Gresham Trust led a £12m management buyout of Penn Pharmaceutical Services in September 2000, with backing from Gresham, the venture-capital firm, and Royal Bank of Scotland. Pharmaceutical companies can outsource parts of their drug research to Penn, including clinical trials, development and even manufacture. Sales at the South Wales company have increased 49% a year from £5.7m in 2000 to £12.8m in 2002.
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