United Drug acquires manufacturer

United Drug has announced the acquisition of The Specials Laboratory (TSL) for 20.1 million pounds.

The payment of the sum is set to follow an additional amount of up to 4.5 million pounds based on profit targets over the next two years.

Liam FitzGerald, United Drug’s chief executive, said the company is “delighted” to announce the deal.

He added: “The acquisition continues our development as an international healthcare services company.”

“TSL has an excellent management team and operates off an extremely high quality platform to manufacture product to meet specific patient prescription requirements,” he continued.

United Drug are set to report its 2008 financial year results on Friday, 21st November.

Established in County Mayo, Ireland in 1948, the company then went on to open a branch in Limerick in 1953.

The advent of the general medical scheme allowed the company to offer free medicine to 40 per cent of the Irish population in 1971.

The organisation then went on to purchase Aryton Saunders in 1972 and Ulster Anaesthetics in 1987.

Earlier this year, United Drug said it experienced “good trading conditions” during the third quarter, with the company confirming an acquisition of Sharp Corporation for $99 million (66.9 million pounds) on July 15th.