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Advent gives SEP acquisition boost
Speciality European Pharma (SEP) has secured €15 million (£10 million) from Advent Venture Partners. The investment is SPE’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.
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