Last checked at 24 Nov 2020 07:00
Uniphar plc Acquisition of RRD International
Uniphar plc today announces the acquisition of RRD International
Dublin, London | 24 November 2020: Uniphar plc ("Uniphar" or the "Group") today announce the acquisition of US-based, RRD International ("RRD").
RRD is a US based pharmaceutical advisory group providing outsourced strategic consulting and execution services throughout the early stages of a products development. The RRD team has a depth of experience, from pre-clinical through to licensing, across a broad range of product classes and therapeutic areas and has supported the FDA regulatory approval of over 100 assets.
The acquisition will facilitate the growing requirement for Uniphar's delivery of US based expanded access programmes ("EAPs"). RRD's rich history of providing integrated, expert level strategic, regulatory, and operational support to biopharmaceutical companies across the globe will form an integral part of Uniphar's US offering moving forward.
Supporting EAPs is a natural extension of RRD's capabilities as biopharma companies and the FDA work together to accelerate patient access to innovative drugs for serious, often life-threatening diseases. With a specialist team of close to 40 full-time employees, RRD are addressing the trend of early drug development shifting to smaller biopharma companies.
This acquisition coupled with the previously announced acquisition of Diligent Health Solutions creates a unique capability to design and implement compliant, patient centric EAPs across the US.
The purchase price includes an upfront payment plus contingent consideration payable upon achievement of EBITDA based performance targets. The existing RRD management team, who are incentivised through the acquisition structure, recognise the enhanced opportunity to grow the business as part of the Uniphar Group and will all 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.
The acquisition is consistent with Uniphar's strategy to offer a global platform across our Product Access division providing solutions to meet the growing needs of our partners across the entire lifecycle of their products. Planning for the integration is already underway and Uniphar's experienced management and project teams will ensure integration is managed effectively to deliver the identified benefits.
Commenting on today's announcement
Ger Rabbette, CEO of Uniphar said:
"We are excited to announce the acquisition of RRD which adds significantly to our US Product Access capabilities. Becoming a truly global partner for our clients in this area is an important strategic objective for our group. The highly experienced RRD team brings deep US regulatory insights which will further accelerate our growth towards market leadership. The acquisition marks an important strategic milestone for the group and grows our US workforce to close to 170 colleagues."
Chuck Finn, PhD, Chairman and CEO of RRD said:
"Over the past 18 years, we've played a critical role for our partners, helping transform numerous early-stage, innovative product candidates into holistic development programs which leverage our scientific and regulatory driven approach as well as in-house capabilities to accelerate delivery of new medicines to patients with serious diseases. This partnership enables us to realize the potential of RRD's unique development model while, simultaneously, expanding it to support Uniphar's Product Access business in the US."
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For further details contact:
Uniphar | +353 (0) 1 428 7777 |
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Brian O'Shaughnessy |
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Group Director of Corporate Development | investor.relations@Uniphar.ie |
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Davy | +353 (0) 1 679 6363 |
(Joint Broker, Nominated Adviser and Euronext Growth Adviser) |
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Fergal Meegan |
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Barry Murphy |
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Orla Cowzer |
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RBC Capital Markets (Joint Broker) | +44 (0) 20 7653 4000 |
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Darrell Uden |
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Jonathan Hardy |
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Jamil Miah |
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Q4 PR | +353 (0) 1 475 1444 or |
(Public Relations Adviser to Uniphar) | +353 87 235 6461 |
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Iarla Mongey |
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About Uniphar plc
Headquartered in Dublin, Ireland, Uniphar plc 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.
The Group has strong established relationships with 7 of the top 10 pharma companies and 6 of the top 10 medical device companies. With a workforce of more than 2,300, the Group is active in Ireland, the UK, the Benelux, the Nordics and the US, delivering unlicensed and specialty medicine on a global basis.
The Group'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, the Benelux, and the Nordics, 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 highly experienced, clinically trained teams to deliver exceptional outcomes for all 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 c.50% market share in the wholesale/hospital market, supported by a network of c.300 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.