Medical comms firm sold in £11.4m deal
MACCLESFIELD-based medical communications company InforMed has been sold to Irish pharmaceutical firm United Drug for an initial £11.4m, which could eventually rise to £17.3m depending on future profits.
The company, which is based at Tytherington Business Park but also has an office at Connecticut in the US, carries out specialist communications for pharmaceutical and biotechnology companies, including medical writing, publication planning, market research and sales training and consultancy.
It employs 80 people and is largely owned by its management, although 25% of the shares are in the hands of registered charity The Brightside Trust.
The initial £11.4m is an all-cash sum, and future payments of up to £5.9m will be based on the company meeting agreed profit targets over the next three years.
United Drug said that the deal would broaden the range of services provided by its own UK contract sales and marketing division.
It said that the deal would be immediately earnings enhancing and would be paid for from its own reserves
“We are delighted to announce the acquisition of InforMed,” said United Drug’s chief executive Dr Liam Fitzgerald.
“The acquisition significantly adds to our offering, both in the UK and the US. InforMed has an excellent management team and I am delighted to welcome them to the group.”
InforMed’s management team is led by director John Berry. Last year, the firm made a pre-tax profit of over £1.3m on sales of £7.4m.
InforMed was advised on the sale by the head of DC Advisory Partners’ Manchester office, Richard Pulford. “InforMed is a high quality business and I am delighted to have been involved in this transaction,” he said.
United Drug was advised by the Manchester office of law firm Pinsent Masons. Its regional managing partner Helen Ridge said: “We are delighted to have worked with United Drug, a new client for us, on our first acquisition with them; we hope it will be the first of many!”
A team from the Manchester office of law firm DLA Piper advised InforMed. Led by partner Stephen Devlin it also included Ciaran Stone, Sally Benbow and Graham Roe.
Mr Devlin said: “We are delighted to have been involved in such a significant deal for a fast growing North West company. The two businesses are a great fit and the deal is testament to the success InforMed has enjoyed over the last few years.”
