21st Nov 2022 11:11
(Alliance News) - Uniphar PLC on Monday said it has bought healthcare services firm BModesto Group for up to EUR75 million.
Uniphar, a Dublin-based healthcare service provider, expects a 12% to 15% return on capital employed within three years from the acquisition of the Netherlands-based firm, in line with Uniphar's target rate.
The purchase price includes an upfront payment of EUR51 million, which will be funded from existing banking facilities. Further, a deferred consideration payment of up to EUR24 million will be payable upon the achievement of earnings before interest, tax, depreciation and amortisation and gross profit performance targets.
In 2021, BModesto generated Ebitda of EUR7.7 million.
"BModesto offers a wide range of services including the distribution of medicines on both an exclusive and on-demand basis, clinical trial services, market authorisation holder and medical device distribution," Uniphar said.
BModesto will be integrated into Uniphar's Product Access division, Uniphar said, and will support the delivery of existing services into the strategically important European market.
Uniphar said that its acquisition of Navi Group remains subject to approval by the Irish Competition & Consumer Protection Commission. A decision is expected next month.
Navi offers digital platforms and the supply of pharmaceutical products to its Irish and Middle East and North African partners. Uniphar first announced plans to buy Navi in December, 2021.
Chief Executive Ger Rabbette said: "BModesto is a significant addition to the group, strengthening our Product Access offering in Europe and beyond. The acquisition is another step in achieving our strategy of becoming a global leader in the ethical provision of access to medicines which remain unlicensed at the point of care. It also provides a further boost to our capabilities in the provision of Expanded Access Programs for innovative new medicines."
Shares in Uniphar were down 2.1% to 282.00 pence each in London on Monday morning.
By Sophie Rose; [email protected]
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