13th Jan 2020 08:54
(Alliance News) - Pharmaceutical services provider Ergomed PLC on Monday said it has acquired US-based Ashfield Pharmacovigilance Inc from UDG Healthcare PLC for USD10 million cash.
"The acquisition of Ashfield PV is a major step forward for Ergomed in the strategically important US market. It strengthens the US platform for the Ergomed CRO business as we continue our drive towards becoming a leading mid-tier pharmaceutical services specialist with a global presence," said Ergomed Executive Chair Miroslav Reljanovic.
The acquisition is expected to be accretive to Ergomed's 2020 earnings per share.
In the period to the end of September 2019, Ashfield - which provided services to the healthcare and pharmaceutical markets as part of FTSE 250 listed UDG - posted revenue of USD11.6 million and earnings before interest, taxes, depreciation and amortization of USD900,000.
Ergomed shares were trading 6.4% higher at 414.80 pence each on Monday morning in London. Shares in UDG Healthcare were 0.8% higher at 788.50 pence each.
By Ife Taiwo; [email protected]
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