Shares of marketing firm Chime Communications rallied after it confirmed it has agreed to buy pharmaceutical market access and data firm pH Associates for an initial sum of £6.92m.
The initial consideration comprises £6.07m in cash, and £0.85m in cash representing working capital of PHA at acquisition that is surplus to requirements after PHA joins the group, Chime explained in a company statement.
Further tranches of deferred contingent payment of up to £14m may be payable depending upon the future trading performance of PHA, Chime added.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
PHA, whose clients include Abbott, Janssen Cilag, Novartis and Sanofi, will operate as part of Chime's healthcare division, OPEN Health.
"The acquisition of PHA is a very significant further step in the development of the market access discipline of Chime's healthcare business, OPEN Health," it said.
Chime expects the acquisition of PHA to be immediately earnings enhancing.
CJ
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
