London-based global pharmaceutical business Simple Pharma has outlined its plans to grow in the UK and overseas following funding from Santander UK.
Santander UK has provided Simple Pharma with a €3.5m funding package, including a Growth Capital loan. The funding supports growth of the business’s existing portfolio of men’s health products – Testavan and Vitaros – which are sold by its sister company, Androlabs, a dedicated men’s health company.
Simple Pharma was founded in 2019 by Charlie Bryant and Nicolas Vennin with the goal of becoming the ‘best home for proven pharmaceutical products’. As a pharmaceutical services provider, Simple Pharma supplies integrated, digitally enabled, end-to-end distribution and compliance services to deliver medicines in an efficient and cost-effective way.
Headquartered in London, Simple Pharma operates in 20+ countries spanning Europe, Australasia and the Middle East. It achieved net sales of €4m in its 2021 financial year, growing the figure to €7.65m in 2022 and is targeting more than €9m this financial year.
Through Androlabs, further organic growth is anticipated for Testavan and Vitaros in key existing markets including the UK and Germany, in addition to international launches. Longer term, it is looking to expand its portfolio of brands through acquisitions and licensing agreements.
Charlie Bryant, co-founder of Simple Pharma, said: “Santander UK’s funding package gives us the capacity to deliver exciting projects that will improve patient access to healthcare and support our existing portfolio of products. We now have the flexibility to accelerate our growth, whether by expanding into new markets, adding more products to our portfolio, or improving our capabilities.”
Matt Ruskin, director, Growth Capital, Structured Finance at Santander UK, said: “We are delighted to become Simple Pharma’s banking partner. It is an innovative business that has demonstrated impressive international growth, making it a good fit for our Growth Capital loan, and it has an exciting future ahead.”
