United Drug of Ireland has acquired TD Packaging, a UK-based company which supplies the international pharmaceutical and healthcare industries, in a deal valued at up to £11.4 million (€17.1m), reports Phil Taylor.
United Drug is Ireland's largest pharmaceutical services company, and its acquisition of TD Packaging builds upon its presence in the UK market, as well as extending the range of outsourced services it can offer into the contract packaging arena.
The UK firm has a broad range of primary and secondary packaging capabilities, including bottling and blister packaging, aimed at the pharmaceutical and food supplement industries. At present, United Drug's main activities are in pharmaceutical wholesaling; sales outsourcing; contract distribution, and medical & scientific, which covers contract distribution, sales and marketing services, and clinical and technical support expertise to manufacturers of medical and scientific equipment and consumables.
Moreover, the acquisition is United Drug's second in the UK this month. On 2 June, the company acquired the full share capital of In2Focus Sales Development Services, which provides contract sales services in the UK market.
Based in Swindon, TD Packaging employs over 200 people. The company recently moved to a new specialised packaging facility to service what it says are the growing packaging outsourcing needs of the European healthcare industry.
The terms of the acquisition include an upfront payment of £7.4m in cash, payable on completion, plus an additional consideration of up to £4m that depends on the achievement of TD Packaging's profit targets over the next three years.