Clinigen pulled something off last year that no other U.K. pharma company has done in the last 5 years, a successful IPO, raising about £135 million ($217.7 million). Clinigen sources comparative meds for clinical trials, braves the regulations of 53 markets worldwide to sell unlicensed drugs, and also sells Foscavir, an anti-viral medication initially approved for HIV patients that is now prescribed 99% of the time for use in bone marrow transplantation. But it has been successful. In the two years leading up to the IPO, the company moved its revenue from about £22 million at 8% EBITDA to £82 million with 22% EBITDA. The company doesn't sell a lot of unlicensed drugs in each market but has developed the country-specific knowledge to pull that off, and Clinigen Group CEO Peter George says, "That is pretty good intellectual property to have. There are not going to be many competitors."