German drug distributor Celesio has bought contract sales organisation Alchemy Healthcare for an undisclosed sum.
The firm will combine Alchemy Healthcare with its Pharmexx Ireland unit, which offers personnel and marketing services for the pharmaceutical industry.
"This deal will further strengthen our position as a strategic partner to the pharmaceutical industry in Ireland", said Celesio's Wolfgang Mähr.
"It allows us to increase market share by realising synergy effects with our Irish subsidiary Pharmexx as well as growth opportunities in new services."
The company said the acquisition would also reduce Celesio's dependence on sterling.
Managing director of Alchemy, Mick O'Leary, was optimistic about the business's future as part of the merged entity.
"Alchemy Healthcare built its success in the pharmaceutical market, supplying the best people and strategies to our clients, whilst Pharmexx has excelled in the retail/OTC (over the counter) space. The marriage of these two critical service areas will ensure a compelling business proposition for our existing and future clients," he said.
Celesio also owns Cahill May Roberts in Ireland, and Unicare in Ireland. Unicare, which operates 72 pharmacies in Dublin, Laois, Westmeath, Cork, Limerick, Wexford, Waterford, Kildare and Kilkenny, was acquired by Celesio for €157 million in 2001.
In October, the company write down the value of its Irish pharmacies by €85 million, blaming the Government’s decision to reduce payments for dispensing drugs to medical card holders.
It also owns DocMorris and Movianto Ireland.
