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Icon Grouphas extended its presence in the United Kingdom's healthcare market with its first entry in the country's compounding and pharmaceutical sector.
Australia's leading dedicated cancer care provider has announced the acquisition of Pharmaxo Group to complement its strategic partnership with Nuffield Health, Britain's largest healthcare charity.
The deal brings aseptic manufacturer Bath ASU, clinical homecare specialist Pharmaxo Healthcare, and software technology innovator Pharmaxo Scientific into Icon's global portfolio.
"Welcoming Pharmaxo to Icon Group reflects our ongoing commitment to improving access to world-class healthcare in the UK," Icon CEO Mark Middleton said.
"Cancer rates continue to rise and there is a significant need to increase manufacturing of cancer drugs to address growing care gaps."
A laboratory worker at Pharmaxo Scientific prepares a pharmaceutical product
Mr Middleton said Pharmaxo had "built a solid foundation for growth".
"Combined withIcon'sstrong 60-yeartrack recordin pharmaceuticals and sterile compounding underthe SladeHealthbrand,together we will continue bringing the latest drugs to where people need them in the UK,eliminatingunnecessary travel and ensuringtimelyaccess to life-saving medications," he added.
Pharmaxo Group CEO Ian Muir said he was impressed by Icon's growth in supplying chemotherapy and compounding drugs to Australia's private and public healthcare sectors via its Slade division, which delivers over 1.2 million infusions annually.
"Their extensive experience and reputation reflect a true dedication to the highest-quality manufacturing of specialised pharmaceuticals," Mr Muir said.
"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."
Icon, which is majority owned by European-based private equity firm EQT, has more than 35 cancer centres across Australia along with operations in New Zealand, Singapore, Hong Kong and Mainland China.
Read more: Icon Group announces UK partnership
Read more: New deal to expand Icon's cancer care globally
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