Complements absolute PrimeVigilance services, accumulation bazaar arch position and advocacy sources of approaching growth
Expected to be anon accretive to earnings
London UK 29 November 2016: Ergomed plc (‘Ergomed’ or the ‘Company’, LSE: ERGO), a biologic casework and biologic development company, today announces the accretion of European PharmInvent Casework s.r.o. (‘PharmInvent’), a arch European pharmacovigilance and authoritative casework business.
Background to the acquisition
This accretion is constant with Ergomed’s declared action to abound its existing, assisting casework businesses both organically and through bolt-on acquisitions. The transaction will aggrandize and accompaniment its absolute pharmacovigilance division, PrimeVigilance, which has developed with a CAGR of 40% over the aftermost 4 years and is accepting a actual acknowledged 2016. PharmInvent is led by an experienced, ex-regulatory bureau aggregation that offers biologic assurance and authoritative consultancy expertise. They additionally accept an all-encompassing arrangement of all-embracing pharmacovigilance experts that accommodate admonition and abutment on both bounded artefact assurance and action chip all-around abutment for pharma and all-encompassing companies’ products.
Following the accomplishment of the accretion PharmInvent will abide to be led by its founders, Dr Jan Petracek and Dr Martin Votava. Dr Petracek was aforetime a Head of the Accident Administration Section at the European Medicines Bureau (EMA), while Dr Votava represented the Czech Republic in The Committee for Alleviative Articles for Human Use at the EMA.
Combining PharmInvent’s accurate ability with PrimeVigilance creates one of the better all-embracing specialist account providers in the awful adapted biologic assurance sector. The continued business will accept a ample all-embracing applicant account alms cogent opportunities to cantankerous sell, as able-bodied as an broadcast ambit of casework to allure new customers. From this able position Ergomed’s action is to actively aggrandize the pharmacovigilance and authoritative division, abnormally in the US, thereby basement Ergomed’s planned advance of revenues and accumulation profitability.
Commenting on the accretion Miroslav Reljanovic MD, CEO of Ergomed, said:
‘This accessory accretion of PharmInvent both complements and consolidates PrimeVigilance’s market-leading position in outsourced pharmacovigilance casework for audience developing or affairs biologic articles beyond the world. Combining these companies offers an able and complete band-aid for audience and is constant with our action to advance added this acerb growing allotment of our account business that addresses an expanding, multi-billion dollar market. We are accordingly assured that this balance accretive accord will bound construe into cogent and acceptable actor value. We are captivated to be alive with Jan and his aggregation and acceptable them to Ergomed.’
Jan Petracek MD, CEO of PharmInvent, added:
‘These are actual agitative times for PharmInvent. We accept spent the aftermost six years architecture our business and acceptability and now attending avant-garde to decidedly leveraging our position alive alongside PrimeVigilance. Together, our abilities will acquiesce us to appropriate cogent new opportunities as able-bodied as aggrandize our alms to our absolute chump base. My aggregation and I are captivated to be abutting the Ergomed team.’
Deal agreement and PharmInvent trading history
Under the agreement of the accord Ergomed is accepting 100 per cent of the issued allotment basic of PharmInvent for an antecedent application of €4.8 actor (£4.1 million), with accidental application based on the accomplishment of EBITDA targets for 2016, 2017 and 2018 of up to an accumulated added €3.2 actor (£2.7 million). The antecedent and accidental application are both to be annoyed 80% in banknote and 20% in new Ergomed accustomed shares. The antecedent allotment application will be annoyed through the arising of 640,576 new Accustomed Shares in Ergomed at an affair amount of 128.78 pence per share. Admission of these new Accustomed Shares is accepted to booty abode at 8.00 a.m. on 2 December 2016 (‘Admission’). Following Admission, the absolute cardinal of Accustomed Shares in the Aggregation will be 40,504,806. The Aggregation holds no treasury shares and accordingly the absolute cardinal of voting rights is 40,504,806. The accord is accepted to be anon accretive to Ergomed’s 2017 balance per share.
In the year concluded 31 December 2015, PharmInvent appear acquirement of €3.0million and adapted EBITDA of €0.7million and had net assets at 31 December 2015 of €1.1million. PharmInvent’s acquirement is accepted to abound 35% to about €4.0 actor (£3.4 million) for the year catastrophe 31 December 2016. Adapted EBITDA for the aforementioned aeon is accepted to be about €0.8 actor (£0.7 million).
Ergomed plc is a assisting UK-based business accouterment biologic development casework to the biologic industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries.
Ergomed provides analytic development, balloon administration and pharmacovigilance casework to over 100 audience alignment from top 10 biologic companies to baby and mid-sized biologic development companies. Ergomed auspiciously manages analytic development from Appearance I through to backward appearance programmes.
Ergomed has a avant-garde ameliorative focus, with a accurate ability in oncology, neurology and immunology and the development of drop drugs. Ergomed believes its access to analytic trials is differentiated from that of added providers by its avant-garde Study Site Administration archetypal and the use of Study Physician Teams, consistent in a abutting accord amid Ergomed and the physicians complex in analytic trials.
As able-bodied as accouterment aerial affection analytic development services, Ergomed is architecture a portfolio of co-development partnerships with pharma and biotech companies which allotment the risks and rewards of biologic development. Ergomed leverages its ability and casework in acknowledgment for agitated absorption in the drugs beneath development. Lastly, Ergomed afresh acquired a activity of proprietary development articles for haemostasis in surgical settings. For added information, visit: http://ergomedplc.com.
About European PharmInvent Casework s.r.o.
Founded in 2010 by Dr Jan Petracek and Dr Martin Votava, in Prague, Czech Republic, PharmInvent offers a absolute ambit of pharmacovigilance and authoritative casework to over 100 audience in the all-around biologic industry. Led by a aggregation of awful accomplished and able medical doctors and pharmacists, pharmacovigilance casework accommodate an outsourced all-around arrangement of 95 Able Persons for Pharmacovigilance (QPPVs) in 50 countries, case management, accident management, audit, training and consulting casework on the enactment and aliment of pharmacovigilance systems. Authoritative casework accommodate cardinal admonition on authoritative strategy, analytic balloon and agreement architecture and medical autograph of authoritative submissions. PharmInvent’s awful able workforce of 60 bodies includes 10 medical doctors, 28 pharmacists and 16 scientists with avant-garde degrees.
Following the accretion PharmInvent will abide to be led by Dr Jan Petracek. Dr Petracek is the above Head of Accident Administration Section at the European Medicines Agency, and the above Head of Pharmacovigilance, Action and Development at the State Institute for Biologic Control in the Czech Republic. He advised Affection and Assurance in Healthcare (MSc) at Imperial College London, and accomplished as a physician at Charles University in Prague (MD). He has accounting and/or contributed to assorted civic and all-embracing guidelines, including ICH E2F, EMA Guideline on Assurance and Efficacy Follow-up – Accident Administration of Avant-garde Therapies, and genitalia of Volume 9A. Dr Petracek will additionally be abutting the Board of PrimeVigilance.
Dr Martin Votava will abide as PharmInvent’s Chief Medical Officer. Dr Votava represented the Czech Republic in The Committee for Alleviative Articles for Human Use at EMA (2007-2010), while alive as the Head of the Preclinical and Analytic Documentation Appraisal Unit at the State Institute for Biologic Control. He accommodating and provided appraisal for centralized business allotment procedures and referrals as a rapporteur or a co-rapporteur for new alive substances, biosimilar and all-encompassing alleviative products. He acquired his apprenticeship in pharmacology at Charles University in Prague (MD, PhD, Prof. Assoc.), area was Head of the Pharmacology Department at the 2nd Faculty of Medicine.
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