30th September 2014: The Board of Consort Medical plc, today announced that it has agreed terms to acquire the entire issued and to be issued share capital of Aesica Pharmaceuticals Limited for £230 million. The closing of the transaction, which is expected to occur in November, is conditional on the approval of Consort Medical's shareholders and clearance by the German competition authorities.
Consort Medical plc is a UK company listed on the London Stock Exchange focused on developing and manufacturing disposable medical devices for drug delivery including inhaled, nasal and injectables products through its core operating division Bespak.
Aesica is one of Europe's leading pharmaceutical CDMOs, providing contract development and manufacturing services for Finished Dose and Active Pharmaceutical Ingredients ("API") to the global pharmaceutical industry. Since the Aesica business was established in 2004, it has grown both organically and through acquisitions and has established key strategic relationships with major global blue-chip pharmaceutical companies.
Jon Glenn, Consort Medical plc's CEO said "We are excited by the acquisition of Aesica which represents a very strong fit with our existing strategy of diversifying into adjacent markets and technologies to capture additional value in the drug/device supply chain. As one of Europe's leading pharmaceutical CDMOs, Aesica is highly complementary to Bespak's existing business and provides a number of clear strategic, competitive and value-enhancing benefits for the Enlarged Group."
Dr Robert Hardy, founding CEO of Aesica, added: "We are proud of what we have accomplished with Silverfleet Capital's support in developing Aesica through a combination of organic growth, continuous process improvement and investment in capacity. We continue to see many exciting opportunities in the pharmaceutical contract manufacturing sector and we look forward to pursuing these under the ownership of Consort Medical plc."
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Aesica supplies contract development and contract manufacturing services for Finished Dose and Active Pharmaceutical Ingredients to a host of the world's leading pharmaceutical companies and emerging biotechnology organisations.
Aesica, which was founded in 2004, today it supplies products to many of the world's top twenty pharmaceutical companies and exports to over 30 countries.
Silverfleet Capital invested in Aesica in 2011 and over the last three years has worked with the management team to establish the company as one of the top ten CDMOs in the world.
The company currently employs approximately 1,300 people.
In addition to its headquarters in Newcastle upon Tyne, UK, Aesica has development and manufacturing sites across Europe including Cramlington, Nottingham and Queenborough in the UK, as well as sites in Monheim and Zwickau in Germany and Pianezza in Italy.
About Consort Medical
Consort Medical is an international healthcare company, focused primarily on developing and manufacturing disposable medical devices for drug delivery. The Group has more than 50 years' experience providing services to the pharmaceutical industry.
The principal business of Consort Medcial is the management of its core operating division, Bespak, a developer and manufacturer of drug delivery devices for pharmaceutical partner companies, including inhaled, nasal, and injectables products.
Consort Medical works in partnership with more than 50 pharmaceutical companies (excluding its Bespak medical device customer base for medical check valves) including some of the world's largest, such as GSK, Teva, Chiesi, Dr. Reddy's laboratories, Merck and Boehringer Ingelheim.
With its headquarters in Hemel Hempstead, Consort Medical employs approximately 830 people across its manufacturing and R&D facilities in King's Lynn, Cambridge, Milton Keynes and Nelson in the UK.
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