United Drug to acquire Sharp

United Drug has signed an agreement to aquire the entire issued share capital US-based firm Sharp for a total consideration of $99 million (50 million pounds).

The transaction is expected to close within 30 days and is subject to standard regulatory approvals.

Under the terms of the agreement, United Drug’s existing contract packaging operations will merge with the leading independent contract packaging business in the US.

The deal aims to expand and enhance the company’s existing outsourced services offering for pharmaceutical and healthcare companies in the US, while the transaction is expected to immediately add to earnings at United Drug.

Liam FitzGerald, chief executive at United Drug, said: “Sharp is a quality and compliance leader in pharmaceutical contract packaging in the United States and will fit extremely well with our existing packaging operations that provide services to the same client base in most major markets in Europe.”

He added the acquisition will also offer a platform for the company’s development as an international healthcare services firm.

Last month, United Drug appointed Alan Ralph as its new executive director.

Mr Ralph had joined the firm in 1999 and has worked in various aspects of the business.