonwealth Games, the UK has been in the global spotlight for now, but over the longer term we must capitalise on the powerful network it provides, and the opportunities to enhance business, trade and people-to-people ties.

Dr Nik Kotecha OBE is Founder and Chairman of Morningside Pharmaceuticals Ltd