Update: Aesica acquisition will broaden scope and reach
Consort Medical is acquiring Aesica Pharmaceuticals, a leading European pharma CDMO, for £230m. The deal is in line with its strategy to expand into adjacent market segments and technologies; horizontally into oral dosage forms and vertically into drug formulation and manufacturing. The enlarged group has FY14 pro forma revenues of £279m and EBITDA of £44.4m. The acquisition is expected to be materially enhancing (before any realised synergies) to EPS in FY16 and beyond. Our forecasts are now under review, as is our existing valuation range of 1,050p to 1,172p.Consort Medical is a contract development and manufacturing organization (CDMO), providing delivery technologies, formulation and manufacturing solutions for drugs. Co. has two operating divisions: Bespak, which is engaged in the development and manufacture of drug delivery devices, serving pharmaceutical companies with inhaler, auto-injector, nasal and ocular technologies and development and manufacturing services; and Aesica (Drugs), a pharmaceutical CDMO serving pharmaceutical companies with active pharmaceutical ingredient and finished dose formulation development and manufacturing services.
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