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(Alliance News) - Uniphar PLC on Tuesday said it has acquired German company coRRect Medical GmbH for an undisclosed price.
Dublin, Ireland-based Uniphar is a healthcare services business, while CoRRect Medical specialises in the commercialisation and distribution of medical device products in the cardiology sector across Germany and Switzerland.
The acquisition represents a key strategic milestone for Uniphar, as it continues to build out its pan-European offering, focusing on therapeutic areas. CoRRect Medical will accelerate Uniphar's organic entry into the German market, it said.
No financial details of the deal were disclosed but Uniphar said the purchase price includes an upfront payment plus contingent consideration payable upon achievement of earnings before interest, tax, depreciation and amortization-based performance targets.
The acquisition is forecast to deliver a return on capital employed to Uniphar in line with its target rate of 12% to 15% within three years.
Shares in Uniphar were up 0.4% at 288.00 pence each in London on Tuesday afternoon.
By Amrit Sahota; newsroom@alliancenews.com
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