Pharmaceutical and healthcare services group United Drug has announced that it is to acquire Bilcare Global Clinical Supplies for €61 million.
The company is the UK and US clinical services division of Bilcare Limited. Under the deal, Bilcare will retain its clinical supplies business in Asia.
The acquisition is expected to complete by the end of the month subject to the fulfilment of usual closing conditions.
Bilcare Global Clinical Supplies is a leading clinical trials materials business providing services to global pharmaceutical and biotech manufacturers and clinical research organisations from facilities in the US and UK.
With facilities in Phoenixville, Pennsylvania, USA and Crickhowell, Wales the newly acquired business employs 195 people.
The services it provides include the formulation, development, packaging, labelling and supply chain management of drugs used in the clinical trials process.
It is estimated that the gross assets of the combined business are $16 million and the profits applicable to those assets in the last financial year were $4.6 million. The net assets on completion are expected to be $9.5 million.
United said the newly acquired business is complementary to its existing commercial packaging business and will form a part of its packaging & specialty division.
"The Bilcare acquisition is another very important step in the development of United Drug as we focus on margin expanding, international opportunities. This business fits well alongside our existing packaging businesses in the US and Europe and will position us as a leading provider of services in the growing clinical trials materials market," said United chief executive Liam Fitzgerald.
"Along with the recent Watermeadow and Pharmexx 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," he added.
United last week said it was considering moving its stock market listing from Dublin to London on the back of significant growth in international operations at the pharmaceutical and healthcare services firm.
