27 Dec 2012 | 01:14 pm | 1 min. read
International law firm Pinsent Masons has advised DCC Healthcare on the conditional agreement to acquire Kent Pharmaceutical (Holdings) Limited, a leading British generic pharmaceuticals company, for €71.2 million (Stg£58.0 million). Completion of the acquisition is conditional on approval from the Irish Competition Authority and it is anticipated that the transaction will complete in early 2013.
Kent Pharma is involved in the development, manufacture, sales, marketing and distribution of generic pharmaceuticals for the British, Irish and international markets. It principally sells into the retail pharmacy channel as well as into to hospitals, other generic pharma companies and international distributors. The business is headquartered in Ashford, Kent and has an Irish manufacturing site in Ireland.
DCC Healthcare, which has been active in the pharmaceutical market since 2002, is part of Dublin-based support services company DCC plc.
Tommy Breen, Chief Executive of DCC plc, said: "The acquisition of Kent Pharma is a material step forward for DCC Healthcare. For some time DCC has believed that there is an opportunity to build a substantial pharma business principally focused on established niche generic products that are a number of years post patent expiry. Such products are well positioned to benefit from the macro trend for healthcare systems to seek to meet the increasing demands of ageing populations with more cost effective healthcare solutions. In addition, the pharma market is fragmented offering value enhancing bolt on acquisition opportunities, in particular where a strong platform has been established.
Kent Pharma is an excellent strategic fit for DCC Healthcare's existing pharma business and their combined strengths will create new growth opportunities for DCC."
The Pinsent Masons team was led by Andrew Kerr, Partner and head of the Leeds' corporate team, assisted by Emma Shield and Lucie Miller (corporate) as well as a cross group team of specialist lawyers.
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