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United Drug To Acquire Drug Safety Alliance, Synopia In North Carolina

Irish healthcare services provider United Drug plc (UDG.L) Tuesday announced separate agreements to acquire North Carolina based Drug Safety Alliance Inc and Synopia RX LLC. Both the transactions are believed to be earnings accretive on an immediate basis.

Total consideration for Safety Alliance, a safety and risk management services provider, is $28 million, while United will pay $12 million for Synopia.

For the acquisition of Drug Safety, United Drug will pay an initial $21 million in cash and an additional $7 million after three years, subject to achievement of a certain agreed profit targets, with the acquisition being financed from United Drug's internal resources and existing debt facilities.

United Drug said that Drug Safety' acquisition would allow it to offer its clients an integrated call center and case processing pharmacovigilance service.

For Synopia initial payment will be $3.2 million in cash and $8.8 million will be payable on after three years on achievement of agreed profit target. United will use its internal resources and existing debt facilities for the acquisition.

United Drug is currently trading at 207.50 pence, up 0.75 pence or 0.36 percent on the LSE.

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