Acquisition of BESTMSLs Group

RNS Number : 1587H

Uniphar PLC

02 August 2021

 

Uniphar plc acquisition of BESTMSLs Group

Uniphar plc today announces the acquisition of BESTMSLs Group

Dublin, London | 02 August 2021: Uniphar plc ("Uniphar" or the "Group") today announces the acquisition of BESTMSLs Group ("the Company") comprising of BESTMSLs, The Doctors Channel & MDea.

BESTMSLs Group is a New York-headquartered company that provides outsourced Medical Affairs services including the provision of contract Medical Science Liaison ("MSL") teams, MSL recruiting, training, education and a range of innovative digital solutions for its pharma partners. BESTMSLs Group also operates The Doctors Channel , a digital platform which delivers expert medical information condensed into short streaming videos.

The Company's founders have > 30 years of experience in outsourced medical affairs and their vision is to lead the industry and provide cutting-edge, creative medical education programs and MSL teams that engage, educate, and enhance patient care. The Company leverages a suite of digital platforms and tools to deliver innovative solutions for their partners. Medical Affairs is a fast-growing market due to the increasing complexity, specialty, and cost of emerging pharmaceutical products.

The role MSLs play is becoming increasingly important across both late stage clinical trials through to commercialisation. The acquisition increases Uniphar's presence in the strategically important US market & BESTMSLs Group will work alongside, and benefit from, our recent US acquisitions of Diligent Health Solutions and RRD International.

The purchase price includes an upfront payment plus contingent consideration payable upon achievement of EBITDA based performance targets. BESTMSLs Group operate with a core team of 13 colleagues plus  an average of c. 35+ contract MSLs at any one time. The whole team, including founder David Best, MD MBA, and Managing Director Michael Banks, MD, recognise the enhanced opportunity to grow the business as part of Uniphar Group and remain fully engaged as a core part of the business going forward. The acquisition is forecast to deliver a Return on Capital Employed to the Group in line with Uniphar's target rate of 12%-15% within three years.

Commenting on today's announcement

Ger Rabbette, CEO of Uniphar said:

"BESTMSLs is a strong strategic fit for Uniphar given 1) the increasingly important role MSLs play across both late stage clinical trials through to commercialisation and 2) increasing our presence in the strategically important US market. This acquisition will benefit from the good work Diligent Health Solutions and RRD International are doing. Our growing US based team are excited about the value they can deliver together."

David Best, MD MBA,  Co-Founder and Managing Director of BESTMSLs Group said:

"BESTMSLs Group coming under the broader Uniphar umbrella enables us to continue to deliver for our existing partners while also exploring new cutting-edge opportunities through close collaboration with great service providers such as Diligent Health Solutions. As we like to say, 'Stay on the edge, more happens there.'"

Michael Banks, MD,  Co-Founder and Managing Director of BESTMSLs Group said:

"This is an exciting milestone for BESTMSLs Group, we are enthused by Uniphar's shared passion to invest in innovative digital solutions to drive better outcomes for our pharma partners, and most importantly improve the lives of patients. What has always driven us is the saying, 'If you only give the client what they already want, someone else will give them what they never dreamed possible.'

For further details contact:

Uniphar [phone] Brian O'Shaughnessy Group Director of Corporate Development [e-mail] Davy [phone] (Joint Broker, Nominated Adviser and Euronext Growth Adviser) Barry Murphy Niall Gilchrist Lauren O'Sullivan RBC Capital Markets (Joint Broker) [phone] Jonathan Hardy Jamil Miah Priyal Soni Stifel Nicolaus Europe Limited (Joint Broker) [phone] Matt Blawat Ben Maddison Francis North Q4 PR [phone] or (Public Relations Adviser to Uniphar) [phone] Iarla Mongey

About Uniphar plc  

Headquartered in Dublin, Ireland, Uniphar is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions - Commercial & Clinical, Product Access and Supply Chain & Retail. With a workforce of more than 3,200, the Group is active in Ireland, the UK, the Benelux, the Nordics, Germany and the US.

The Company's vision is to improve patient access to pharmaco-medical products and treatments by enhancing connectivity between manufacturers and healthcare stakeholders. Uniphar represents a strong combination of scale, growth and profitability.

Commercial & Clinical

In Commercial & Clinical the Group provides sales, marketing & distribution solutions to multinational pharmaceutical and medical device manufacturers on an outsourced basis. Active in Ireland, the UK, Benelux, the Nordics, Germany and the US, the Group is growing with its clients to provide pan-European solutions. Uniphar has built a fully integrated multi-channel solution that is supported by our highly experienced and clinically trained teams leveraging our digital technology and insights which allows us to deliver consistently exceptional outcomes for our clients.

Product Access

In Product Access the Group is growing two distinct service offerings: 1) "On Demand Access", which are pharmacy led solutions for sourcing and supplying unlicensed medicines to meet the needs of both retail and hospital pharmacists; and 2) "Exclusive Access", which are manufacturer led solutions for controlling the release of speciality medicines for specifically approved patient populations in agreed markets. The Group currently delivers product access solutions on a global basis.

Supply Chain & Retail

Uniphar is an established market leader in Ireland with over a 50% market share in the wholesale/hospital market, supported by a network of c.360 owned, franchised and symbol group pharmacies. The business supports the diverse customer base through the provision of strong service levels coupled with innovative commercial initiatives. Supply Chain & Retail is an Irish only business for the Group, although the manufacturer relationships and infrastructure are utilised for the benefit of the growth divisions, Commercial & Clinical and Product Access.

 

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