United Drug to buy Canadian marketing firm for €11.2m
London listed pharma group seeks to expand its presence in North America
United Drug chief executive Liam FitzGerald. Photograph: Cyril Byrne.
United Drug has reached an agreement to acquire healthcare marketing firm Medical Communications Group for €11.2 million.
The London listed pharmaceutical group said they deal was likely to be completed in the next six weeks.
Canadian headquartered MCG specialises in multi-channel marketing and communications. It provides outsourced services to over 60 pharmaceutical and healthcare companies in Canada. The company employs about 60 staff.
United Drug said MCG would become part of the sales, marketing and medical division of its business and that the existing management team would remain in place. It is seeking to build its business in Canada following the acquisition last year of Pharmexx Canada as part of a deal to buy global sales organisation Pharmexx.
The purchase is being financed from the group’s internal resources and existing debt facilities and is expected to be earnings accretive in year one, United Drug said.
“The acquisition of MCG is another example of United Drug bolting on complementary businesses to build scale, where we already have an existing market presence,” United Drug chief executive Liam FitzGerald said.