Pharmaceutical group in £120m double swoop
Pharmaceutical group Clinigen has spent £120m on a double acquisition of European healthcare companies.
The Burton-based company plans to raise up to £80m in a share placing to part-fund the takeovers.
It has paid an initial $150m (£114m) for CSM Parent, a specialist provider of packaging, labelling, warehousing and distribution services based in Europe and the US. The deal value could increase by a further $90m (£69m) if agreed targets are met.
Clinigen has also bought Swiss-based iQone Healthcare Holding for $7.5m (£6.7m). iQone is based near Geneva with operations across Europe in France, Germany, Italy, Spain and Switzerland.
Shaun Chilton, group chief executive officer, said: “We are now established as a leading international expert and partner in the increasingly complex global supply and distribution of both unlicensed and licensed medicines.
“Our continued ambition is to be the global trusted leader in access to medicines. With that in mind, we continue to execute our buy and build strategy with the purchase of two niche, hospital medicines, as well as today’s announcements on the acquisitions of CSM and iQone, which create a specialist European infrastructure to benefit all of Clinigen’s businesses.”
The group has also today published results for the year to 30 June 2018 which showed adjusted gross profit up 14% to £140.1m.
