Kelso Pharma, the growing specialty pharma business backed by Apposite Capital, announced that it has secured over £140 million of acquisition funding and appointed former Advanz Pharma CEO Graeme Duncan as non-executive director.

A proportion of the funding was used by Kelso Pharma in its acquisition of ALTURiX last month. The remaining facilities will be used to facilitate further acquisitions as the business continues to grow in the UK and across Europe.

Kelso Pharma’s assets currently consist of Stirling Anglian Pharmaceuticals, based in Glasgow; Velit Biopharma, based in Milan; and ALTURiX, based in Milton Keynes.

The funding includes both further equity commitments arranged and managed by existing investor Apposite Capital as well as debt facilities provided by Kartesia. Kelso Pharma was advised in this fundraising by FRP Advisory.

Kelso Pharma CEO Tom Stratford said: “We are committed to continuing to grow Kelso Pharma through a blend of company and product acquisitions and this facility significantly enhances our ability to conclude transactions quickly and effectively.

“The further expansion of the business will make an important contribution to our ambition to make Kelso Pharma a partner of choice for other pharma. Bringing Graeme onto the Kelso Pharma board also enhances our experience and expertise as we continue on our growth journey.”

Apposite MD Sam Gray said: “Ever since we backed the Kelso team to make their first acquisition we have been tremendously excited by the scale and ambition of Kelso Pharma’s growth aspirations and we are happy to have continued to play our part in providing the further funding that the business needs to deliver on that vision.”

Duncan said: “I’m delighted to be joining the board of Kelso Pharma. They have done a tremendous job in building a team, portfolio and business operation that is well set for further growth and expansion. I look forward to playing my part in helping the company on the next stage of its journey.”