Business support services group DCC has announced a deal to buy Kent Pharmaceuticals Holdings Limited for an enterprise value of €71.2m.
Kent Pharma develops, manufactures, sells, markets and distributes generic pharmaceuticals for the UK, Irish and international markets.
It has a wide range of its own licensed products with a particular focus on antibiotics including penicillin V, flucloxacillin and amoxicillin, which are used to treat infections such as throat, ear and chest infections.
It also operates a specialist manufacturing facility in Roscommon, which is known as Athlone Pharmaceuticals.
The business, which is headquartered in south east England, has 304 workers across all of its activities, including 126 people at its Roscommon plant. It its latest financial year to the end of August, Kent generated sales of €89.9m and adjusted operating profits of €9.3m.
DCC said the deal is in line with its strategy for the development of its pharma business. DCC Healthcare will combine Kent with its existing pharma activities, which it predicts will have revenues of about €150m and a leading position in the UK generics market.
''Kent Pharma is an excellent strategic fit for DCC Healthcare's existing pharma business and their combined strengths will create new growth opportunities for DCC,'' commented the company's chief executive Tommy Breen.
The deal is still subject to clearance from the Irish Competition Authority and is expected to be completed early next year.
