Ennogen, a U.K.-based drug and device maker, reeled in a 30 million pounds sterling ($37.5 million) credit facility that the company will use to expand its international horizons.
Santander U.K. is behind the loan package, which can be extended to 50 million pounds ($62.5 million) in the future, pending approvals. Until the bank stepped in, Ennogen had been funding its growth through its cash flow and through shareholder injections.
Ennogen, which was formed in 2011, is looking to expand internationally, the company said in a May 2 press release. The company, which focuses on dermatology, respiratory and pain relief, has more than 50 employees.
Ennogen says its strategy is to "reinvigorate heritage brands" to meet underserved clinical needs. In the past three years, the company has completed several deals with large multinational organizations to add to its portfolio and expand its global footprint, it said.
“Santander quickly understood our business and came up with an innovative and flexible approach to meet our acquisition and product development needs,” Jason Tate, Ennogen’s chief executive, said in a statement. “With offices and specialism in key locations around the world, Santander are best placed to support our international expansion strategy.”
The loan is targeted at helping the company execute its acquisition plans, Santander UK's structured finance director, Sarah Laverty, said in a statement.