United Drug buys UK medical consultancy for €16m

United Drug plc has bought Watermeadow Medical Limited and Watermeadow Medical Consulting Inc. for £13m (€16m).

United Drug, which provides services to healthcare manufacturers and pharmaceutical retailers, said £6m (€7.4m) is payable in cash on completion with an additional amount of up to £7m (€8.7m) payable based on achievement of agreed profit targets over the next two years.

Watermeadow is a healthcare communications and consultancy agency headquartered in the UK with offices also in the US. The company employs 74 people and provides services to global pharmaceutical companies.

These services include medical writing and preparation of promotional and educational materials typically for products pre-launch.

All of the employees will remain with the business and Watermeadow will be integrated into the Group’s Sales, Marketing and Medical division.

United Drug’s Chief Executive, Liam FitzGerald said: "We are delighted to announce the acquisition of Watermeadow. The acquisition will allow us to continue to grow our medical communications business as we seek to broaden the range of services we provide to our international pharmaceutical manufacturer customers."