UDG Healthcare acquires US-based healthcare communications business
Dublin-listed UDG Healthcare has announced a deal to buy Cambridge BioMarketing, a US-based healthcare communications business, for up to $35m (€30.5m).
The deal for Cambridge BioMarketing, a major player in orphan and rare disease drug launches, will see an initial $30m (€26m) paid up front, with the potential for an additional $5m (€4.3m) paid over the next twelve months, based on the achievement of agreed financial targets.
According to healthcare services provider UDG Healthcare, Cambridge BioMarketing has "a strong creative and digital function" in a market where digital content is becoming increasingly important for pharmaceutical companies.
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The announcement follows UDG's acquisition of Vynamic, a US-based healthcare industry management consulting firm, confirmed earlier this month.
Both acquisitions are in line with the company’s strategy to expand in the US.
"The acquisition is in line with our strategic ambitions to grow our healthcare communications business in the US and expand the range of services we offer to our global pharmaceutical customer base," Brendan McAtamney, ceo of UDG Healthcare, said.
Cambridge BioMarketing ceo, Maureen Franco said that they were "thrilled" to be joining UDG Healthcare, saying that the deal allowed Cambridge BioMarketing to better serve their clients and provide increased opportunities for their employees.