Healthcare services provider United Drug has announced a deal to buy Expansis, a Spanish contract sales organisation, for a total consideration of up to €12m.
United Drug said that the deal is expected to be completed in September, and is subject to clearance by the Spanish competition authorities.
Established in 1995, Expansis is headquartered in Madrid and provides outsourced services to a wide range of pharmaceutical companies in Spain. It employs 280 people.
The company said the deal will be funded from the group's internal resources and existing debt facilities and is expected to be earnings accretive in year one.
"Expansis has an impressive track record, is well established in the Spanish market and will further strengthen United Drug's presence in this important market. With our combined resources and expertise, we look forward to building a market leading contract sales business in Spain,'' commented the company's chief executive Liam FitzGerald.
