United Drug acquires leading US pharmacovigilance business
United Drug plc, a leading international provider of healthcare services announces that it has reached agreement to acquire the entire issued share capital of Drug Safety Alliance Inc. ("DSA") for a total consideration of up to $28 million.
- DSA, based in North Carolina, USA employs 94 people and provides safety and risk management services supporting pharmaceutical, biotech, medical device, animal and consumer health organisations. The services include all activities related to the detection, assessment, analysis and reporting of adverse drug reactions.
- DSA is complementary to our US medical information business, Alliance, and will allow us to offer clients an integrated call centre and case processing pharmacovigilance service. Both businesses will form part of our Sales, Marketing & Medical division.
- $21 million of the consideration is payable in cash on completion with an additional amount of up to $7 million payable after three years based on achievement of agreed profit targets. The acquisition will be financed from United Drug's internal resources and existing debt facilities and is expected to be immediately accretive to earnings.
Commenting on the announcement, Liam FitzGerald, Chief Executive of United Drug said:
"I am delighted to welcome the DSA team to United Drug. This is a business with a reputation for high quality service delivery to clients and with our existing medical information business will position us as a leading provider of drug safety and product quality information services in the US. Along with our other recent acquisitions, this transaction extends United Drug's position and reputation as an international provider of outsourced services to life sciences companies with an unrivalled service offering."