Clinigen Announce Acquisition of Idis for £225m
The acquisition with Idis, an unlicensed medicines supplier, will make the Clinigen Group the global leader in unlicensed medicines. The ethical unlicensed supply market is estimated to be worth in excess of $5bn.
Idis supplies unlicensed medicines predominantly on an exclusive basis through managed access programmes as well as on demand via its general access division. In the 12 months ending 28 February 2015, Idis achieved unaudited last 12 months revenues of £196.8 million and adjusted EBITDA of £15.6 million.
Clinigen confirmed that they have identified annual cost synergies from the Acquisition of approximately £2.5 million.
CEO of Clinigen, Peter George, commented that the “acquisition satisfies a number of our key strategic goals – achieving market leader position in the $5+billion unlicensed medicine supply sector and strengthening our leading position in the $2 billion clinical trial supply market.”
“The acquisition will also accelerate our growth and give us a much better balanced portfolio of businesses, whilst extending our unique business model,” George added, commenting that “the enlarged entity creates an incredibly exciting business with tremendous opportunities for growth. I am confident that, together with Idis, we have the right people to define and shape the unlicensed medicine supply market – an increasingly important health care sector for patients with unmet needs.”