Gyrus Capital's Essential Pharma refinances, inks two deals

Greg Gille
22 December 2021

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Essential Pharma, a UK pharmaceutical company backed by Gyrus Capital, has completed a refinancing providing capital to continue its organic and inorganic growth strategy.

Details remain undisclosed. The refinancing was an extension of the existing facilities, providing further firepower for acquisitions and allowing Gyrus to take a dividend recap, according to a source close to the situation.

In parallel with the refinancing, Essential Pharma completed two M&A deals in December.

It divested its 14-product portfolio, Essential Pharma Liquids Limited, to Rosemont Pharmaceuticals Limited. In conjunction with this divestiture, Essential Pharma also acquired Yorkdale Pharma Limited from Rosemont Pharmaceutical, adding five products to the Essential Pharma portfolio.

The company also expanded its global portfolio with product acquisitions for ocular and postpartum therapies from Novartis. Representing the worldwide rights (excluding US and India), these products are sold in more than 50 countries worldwide.

Gyrus Capital signed the acquisition of Essential Pharma in late 2019. The company was being acquired from its founding shareholders by the incumbent management, supported by a significant equity commitment from Gyrus's Cortex Fund, the deal-by-deal multi-asset vehicle that raised EUR 240m in 2019. Leverage was provided by Hayfin Capital Management.

Essential Pharma, based in Egham, Surrey, licences and sells speciality pharmaceuticals in the UK and European markets. According to its website, it specialises in "low-volume, difficult-to-manufacture but clinically well-established pharmaceutical products".