Wednesday, September 23, 2015
Britain's Clinigen Group said on Tuesday it would buy Link Healthcare, a specialist pharma company focused on markets in Asia, Africa and Australasia, for a maximum 100 million pounds ($155 million).
Chief Executive Peter George said the acquisition, for an initial 44.5 million pounds with the rest dependent on meeting certain milestones, would broaden the company's international distribution network.
"Link, which is located in the three key hubs of Singapore, South Africa and Australia, has excellent local knowledge and connections as well as established customers, " he said.
"Link will enable us to directly supply much needed, but not always licensed, medicines into these growing markets."
Clinigen provides unlicensed medicines to doctors and hospitals, supplies drugs for clinical trials, and has a small portfolio of niche hospital medicines.
George said Clinigen's mission was to be an ethical provider of drugs, through doctors and hospitals, that were not available for patients in the local market.
As well as the acquisition, Clinigen posted a 45 percent rise in revenue to 184.4 million pounds and a 20 percent rise in underlying core earnings to 32.3 million pounds.
reuters.com
