Pharmacy group expands with Biodose acquisition

Wholesale pharmacist Lexon has bought a West Yorkshire business in a £1.75m deal.

Total Medication Management Services, which trades as Biodose Services, has been bought by Lexon to grow its homecare services business.

The Redditch-based group has made the acquisition through its subsidiary HealthNet Homecare.

Kerry Hinton, chief executive of HealthNet, said: “This provides us with an exciting opportunity to combine the expertise and experience of the management and operational teams at HealthNet and Biodose Services.

“We believe that this combined operation will allow us to accelerate the growth of our homecare services, whilst maintaining excellent patient and customer service.”

Biodose, which was part of AIM-listed manufacturer Quantum Pharma, is based in Featherstone and provides advanced medication management services. In the year to January, it recorded revenues of £22.4m, making an adjusted EBITDA loss of £0.1m.

HealthNet has 54 retail pharmacies and three UK distribution sites, based in Redditch, Leeds and Durham, from where they supply more than 1,500 independent pharmacies.

Nick Dawson, corporate partner at Irwin Mitchell in Birmingham along with Nick Little, advised Lexon (UK) on the transaction.
Dawson said: “Both businesses complement each other very well and the deal provides an exciting opportunity for future growth.”