United Drug acquires US packager Sharp

Source: Healthcare Digital

Date :16/07/2008 08:58:54

United Drug plc said on July 15 that it had bought US packaging maker Sharp Corporation for £49 million (US$99 million) in cash.

Sharp makes packaging for the pharmaceuticals industry and employs about 600 people, the Irish healthcare services company said.

United Drug added that the firm’s senior management will remain with the company.

Commenting on the acquisition chief executive Liam FitzGerald said that Sharp will fit in well with United Drug’s existing packaging operations.

“The acquisition will also provide a major platform for our on-going development as an international healthcare services company,” he added.

The Dublin-based company said it expected the deal to be "immediately accretive" to earnings and that its balance sheet would remain strong following the deal.

United Drug is expected to have net assets of US$71 million on completion of the deal.