Premier Research Group plc, a pharmaceutical services specialist, has simultaneously bought two companies.
Premier Research Group plc, a pharmaceutical services specialist, has simultaneously bought two companies.
The group acquired ARS Clinical and D-Target in deals that combined could be worth as much as £18 million.
ARS is a US-based full service contract research organisation specialising in outsourced clinical services, while Swiss company D-Target provides clinical research and regulatory services for medical device and biologics products.
These deals continue Premier’s buy and build strategy, with both companies complementing its existing operations.
Premier’s chief executive, Dr Simon Yaxley, said he is delighted to have completed these acquisitions. “They clearly represent a further important step in our strategy of building a leading international contract research organisation.
“These two acquisitions have many key attributes in common including excellent industry reputation, top quality staff, a complementary customer base and a strong order book, giving high visibility of future earnings. As with all previous acquisitions since the company’s IPO, these acquisitions are expected to become earnings enhancing within the first full year.
“Importantly, I believe that both acquisitions offer a number of complementary synergies to the enlarged group and further strengthen Premier Research’s position in the international contract research organisation market,” he added.
These transactions were financed through extending its debt with Lloyds TSB, which was co-ordinated by relationship director Nigel Gibson of the bank’s Corporate Markets Thames Valley team.
Gibson said ARS and D-Target are great acquisitions for Premier. “The two companies are an excellent fit for the group and will greatly benefit the business’ ambitious international growth strategy.
“Lloyds TSB Corporate Markets has a strong relationship with Premier Research, having worked closely with the team since the business floated in 2004,” he added. “We’ve formed a strong alliance by funding each of Premier’s six acquisitions and are delighted to have supported the business once more with these funds through senior debt. We look forward to working closely with them as the company continues to grow.”
Premier was advised by Hurst Morrison Thomson, led by partner Bruce Morrison and director Simon Jordan.
“We were delighted to act for Premier on this its eighth and ninth acquisitions in its buy and build strategy, and the fifth and sixth since flotation,” Morrison said. “We believe that both acquisitions offer considerable growth potential, and provides Premier with an exciting opportunity to continue its success.”
