UDG Healthcare (LON:UDG) has acquired two New York based businesses – Create NYC and SmartAnalyst – for a combined total of $82.4 billion.
The purchase of the companies was funded via ‘existing cash and debt faciilities’, with the move expected to increase UDG’s earnings per share.
Prior to the buy-out, Create NYC was a creative communications agency, and SmartAnalyst offered strategic consultancy and analytical services, focused on the pharmaceutical and biotech sectors.
“Create NYC adds innovative, creative services within Ashfield Communications and SmartAnalyst expands Ashfield’s advisory pillar, adding new capabilities in strategic consulting and the high growth area of Health Economics and Outcomes Research,” said UDG chief executive Brendan McAtamney.
“Both transactions meet all of UDG’s acquisition criteria – they are a good strategic and cultural fit; meet our target financial hurdle rates; and involves an expansion of our current capabilities.”
Following the news, the FTSE 250 company’s share price has increased 2 percent, to 16.5p. Today, analysts from Peel Hunt and Liberium Capital have reiterated their ‘buy’ stance on UDG stock.