Advent gives SEP acquisition boost

Speciality European Pharma (SEP) has secured €15 million (£10 million) from Advent Venture Partners.

The investment is SEP’s first major financing round.

London-based SEP has used the financing to buy Swiss pharmaceutical company Proreo Pharma International. It also acquired the worldwide rights to Plenaxis – a treatment for prostate cancer – from US company Praecis Pharmaceuticals Plenaxis.

SEP’s chief executive Geoff McMillan says: ‘The rationale for founding SEP was to acquire products with potential for a broader pan-European appeal and these two acquisitions very much fall into that sweet-spot.’

Launched by Advent in September 2006, SEP acquires pharmaceutical prescription products to develop and market in Europe. Rather than raising a war chest, the company will seek funding for specific acquisitions.

Advent has more than £500 million under management. General partner Patrick Lee is a non-executive director at SEP.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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