Ergomed PLC (AIM:ERGO, ETR:2EM) has strengthened its consulting arm with the acquisition of pharmaceutical quality assurance specialist ADAMAS for £25.6mln cash.
ADAMAS is focused on areas such as Good Clinical Practice (GCP), Good Pharmacovigilance Practice (GVP), Good Manufacturing Practice (GMP), Good Laboratory Practice (GLP) and Computer Systems Compliance (CSC) (together, GxP) and has already worked with 40 of the world’s 50 largest pharma groups.
In 2021, revenues rose by 31% to £8.5mln with underlying profits of £1.8mln and ErgoMed said ADAMAS, which will continue to operate independently, would give an immediate boost to earnings.
Ian Montague currently CEO will become President of ADAMAS Consulting.
"Ergomed is a highly regarded business that shares our commitment to delivering regulatory compliance as well as the highest quality services to the global healthcare industry," he said.
Miroslav Reljanović, Egomed’s executive chairman, added: "This value-enhancing acquisition aligns with our disciplined M&A strategy, strengthening our position as a focussed premium pharmaceutical services business, whilst further building our Group's scale in the strategically important US, Europe and APAC regions.
"With this deal we are addressing the pharmaceutical industry's ever-growing need for best practice quality assurance due to the increasing complexity of drug development, pharmacovigilance and manufacturing processes."