United Drug in £13m buy-out bid
UNITED Drug has agreed to pay up to £13m (€16.2m) to buy UK-based Watermeadow Medical. The British firm provides communications and consultancy services.
Watermeadow employs 74 people and also has an office in the United States. It provides services such as medical writing, and the preparation of promotional and educational materials for product pre-launches. Its clients include a number of global pharmaceutical companies.
United Drug said it will pay an initial £6m in cash for Watermeadow. A further £7m is payable based on the achievement of agreed profit targets over the next two years.
Most of the shares in Watermeadow, whose directors are Paul and Corrine Hilditch, are held by Guernsey-based Concept Fiduciaries.
The latest set of accounts filed for the business, for 2010, show that it recorded a £1.5m (€1.9m) loss that year.
United Drug chief executive Liam FitzGerald said that the acquisition would enable the group to continue to grow its medical communications business as it seeks to broaden the range of services it provides to its customers.