Icon Group acquires specialist pharmaceutical and healthcare company, Pharmaxo – strategic expansion in the UK

Icon Writers / 09 Jul, 2024

Today, 9 July 2024, Icon Group (Icon) has announced the acquisition of Pharmaxo Group (Pharmaxo) – owner of Bath ASU, Pharmaxo Healthcare and Pharmaxo Scientific, a leading pharmaceutical specialist manufacturer and clinical homecare provider based in Corsham, Wiltshire.  

This acquisition marks Icon’s compounding and pharmaceutical entry in the United Kingdom, underscoring a commitment to improving healthcare in the region.  

It is the next step in Icon’s growth in the UK, complementing the strategic partnership with Nuffield Health to bring more cancer treatment capacity to underserved communities across the UK.   

Icon Group CEO, Mark Middleton said this acquisition reflects Icon’s proven 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 excellence which is delivered under the Slade Health (Slade) 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 Mark.   

“Cancer rates continue to rise and there is a significant need to increase manufacturing of cancer drugs to address growing care gaps.  

“Pharmaxo has built a solid foundation for growth. Combined with Icon’s strong 60-year track record in pharmaceuticals and sterile compounding under the Slade Health brand, together we will continue bringing the latest drugs to where people need them in the UK, eliminating unnecessary travel and ensuring timely access to life-saving medications.”

plays a major and critical role in chemotherapy compounding supply to both private and public healthcare sectors in Australia. Slade has experienced exponential growth in the last eight years and today delivers over 1.2 million infusions annually. 

Pharmaxo Group CEO, Ian Muir said they were impressed by Icon’s compounding capabilities.  

“Icon and Slade share our commitment to quality customer service and patient-centred care. Their extensive experience and reputation reflect a true dedication to the highest quality manufacturing of specialised pharmaceuticals,” said Ian.   

“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 is majority owned by European based private equity firm, EQT who continue to drive the group’s strategic and sustainable growth in the European market as well as a continued focus on addressing cancer care gaps in regional Australia and throughout Southeast Asia.   

As part of the business transition, Ian 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. 

“I’d like to thank Richard Wastnage and Chris and Maria Watt who have been instrumental in the success of the company, building a solid foundation for future growth. Icon wishes them all the best in the next phase of their careers, and we look forward to our ongoing relationships with them,” said Mark.

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