A PHARMACEUTICAL manufacturer has secured a funding deal worth £16 million.

OBI Pharmaceuticals is set to create an additional 20 jobs at its Runcorn site in Astmoor as part of expansion plans.

The Liverpool-based company has increased its finance package from £13m to £16m with Royal Bank of Scotland.

The financing deal incorporates loans from RBS and its asset financier Lombard, and capital expenditure from RBS Invoice Finance.

Phil Didlick, group finance and IT director at OBI Pharmaceuticals, said: "We are committed to developing a globally competitive contract development and manufacturing organisation.

“The new facilities at our Runcorn site and the strengthening of our senior management team in the pharmaceutical business are a testament to that strategy."

Tim Rigg, relationship director at RBS, added: "OBI Pharmaceuticals has a strong presence in the region and an astute management team.

“We are confident the wide working relationship both locally and nationally will continue to strengthen with OBG Pharmaceuticals taking full advantage of growth opportunities in the markets they operate."

The business is part of the O'Brien Group.