UDG Healthcare in acquisition of US-based MicroMass Communications
Irish healthcare services provider UDG Healthcare has announced the acquisition of MicroMass Communications, a US-based healthcare communications agency, for a total consideration of up to $75.8m (€63.8m).
MicroMass, which specialises in behavioural change, is being acquired for an initial consideration of $63.8m, with an additional consideration of up to $12m payable over the next three years, based on the achievement of agreed profit targets.
The existing management team, who have been with the business for more than 10 years, will remain with the business post acquisition.
"MicroMass provides the group with the ability to strengthen Ashfield’s presence and capabilities in the US market, whilst also providing us with a platform to expand into the high growth areas of behavioural change and direct patient engagement," Brendan McAtamney, CEO of UDG, said.
MicroMass, which employs more than 100 people, generates the majority of its revenue from patient engagement and support programmes, with the remainder coming from HCP (healthcare professional) focused work.
The company’s behavioural change and patient support and adherence services are highly complementary to the existing services provided by both the Ashfield Communications and Commercial and Clinical businesses, a statement from UDG said.
"We are excited to be joining the team at UDG Healthcare. Being part of a global business creates new opportunities for continued growth and new collaborations within UDG, which will enable us to develop more comprehensive solutions for our clients," Alyson Connor, MicroMass president, said.
UDG has now committed more than $275m to acquisitions this financial year, in line with its strategy of expanding into higher growth, higher margin areas, through acquisitions.
In July the company purchased Cambridge BioMarketing, a firm that focuses on orphan and rare disease drug launches, in what was its fifth acquisition in its financial year.