Uniphar buys partner Durbin for £24m
IRISH healthcare company Uniphar announced yesterday it has acquired UK-based drug distributor Durbin for £24m (€26.3m), marking its first acquisition since its initial public offering last month.
Uniphar raised around €150m in its July 17 flotation on the Dublin and London exchanges, with the stated aim of using proceeds to buy bolt-on companies, most notably Durbin, its partner since 2011. Durbin has 165 employees based mostly at a distribution hub in Hayes near Heathrow Airport, and at its US unit in Ocean Springs, Mississippi.
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Uniphar said it would merge Durbin's UK and US operations into its product access unit, exploiting Durbin's expertise "in shipping unlicensed and hard-to-find medicine" to 160 countries. Ger Rabbette, chief executive of Uniphar, said: "This acquisition is a key strategic milestone in ... achieving our ambition of becoming a global leader in the product access space."
Durbin chief executive Leslie Morgan said: "Combining Durbin's global sourcing and distribution platform, as well as its regulatory and compliance expertise, with Uniphar's digital capabilities will greatly enhance the enlarged group's global ambitions."