Chippenham-based Vectura, which develops inhaled pharmaceutical therapies for the treatment of airways diseases, has secured a £50 million finance package from HSBC to support the merger with leading drug delivery company, Skyepharma PLC.
Vectura will use the revolving loan facility from HSBC to part-finance the merger of the two companies, which was approved by the company’s shareholders on Thursday May 5. The funding will help the newly combined group to deliver its strategic objectives.
Andrew Oakley, Chief Financial Officer at Vectura, said: “HSBC has played a pivotal role in the transaction. The revolving credit facility from HSBC will help, alongside existing cash resources, to finance the merger which marks a key milestone for the Company.”
James Shepherd, HSBC’s Area Director in Bristol, Gloucestershire and Wiltshire, commented: “We have worked with Vectura Group for a number of years and have a thorough understanding of its business model and ambitions. This, coupled with the bank’s experience in supporting mergers and acquisitions, meant we were able to provide a tailored finance solution that suited the requirements of the transaction, which will help the combined group continue to grow its revenues.”
The merger of Vectura and Skyepharma will create an industry-leading airways-related specialty business. Bringing together the two companies’ complementary expertise and technologies creates a world leading company in the inhaled respiratory market.