United Drug targets US firm
Article Date: Jul 16 2008United Drug, a provider of services to healthcare manufacturers and pharmaceutical retailers, has expanded its operations in the US after completing an eight-figure acquisition. The group has bought Sharp Corporation, a pharmaceutical contract packaging specialist, for $99 million (£49.3 million).
The deal will be settled in cash on completion, funded by internal resources and debt.
Sharp will be merged with United Drug’s US operations, broadening its outsourced services for pharmaceutical and healthcare manufacturers. The deal also adds a US operation to its contract packaging business, which currently operates in the UK, Belgium and Holland.
United Drug chief executive Liam FitzGerald said the deal is part of the group’s ongoing development as an international healthcare services provider.
Sharp’s management, led by chief executive George Burke, remains with the company. The transaction is subject to US regulatory approvals and is expected to be completed within 30 days.
United Drug operates through four divisions: Pharma Wholesale, Supply Chain Services, Medical & Scientific and Contract Sales & Marketing Services in the UK, Ireland, Holland, Belgium and the US.
Sharp, which is headquartered in Pennsylvania, provides full-service packaging, in compliance with strict regulatory requirements, to pharmaceutical, generic, biotechnology, neutraceutical and consumer healthcare companies. It employs some 600 staff.
