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Venture Life Group extends Alliance Pharma manufacturing contract to 2025
Venture Life Group announced on Wednesday that it has extended its manufacturing contract with Alliance Pharma until 2025 and secured business in excess of that currently undertaken for Alliance.
The AIM-traded self-care group said the deal will generate additional revenues to the company of at least 1.6m annually, with the addition of further product manufacturing expected to begin in the second half of 2018.
A statement said the deal placed Venture Life Group "at the forefront" of Alliance Pharma's strategic distributors.
Jerry Randall, chief executive of Venture Life, said: "In addition to the significant additional business Alliance has agreed to place with us, a further positive is that as part of this deal, we have also been given the opportunity to pitch for future new business that Alliance may put out to tender. We are now well positioned as a valued strategic partner to Alliance and our strong relationship will give shareholders confidence in us as we go forward."
Alliance Pharma is an international pharmaceutical company active in more than 100 countries through direct sales, joint ventures and distribution networks.
The company currently owns or licenses the rights to approximately 90 pharmaceutical and consumer healthcare products.
Peter Butterfield, chief executive of Alliance Pharma plc, said: "We are actively fostering longer term relationships with our key strategic suppliers and are pleased to extend our relationship with Venture Life. Their consistent service and quality excellence will play a pivotal role in delivering growth and unlocking future benefits for both sides."
As of 1217 BST, Venture Life Group's shares were up 9.52% at 46.00p.