Pharmaceuticals firm acquires Chamber patron

Morningside - a patron of Greater Birmingham Chambers of Commerce - has been acquired by Aspire Pharma Limited.

The purchase includes the Morningside Pharmaceuticals and Morningside Healthcare (Leicester and India) arms of the Leicestershire business.

Established in 1991 by Leicestershire entrepreneur Nik Kotecha, Morningside develops and licences niche generic pharmaceutical products.

In recent years Mr Kotecha has been dedicating time to his work as chairman of the Randal Charitable Foundation, helping socially disadvantaged children in the UK and around the world.

He also works closely with trade bodies such as the Department of International Trade, East Midlands Chamber of Commerce, the Leicester and Leicestershire Enterprise Partnership, the Midlands Engine Council and CBI East Midlands, and is a Deputy Lieutenant of Leicestershire.

Morningside exports to more than 120 countries and is one of the UK 's leading suppliers of medicines to international charities, non-governmental organisations and aid agencies.

Aspire, as a premier speciality pharma organisation in the UK, says the acquisition will provide new opportunities to support international growth ambitions.

Richard Condon, chief executive officer of Aspire Pharma, said: “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 market 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. ”

Tim Brady, Morningside 's chief executive officer, said: “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. ”

Pictured: Richard Condon and Tim Brady