The UK's Alliance Pharma says it has secured £55 million in joint funding from the Royal Bank of Scotland and its existing partner Lloyds Bank, which will help the group "further pursue its acquisition-led growth strategy".

The Chippenham-based specialty pharmaceuticals company was founded in 1998 and has acquired the rights to more than 60 drugs. It says that the funding package will allow Alliance to expand into new locations, particularly across Western Europe.  Outside the UK, the firm currently has affiliates in France, Germany and Ireland, while in China it operates through a joint venture called Unigreg.

Finance director Richard Wright said the fresh financing will "deliver an improved maturity profile and reduction in cost whilst leaving Alliance well placed to fund acquisition opportunities which are anticipated over the coming years". He added that the teams at both banks "have created the ideal, bespoke package to help us fulfil our strategic aspirations to increase our international presence".