The life sciences company Aspire Pharma has completed a takeover of Morningside Pharmaceuticals, Morningside Healthcare and its subsidiaries.

Aspire said the deal will establish it as “a premier speciality pharma organisation in the UK”. The agreement will also see the company make inroads in India, having acquired Morningside Healthcare’s business there.

Morningside Pharmaceuticals Ltd is a manufacturer, wholesaler, distributor and supplier of generic and branded medicines and healthcare products to the UK and international markets.

No financial details were disclosed by either company. Aspire’s chief executive officer Richard Condon said the deal was a "transformative opportunity for both companies to expand and enhance” their market positions.

“The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally,” he said.

“Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses.”

Aspire develops and supplies products across a range of therapeutic areas including anti-infectives, central nervous system, dermatology, gastroenterology, oncology, ophthalmology, respiratory and urology.

Morningside chief executive officer Tim Brady said: “Aspire’s acquisition of Morningside is validation of the long-term growth plan that the shareholders and management of Morningside Pharmaceuticals and Morningside Healthcare have developed over the past 30 years.

“The combined company will benefit across several areas, including the realisation of enhanced business development capabilities with over 120 complementary mid and late-stage programmes.”

In a statement, the two companies said they would “continue to operate as standalone businesses until further integration and transition announcements are made".