Consort completes takeover of Aesica
Healthcare giant Consort Medical has completed the £230m acquisition of Newcastle-headquartered international pharmaceutical company Aesica.
Aesica, established in 2004, is a European pharmaceutical contract development and manufacturing organisation (CDMO). For the financial year ended 31 December 2013, the company generated adjusted EBITDA of £20m on revenues of £179m.
Consort said the acquisition is directly in line with its strategy of "diversifying into adjacent markets and technologies" to capture additional value in the drug/device supply chain.
Consort chief executive Jon Glenn said: "We are excited by the acquisition of Aesica which represents a very strong fit with our existing strategy of diversifying into adjacent markets and technologies to capture additional value in the drug/device supply chain.
"As one of Europe's leading pharmaceutical CDMOs, Aesica is highly complementary to Bespak's existing business and provides a number of clear strategic, competitive and value-enhancing benefits for the enlarged group."
Dr Robert Hardy, chief executive of Aesica, added: "We are proud of what we have accomplished over the last decade, developing Aesica through a combination of organic growth, continuous process improvement and investment.
"We continue to see many exciting opportunities in the pharmaceutical contract manufacturing sector and we look forward to pursuing these under the ownership of Consort Medical plc.
"Our position as a pharmaceutical CDMO is now further strengthened in the global market place through the alignment Aesica has with Bespak, as part of the enlarged Consort Medical Group."
Consort, based in Hemel Hempstead, is a designer and manufacturer of drug delivery device technologies. The group reported pre-tax profits of £16.1m on revenues of £100m in the year ended 30 April 2014.