UDG Healthcare acquires MicroMass Communications for $75.8m
StockMarketWire.com - UDG Healthcare announced the acquisition of MicroMass Communications for a total consideration of $75.8m.
MicroMass designs solutions across all therapeutic areas that improve patient and health outcomes by changing patient and provider behaviour. These solutions are created bespoke to the needs of each of MicroMass' pharmaceutical clients. As the role of patients in healthcare decision making expands, coupled with the ongoing shift to digital channels, demand from pharmaceutical companies for behavioural change and direct patient engagement capabilities is increasing.
MicroMass generates the majority of its revenue from patient engagement and support programmes, with the remainder coming from HCP (healthcare professional) focused work. MicroMass' behavioural change and patient support and adherence services, are highly complementary to the existing services provided by both the Ashfield Communications and Commercial & Clinical businesses.
MicroMass is being acquired for an initial consideration of $63.8 million, with an additional consideration of up to $12 million payable over the next three years, based on the achievement of agreed profit targets. MicroMass employs more than 100 people at its headquarters in Cary, North Carolina. The existing management team, who have been with the business for more than 10 years, will remain with the business post acquisition.
Brendan McAtamney, CEO of UDG Healthcare said: "I am delighted to welcome MicroMass into the UDG Group. They have developed a highly-differentiated suite of patient and HCP solutions, with a strong reputation and a significant presence within the highly-fragmented healthcare communications market.
"MicroMass provides the Group with the ability to strengthen Ashfield's presence and capabilities in the US market, whilst also providing us with a platform to expand into the high growth areas of behavioural change and direct patient engagement.
"UDG has now committed more than $275 million to acquisitions this financial year, in line with our strategy of expanding into higher growth, higher margin areas, through acquisitions that add further capabilities for our global pharmaceutical client base and are a strong strategic and cultural fit to our existing businesses."
MicroMass President, Alyson Connor said: "We are excited to be joining the team at UDG Healthcare. Being part of a global business creates new opportunities for continued growth and new collaborations within UDG, which will enable us to develop more comprehensive solutions for our clients. UDG aligns very well with our culture, mission and values and will provide new opportunities for our employees."
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