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Pharmacy2U’s majority shareholder has announced a £500m single-asset continuation fund for the distance-selling pharmacy to help fuel the “next phase” of its growth plans.

Yesterday (July 7) G Square Healthcare Private Equity announced the “successful close” of the continuation fund, which was led by Coller Capital and a syndicate of institutional investors.

G Square Capital said it has provided investment separately to the £500m fund along with other shareholders, with Pharmacy2U’s management team offering its “continued commitments”. 

Pharmacy2U executive chair Deirdre Burns commented: “This is a significant milestone for Pharmacy2U and a powerful cote of confidence in our team, our technology and the opportunity ahead.

“With the continued backing of G Square and the support of a high quality group of new investors, we are exceptionally well positioned to accelerate growth, invest further in innovation and continue delivering outstanding care for the millions of patients who rely on us every day.”

Oliver Hoenich, a partner at G Square, said Pharmacy2U is a “category-defining business,” calling the deal a “landmark moment” for his firm.

Mr Hoenich added: “Over our partnership, the team has transformed Pharmacy2U into the undisputed leader in UK digital pharmacy, with a differentiated technology platform, deep operational capability and a compelling patient proposition.”

David Jolly, a partner at Coller Capital, described the DSP as an “exceptional business… at the forefront of UK digital healthcare”.

He added: “it embodies the characteristics we look for in long-term investments: market leadership, strong fundamentals and multiple avenues for continued growth.”

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