United Drug plc Announces acquisition of the UK business of Ventiv Health Inc.
United Drug plc , the leading healthcare services provider, today (17 October 2002), announces that it has acquired the UK business and assets of Ventiv Health Inc. ("Ventiv Health"). Ventiv Health, which is listed on the NASDAQ Stock Market has over thirty years experience serving the pharmaceutical and life science industries and has an extensive range of clients across the United States and Europe.
The acquisition has been completed through Ashfield Healthcare Limited, United Drug''s contract sales outsourcing division with operations in the UK and Ireland. The total consideration for the acquisition is $7.5 million (Stg£4.8 million). This consideration is satisfied in cash and will be paid on completion.
Commenting on today's announcement, Mr. Liam FitzGerald, Chief Executive of United Drug, said:
"United Drug's strategy is to grow organically, and by acquisition of businesses which complement our existing core operations. The acquisition of Ventiv Health''s UK contract sales business today will allow Ashfield broaden its product offering to customers and consolidate its position as a leading service provider to the pharmaceutical industry".
Ashfield is the second largest and fastest growing contract sales outsourcing company in the UK market and was acquired by United Drug in May 2000.