Clinigen Group plc, the global pharmaceutical and services company, has agreed to acquire iQone Healthcare Holding, a privately owned Swiss based speciality pharmaceutical business for an initial consideration of €7.5 million (£6.7 million) on a cash free, debt free basis.
iQone is based near Geneva with operations across Europe. It has medical and commercial operations in France, Germany, Italy, Spain and Switzerland. Its team has extensive experience in the set up and delivery of both Managed Access Programs and commercial solutions across Europe.
iQone adds capability to Clinigen’s Unlicensed and Commercial divisions, whilst also offering the Group a platform to support and expand its activities in mainland Europe. It also provides iQone with resources and access to an extensive customer and product base to accelerate its growth.
Clinigen is acquiring iQone on a cash free, debt free basis for a total initial consideration of €7.5 million, made up of €5.0m in cash and €2.5m in new Clinigen shares, with an additional potential deferred consideration based on the achievement of certain future EBITDA targets.
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The Group has also published today its year end results and announced that it is acquiring CSM – see separate announcements.
Shaun Chilton, Group Chief Executive Officer, Clinigen, said:
“Expanding our geographical footprint to support our activities in mainland Europe is a key benefit of this acquisition, along with the additional services it will offer our customers in Unlicensed Medicines. It also has the potential to drive growth in our owned Commercial Medicines portfolio.
“This acquisition coincides with our Full Year Results and the strategic acquisition of CSM, both announced earlier this morning. Today sees a significant strengthening in the Clinigen offering both through an increased global footprint, particularly in Europe, and across each of our three business divisions.”
Laurent Massuyeau, Chief Executive Officer, iQone, said:
“We explored multiple strategic options which would allow iQone to grow and fulfil its potential. Clinigen is a recognised industry leader across the unlicensed and licensed medicine sectors. As both our companies share a common vision, we believe that being part of the Clinigen Group provides a compelling strategic fit and a strong growth potential.”
Consideration detail
The €2.5m of initial share consideration will be satisfied through the issuance of 241,744 new Ordinary Shares in Clinigen at an issue price of 925.13 pence per share. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will occur at 8:00 a.m. on 9 October 2018. Completion of the acquisition is expected to take place on or about 9 October 2018. The Ordinary Shares will rank pari passu with the Group’s existing ordinary shares in issue.
Date: October 15, 2018
Source: Public.
