Recipharm, an international pharmaceutical contract development and manufacturing organization, has arranged a five-year $113 million loan facility with Swedbank, one of the largest banks in Sweden.
The loan facility will serve as an additional resource to facilitate future expansion plans set in place for Recipharm, especially in the field of contract pharmaceutical development. The funds will in part be targeted at increasing capital investment into the company's existing sites and facilities to meet expanding customer demand. The finance will also be used to bolster the next phase of the Recipharm's rolled out program of strategic acquisitions. Moreover, significant resources from the loan pool will be assigned to building and enhancing existing and new customer relationships.
"The new financing will serve to bolster initiatives designed to build and foster strong customer relationships with all our clients across the pharmaceuticals sector. Indeed, Recipharm adopts a partnering approach to client relations to ensure that we consistently provide bespoke services that meet the precise needs of each individual customer both now and in the future,” said Thomas Eldered, CEO of Recipham. “As a forward looking enterprise, we very much want to be there for the long term whilst at the same time having the flexible and established capabilities to respond rapidly to varying and immediate customer needs. Our program of strategic acquisitions and investment in current facilities has always been geared towards increasing and expanding the services that we tailor to each specific client. We look forward to continuing in this vein."