UniPhar pays €15m for two UK medical companies

IRISH-OWNED UniPhar has made its first acquisition in Britain - two medical equipment marketing companies based in England.

UniPhar, which is owned by independent pharmacists in the Republic, is understood to have paid about € 15 million for Newbury-based Forth Medical and NorthStar Orthopaedics.

Forth Medical specialises in the sale, marketing and distribution of implants and devices used in ear, nose and throat as well as spinal surgery in Britain and Ireland.

NorthStar Orthopaedics markets and distributes orthopaedic implants and ancillaries to NHS and private hospitals in the British and Irish hospitals, including Beaumont Hospital in Dublin.

According to the most recent financial statements filed with the British Companies Office, Forth Medical generated pre-tax profits of £698,894 for the year to the end of May 2007 based on turnover of nearly £6.8 million, of which £379,154 came from the sale of goods to NorthStar.

Abbreviated accounts for the year to the end of May 2006 showed NorthStar had fixed assets with a book value of £210,112. The two firms employ 40 people.

Dublin-based UniPhar employs more than 700 people across eight divisions and generated pre-tax trading profits in 2006 of €19.6 million on turnover of € 705 million.

A UniPhar spokesman declined to comment on whether cash or shares or both were used to fund the purchases, but said the company was "looking at acquisitions in the UK and internationally".