Simon Hirst’s story
Becoming a medicinal chemist for a top tier global pharmaceutical company is no mean feat. However, that is where it all started for Simon Hirst. Now, he’s leading a world-class drug discovery business, Sygnature Discovery, which is making a difference to patient outcomes around the globe.
From lab bench to leading a new business
After obtaining his BSc and PhD from the University of Nottingham, Hirst undertook post-doctoral research at the University of Pittsburgh and started his career as a medicinal chemist at AstraZeneca.
In 2004, he founded Sygnature with the aim of providing high-quality and tailored drug discovery services for clients in the pharmaceutical and biotech sectors. The business soon developed a 5-star reputation for stellar science and a brilliant culture, growing its presence at its base in Nottingham and becoming a rising star of BioCity (a bioscience innovation and incubation centre).
“Sygnature ran for 13 years with no external investment,” Hirst says, adding that it “was useful in a lot of different ways.” However, he and the team soon realized that the approach had its limitations and they “reached a point where we wanted to look at other options,” he says. It was at this stage that the business decided it was time to partner with a private equity firm to help accelerate its growth plans.
Injecting a dose of capital
Hirst knew there were many growth opportunities to pursue and was excited about scaling the business. However, he was also proud of Sygnature’s incredible culture and the brilliant people he had hired.
“We wanted an investor that recognized the importance of our culture because fundamentally Sygnature is a people business,” Hirst states. “Our people are what give us a competitive edge.”
After meeting a handful of investors, the team found the right fit with Phoenix, who impressed Simon with their knowledge of the sector. The investor they were looking for needed to “help us scale the business whilst maintaining our valuable culture,” says Hirst. “It was clear that Phoenix understood that,” adding that the team also had “a lot of experience with high-growth businesses, so they understood what structures needed to be built as we grew.”
Taking off, whilst staying grounded
During the partnership with Phoenix, between 2017 and 2021, Sygnature truly took off. Turnover more than doubled and profits tripled. Alongside significant organic growth, the business made three bolt-on acquisitions to enhance its strategic capabilities. It grew internationally too, opening two offices in the US, while the team doubled in size as Sygnature hired exceptional scientists who continue to support its core mission: to improve patients’ lives by bringing innovative therapies to market.
Despite this significant growth, the business was able to maintain its valued culture. “We worked closely with Phoenix,” Hirst says. “They were genuinely engaged, and they truly appreciated the value of our culture – which is ultimately what makes our business successful.”
After four years of investment, Phoenix exited in August 2021 with a sale to Five Arrows. Reflecting on the success of Phoenix’s involvement, Hirst says, “Our partnership has been invaluable; they shared our ambitions and the company’s and were instrumental in helping us with our acquisition strategy.”