Fishawack on a roll with £6m Swiss deal
FISHAWACK, a North West medical communications agency, has acquired a Swiss firm in a £6m deal.
It said the acquisition of Archimed Medical Communications will give it the largest medical communications presence in Switzerland, employing over 40 people, and provide a “critical mass at the centre of the European pharmaceutical industry”.
It will also add to the business’ clinical and regulatory writing capabilities and drug safety work.
Based in Zofingen, close to Fishawack’s office in Basel, Archimed employs 24 people specialising in drug safety support and scientific writing for global pharmaceutical companies.
Simon Jobson, partner at GCP and a member of Fishawack’s board, said: “We invested in Fishawack as we recognised its strong potential for growth and international expansion. Acquisition is a key part of this strategy.
“The acquisition of Archimed will give Fishawack the largest medical communications team in Switzerland. It is the first step in management’s plan to build the company’s market leading position, increase its customer base and expands its geographic footprint.
Mr Dennis said: “We have wanted to partner with the team at Archimed for some time and are delighted to be joining forces. It means we can offer our clients an expanded range of services, which they increasingly need. This is the first step that we have taken with GCP in our plan to grow the business organically and through acquisition.
“It was GCP’s ability to offer flexible funding and to support us though this buy and build process that made them our investors of choice and its good to see this coming to fruition early in our partnership.”
Fishawack was founded in Knutsford in 2001 by Oliver Dennis and Dominic Miller and now has over 120 staff across its four offices. It provides medical communications services to 12 of the world’s top 20 largest global pharmaceutical companies and has sales of around £10m.
Advisers on the deal included law firms Brabners Chaffe Street and Ward Hadaway. Due diligence was provided by accountancy group BDO.
