United Drug targets homecare
Published 10/12/2010 | 05:00
Irish healthcare company United Drug and its joint-venture partner, Medco, have paid an undisclosed amount to acquire UK-based speciality pharmacy homecare firm Careology.
The acquisition was made by Medco Health Solutions, the UK group that is jointly owned by United Drug and US-based Medco. The combined business will focus on assisting patients with complex diseases who receive speciality medicines.
United Drug chief executive Liam FitzGerald said the acquisition was a natural fit for Medco and that it supported United Drug's strategy to expand and develop its speciality healthcare business.
In the year to the end of June 2009, Careology's sales nearly doubled to £59m (€70m), while it posted an operating profit of £79,000. That compared to a £60,000 operating profit in the previous year. It had net funds of almost £1.5m at the end of June 2009.
Earlier this month United Drug agreed to pay up to £16.2m to acquire UK-based events management group World Events.
The acquisition extended United Drug's presence in the sector.