UDG Healthcare, Ashfield’s parent company, announced the acquisition, which it said will augment the company’s presence and capabilities in Germany.
Sellxpert provides sales and marketing services to healthcare and pharmaceutical companies and employs 300 people across Germany and Switzerland.
According to UDG’s financial report released yesterday, the company agreed to acquire the German contract sales organization for up to $14.4m.
Per the report, the acquisition “will strengthen Ashfield Commercial & Clinical’s presence and capabilities in Germany and Ashfield’s leading market position in Europe.”
UDG also increased its guidance for constant currency diluted earnings per share (EPS) for the year to September 30, 2017 by 2% to a range of between 15% and 18% ahead of last year.
“The first half of 2017 has been another very progressive period for UDG Healthcare, with strong growth delivered and continued progress made in pursuit of the Group’s strategic objectives," UDG's CEO Brendan McAtamney commented in the report.
Nigel Mansford, Head of Europe and Canada at Ashfield, told Outsourcing-Pharma.com: "Since the acquisition of Pharmexx in 2012, a core part of our strategy has been to build strong businesses across Europe, our German business has grown significantly in recent years and we are excited by the acquisition of Sellxpert to strengthen our presence in this important market."
The acquisition is currently subject to approval by the competition authorities before the company can begin any discussion as to how the companies would be integrated.