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27 Sep 2018 | 08:21

Clinigen Group more than doubles profits; acquires CSM, iQone

Clinigen Group said Thursday annual profits more than doubled, led growth unlicensed medicines division. The company also said it had agreed to acquire CSM Parent for an initial $150m and iQone for an initial €7.5m.

Profit before tax more than doubled to £35.9m from £14.1m and revenue grew 26% to £381.2m for the year ended June 30.

'The focus in full-year 2019 will be to quickly integrate the recent product and corporate acquisitions to further strengthen Clinigen's international market-leading positions and geographical footprint, the company said.

The acquisition of CSM, a specialist provider of packaging, labelling, warehousing and distribution services, was expected to expand the Clinigen's global supply and distribution network in strategically important regions, particularly Continental Europe

Under the terms of the deal, Clinigen could fork out additional $90m in cash for the acquisition if if CSM achieves predetermined milestones for earnings (EBITDA) in year to 31 December 2019.

The acquisition of CSM would also create an 'attractive' opportunity for Clinigen to cross-sell services to provide the end-to-end solution increasingly required by customers.

The acquisition of iQone, based near Geneva with operations across Europe, would add capability to Clinigen's unlicensed and commercial divisions, and offer the group a platform to support and expand its activities in mainland Europe.

At 8:21am: (LON:CLIN) Clinigen Group share price was -81.25p at 853.25p

Story provided by StockMarketWire.com
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