Icon continues European expansion with deal to buy UK drugs manufacturer Pharmaxo

Icon Group CEO Mark Middleton.

Brisbane-based cancer care group Icon has announced a big investment in the UK with the acquisition of pharmaceutical manufacturer Pharmaxo.

The owner of Bath ASU, Pharmaxo Healthcare and Pharmaxo Scientific also is a clinical homecare provider based in Wiltshire in southwest England. The price of the deal was not disclosed.

Icon says the acquisition is the next step in its growth strategy in the UK, complementing a strategic partnership with Nuffield Health to bring more cancer treatment capacity to underserved communities across the UK.

Icon Group chief executive Mark Middleton said the acquisition reflected the company’s model of entering new markets and a commitment to bringing comprehensive integrated healthcare to where it’s needed. It builds on the group’s compounding business which is delivered under the Slade Health brand in Australia and New Zealand.

“Welcoming Pharmaxo to Icon Group reflects our ongoing commitment to improving access to world-class healthcare in the UK,” said Mr Middleton. “Cancer rates continue to rise and there is a significant need to increase manufacturing of cancer drugs to address growing care gaps.”

Icon boss Mark Middleton says the Pharmaxo deal will build on global strategy.

Pharmaxo combined with Icon’s 60-year track record in pharmaceuticals and sterile compounding would bring the latest drugs to where people needed them in the UK, eliminating unnecessary travel and ensuring timely access to lifesaving medications.

Icon plays a critical role in chemotherapy compounding supply to the private and public healthcare sectors in Australia.

Slade has experienced exponential growth in the last eight years and delivers over 1.2 million infusions annually. CEO Ian Muir said the Pharmaxo was impressed by Icon’s compounding capabilities.

“Icon has a strong growth pipeline in the UK and Europe, and we look forward to being part of this vision and improving access to medications across the country,” said Muir.

Icon is majority owned by European private equity firm, EQT, which the company said would continue to drive the group’s growth in the European market as well as a continued focus on addressing cancer care gaps in regional Australia and Southeast Asia. Muir will remain as CEO reporting into Icon Group’s global structure.

Icon Group’s acquisition of Pharmaxo was advised by HSF, PwC, Bristows, Bain and Aon. Addleshaw Goddard and Baird advised for Pharmaxo Group.