8th Jul 2014 07:10
LONDON (Alliance News) - UDG Healthcare PLC said Tuesday it has acquired specialist healthcare and scientific public relations business MFRHRC Holdings Ltd for up to GBP13 million.
UDG has acquired the company, which trades as Galliard and Nyxeon, for GBP6.5 million in cash, with a further GBP6.5 million payable based on profit targets over the next three years.
The acquisition is expected to contribute to earnings immediately, UDG said.
Galliar and Nyxeon generated a pretax profit of GBP1.7 million on revenues of GBP5.6 million in 2013. Both businesses are headquartered in London.
UDG said the business would compliment its existing healthcare communications business Ashfield Healthcare Communications, whilst adding specialist expertise in scientific public relations.
"We are delighted to announce the acquisition of Galliard and Nyxeon which add strong scientific public relations capabilities to the services we already deliver to our clients," said Chief Executive Liam Fitzgerald in a statement.
Shares in UDG were up 1.3% at 359.00 pence at the open Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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