International healthcare services provider UDG Healthcare has agreed to acquire US-based healthcare communications business Cambridge BioMarketing for a total consideration of up to $35m.
Under the acquisition agreement, UDG Healthcare will pay an initial consideration of $30m.
Based on the achievement of agreed financial targets, the deal also requires UDG Healthcare to pay up to $5m over the next 12 months.
UDG Healthcare CEO Brendan McAtamney said: “The acquisition of Cambridge BioMarketing provides us with industry-leading expertise in the fast-growing area of orphan and rare disease drugs and adds further capabilities in patient-focused communications programmes, an increasing focus for pharmaceutical companies.
“The acquisition is in line with our strategic ambitions to grow our healthcare communications business in the US and expand the range of services we offer to our global pharmaceutical customer base.”
Cambridge BioMarketing focuses on orphan and rare disease drug launches, a market which is expected to grow by a CAGR of 11% between 2017 and 2022 to $209bn.
Founded in 2001, Cambridge BioMarketing employs more than 100 people across its two sites located in Cambridge, Massachusetts and in Oakland, California.
Cambridge BioMarketing CEO Maureen Franco said: “Being part of the UDG group provides us with a deeper, complementary suite of services including healthcare communications, consulting, market access, clinical services and meeting and events, as well as a global footprint, allowing us to better serve our clients and providing increased opportunities for our employees.”
The acquisition of Cambridge BioMarketing is expected to facilitate the growth of UDG Healthcare and improve its biotech presence.
Earlier this month, UDG Healthcare agreed to acquire US-based healthcare industry management consulting firm Vynamic for a consideration of up to $32m.