H.I.G. Capital Acquires Morningside Healthcare and Morningside Pharmaceuticals

Tuesday, October 04, 2022

H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over $50 billion of equity capital under management, is pleased to announce that its portfolio company Aspire Pharma has acquired Morningside Healthcare and Morningside Pharmaceuticals (together “Morningside” or the “Company”), a leading UK provider of niche generic and branded specialty pharmaceuticals. The financial terms of the transaction have not been disclosed.

Morningside, established in 1991 in the UK, is focused on developing and licensing niche generic pharmaceutical products. The business markets over 160 SKUs across more than 80 product families and multiple therapeutical areas, including Endocrine, Psychiatry, CNS, Infectious and Gastro. H.I.G. is combining Morningside with Aspire Pharma to build on their combined track record of organic growth, product development, and support new initiatives, such as M&A and international expansion.

Richard Condon (CEO, Aspire) remarked, “We are excited to welcome the Morningside team to the Aspire family. This is a transformative opportunity for both companies to expand and enhance our market position as a result of both companies highly complementary product portfolios. The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally. Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses.”

Rohin Jain, Managing Director of H.I.G. European Middle Market and Head of Healthcare in Europe, added, “A combined Aspire and Morningside bring greater scale, breadth and diversity across products, geographies, and sales channels. Together, they are uniquely positioned to build on their strong relationships with relevant stakeholders to continue developing and supplying branded medicines and generics specifically designed and differentiated to offer patient and physician benefits. We look forward to supporting Aspire and Morningside in expanding their reach for the benefit of local health systems and patients.”

Jefferies International Limited acted as financial advisor and Kirkland & Ellis International LLP acted as legal counsel to H.I.G.

Citigroup Global Markets Limited acted as financial advisor and Eversheds Sutherland (International) LLP acted as legal counsel to the shareholders of Morningside.

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