Drug wholesaler United Drug has bought JVA Analytical, a Dublin-based analytical chemistry distributor.
United Drug, also based in Dublin, will pay an initial €16.5 million plus an additional €4.5 million if JVA meets certain targets over the following two years,
JVA is a supplier of laboratory instrumentation, consumables, services and supplies to Ireland's analytical, environmental, educational and regulatory laboratories.
It employs 19 people, including senior management, all of whom will remain with the business.
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United Drug chief executive Liam FitzGerald said: "JVA will form an important part of our medical and scientific division and broadens the range of customers to whom we provide support and services."