Last checked at 20 Jul 2021 07:00
Uniphar plc acquisition of CoRRect Medical GmbH
Uniphar plc today announces the acquisition of CoRRect Medical GmbH
Dublin, London | 20 July 2021: Uniphar plc ("Uniphar" or the "Group") today announces the acquisition of CoRRect Medical GmbH ("CoRRect Medical").
CoRRect Medical is a Germany-headquartered company that specialise in the commercialisation and distribution of medical device products in the interventional cardiology sector across Germany & Switzerland.
The acquisition represents a key strategic milestone for the Group, as it continues to build out its pan-European offering, focusing on high value specialty therapeutic areas.
CoRRect Medical will accelerate Uniphar's organic entry into the German market initiated earlier this year. Germany represents the largest MedTech market in Europe (circa 25% of European Market), with CoRRect Medical focused on some of the fastest growing areas of interventional cardiology, including structural heart.
The purchase price includes an upfront payment plus contingent consideration payable upon achievement of EBITDA based performance targets. The existing CoRRect Medical team, including Managing Director Michael Braun, recognise the enhanced opportunity to grow the business as part of the Uniphar Group and remain fully engaged as a core part of the business going forward. The acquisition is forecast to deliver a Return on Capital Employed to the Group in line with Uniphar's target rate of 12%-15% within three years.
Commenting on today's announcement
Ger Rabbette, CEO of Uniphar said:
"The acquisition of CoRRect Medical accelerates our entry into Germany, the largest MedTech market in Europe, and underpins our focus on developing a truly pan-European offering for our partners. 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."
Michael Braun, Managing Director of CoRRect Medical said:
"Being part of the broader Uniphar European offering will allow CoRRect Medical to continue to grow and deliver for our partners in the interventional cardiology space as well as unearth new opportunities together. This represents the beginning of an exciting new chapter for CoRRect Medical, our growing team of eleven high performing individuals and our partners".
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About Uniphar plc
Headquartered in Dublin, Ireland, Uniphar is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions - Commercial & Clinical, Product Access and Supply Chain & Retail. With a workforce of more than 3,200, the Group is active in Ireland, the UK, the Benelux, the Nordics, Germany and the US.
The Company's vision is to improve patient access to pharmaco-medical products and treatments by enhancing connectivity between manufacturers and healthcare stakeholders. Uniphar represents a strong combination of scale, growth and profitability.
Commercial & Clinical
In Commercial & Clinical the Group provides sales, marketing & distribution solutions to multinational pharmaceutical and medical device manufacturers on an outsourced basis. Active in Ireland, the UK, Benelux, the Nordics, Germany and the US, the Group is growing with its clients to provide pan-European solutions. Uniphar has built a fully integrated multi-channel solution that is supported by our highly experienced and clinically trained teams leveraging our digital technology and insights which allows us to deliver consistently exceptional outcomes for our clients.
Product Access
In Product Access the Group is growing two distinct service offerings: 1) "On Demand Access", which are pharmacy led solutions for sourcing and supplying unlicensed medicines to meet the needs of both retail and hospital pharmacists; and 2) "Exclusive Access", which are manufacturer led solutions for controlling the release of speciality medicines for specifically approved patient populations in agreed markets. The Group currently delivers product access solutions on a global basis.
Supply Chain & Retail
Uniphar is an established market leader in Ireland with over a 50% market share in the wholesale/hospital market, supported by a network of c.360 owned, franchised and symbol group pharmacies. The business supports the diverse customer base through the provision of strong service levels coupled with innovative commercial initiatives. Supply Chain & Retail is an Irish only business for the Group, although the manufacturer relationships and infrastructure are utilised for the benefit of the growth divisions, Commercial & Clinical and Product Access.