Uniphar acquires Germany-based CoRRect Medical

(Sharecast News) - Uniphar announced the acquisition of CoRRect Medical on Tuesday, which it described as a Germany-based company that specialises in the commercialisation and distribution of medical device products, in the interventional cardiology sector across Germany and Switzerland.
The AIM-traded firm said the acquisition was a "key strategic milestone", as it built its pan-European offering, focusing on high-value specialty therapeutic areas.

It said CoRRect Medical would accelerate its organic entry into the German market, which began earlier in the year.

Germany represents the largest medical technology market in Europe, making up around 25% of the market, with CoRRect Medical reportedly focussed on some of the fastest growing areas of interventional cardiology, including structural heart.

The board said the purchase price would include an upfront payment, as well as contingent consideration payable on the achievement of EBITDA-based performance targets.

It said the existing CoRRect Medical team, including managing director Michael Braun, would remain a core part of the business going forward.

The acquisition was expected to deliver a return on capital employed to the group in line with its target rate of 12% to 15% within three years.

"The acquisition of CoRRect Medical accelerates our entry into Germany, the largest med-tech market in Europe, and underpins our focus on developing a truly pan-European offering for our partners," said chief executive officer Ger Rabbette.

"CoRRect Medical's strong relationships with German and Swiss physicians and hospitals, combined with Uniphar's expertise and deep manufacturer relationships, will provide a unique offering for MedTech customers seeking to commercialise across Europe."

At 0848 BST, shares in Uniphar were up 0.35% at 288p.