Morningside sold to Aspire
‘ALLIANCE WILL CREATE ONE OF BRITAIN’S LARGEST PHARMA COMPANIES’
A LEADING pharmaceutical group founded by an Asian businessman and his wife has been acquired by Hampshire-based Aspire Pharma.
Nik Kotecha and Moni established in the early 1990s Morningside Pharmaceuticals, which is a key manufacturer and supplier of generic and branded medicines to the NHS.
The business has a portfolio of more than 240 licensed medicines in the UK and EU and exports to more than 120 countries.
Morningside Pharmaceuticals (Loughborough), Morningside Healthcare (Leicester) and Morningside Healthcare (India) were sold to Aspire Pharma Limited on Monday (3). Aspire is one of the leading manufacturers of generics, speciality generics, branded medicines, and medical devices.
Details of the financial agreement were not disclosed by either party.
“This is a transformative opportunity for both companies to expand and enhance our position as a result of both companies’ highly complementary product portfolios,” said Richard Condon, chief executive officer of Aspire Pharma.
“The combination will create one of the largest and fastest growing UK pharma companies,” he added.
Morningside chief executive officer Tim Brady 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 organisations involved will continue to operate as standalone businesses until further integration and transition announcements are made, a statement said.
Morningside Healthcare Leicester is run by Moni Kotecha’s brothers – Danesh and Sanjay Gadhia.
They grew the business to eight pharmacies in the Midlands and branched out to develop generic medicines under Morningside Healthcare.
Morningside Healthcare identifies and develops pharmaceutical molecules which are then marketed and distributed by Morningside Pharmaceuticals, run by Dr Nik Kotecha.
The Gadhia brothers work closely together – with Danesh developing the pharmaceuticals side of the business and Sanjay heading the retail pharmacies.
During the pandemic, the group set up a high-volume NHS Covid-19 vaccination facility at the Jalaram Community Centre in Leicester, through Patel Chemist.
Kotecha and his wife Moni set up in 2017 the Randal Charitable Foundation, which works with under privileged people in the UK and abroad.
“The ambition for the foundation is to save a million lives in the UK and globally,” he previously told the Asian Rich List, published by Eastern Eye.
The Asian Rich List estimated the wealth of Nik and Moni Kotecha to be £300 million, while the Gadhia brothers were valued at £190 million.