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Statement re: Sharp Clincial Services UK

6th Sep 2013 15:47

RNS Number : 4544N
United Drug PLC
06 September 2013
 



 

 

Statement re: Sharp Clinical Services UK

 

 

6 September 2013: United Drug announces that on September 4 2013 its subsidiary Sharp Clinical Services (UK) Limited ("SCS") received a demand for payment arising from a bond issued in 2010 by SCS's previous parent, Indian company Bilcare Limited ("Bilcare"). United Drug bought SCS from Bilcare in August 2012, at which time Bilcare directly confirmed and warranted that SCS was not a guarantor of any liabilities, including Bilcare's 2010 bond issue.

 

The Board of United Drug is advised that the outstanding principal sum under the demand is $15m (€11.4m). The demand only affects SCS, a stand-alone limited liability company with a net asset value that is very materially less than the value of the demand.

 

United Drug will be using all avenues available to it to vigorously pursue Bilcare and Bilcare's directors to ensure United Drug's shareholder funds are fully protected from this undisclosed liability, and has initiated legal proceedings in this respect.

 

 

ENDS

 

For reference:

 

Liam FitzGerald

Greg Lawless

Alan Ralph

Lisa Kavanagh

United Drug plc

Powerscourt

Tel: +353-1-4632300

Tel: +44 207 250 1446

 

Notes to Editors:

 

About United Drug plc:

 

Listed on the London Stock Exchange, United Drug is a leading international provider of services to healthcare manufacturers and pharmaceutical retailers, with operations in over 20 countries including the US, UK, Ireland, Germany, the Netherlands and Belgium.

 

The Company operates across three divisions, Sales, Marketing & Medical, Healthcare Supply Chain and Packaging & Specialty.

 

In the Sales, Marketing & Medical division United Drug is a global leader in the provision of contract sales outsourcing services to pharmaceutical manufacturers with operations in major markets including Continental Europe, the UK, North America and a presence in South America and Asia. The Group also provides related marketing services to pharmaceutical manufacturers in many of these markets.

 

In Healthcare Supply Chain, United Drug is the largest pharmaceutical wholesaler in the island of Ireland. It is also the market leader in contract distribution outsourcing (pre-wholesaling) in Ireland and has achieved the No. 1 position in the UK through its joint venture business UniDrug Distribution Group. The Company provides specials medicines manufacturing and distribution services in the UK. Through its medical & scientific operations, the Group provides sales & marketing and technical service solutions, including contract distribution services to a wide range of medical & scientific equipment & consumable manufacturers, with a market leading position in Ireland and the UK.

 

In the Packaging & Specialty division United Drug is a leading international provider of pharmaceutical contract packaging and clinical trials materials services with facilities in the US, UK, Dutch and Belgian markets. The Company also provides speciality distribution and homecare services in the UK and Ireland.

 

For more information go to: www.united-drug.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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