Uniphar to buy CoRRect Medical as it accelerates entrance to German market
German company focuses on interventional cardiology
The purchase pricewas not disclosed, but is believed to be around €25 million and includes an upfront payment plus further consideration payable upon achievement of performance targets.
The company commercialises and distributes medical device products in the cardiology sector across Germany and Switzerland, focusing on the fastt growing areas of interventional cardiology, including structural heart.
The acquisition is seen as a milestone for Uniphar, with Germany representing the largest medtech market in Europe.
“The acquisition of CoRRect Medical accelerates our entry into Germany, the largest MedTech market in Europe, and underpins our focus on developing a truly pan-European offering for our partners,” Ger Rabbette, CEO of Uniphar said. “CoRRect Medical’s strong relationships with German and Swiss physicians and hospitals, combined with Uniphar’s expertise and deep manufacturer relationships, will provide a unique offering for MedTech customers seeking to commercialise across Europe.”
The acquisition is forecast to deliver a return on capital employed to the group in line with Uniphar’s target rate of 12 per cent to 15 per cent within three years.
Michael Braun, Managing Director of CoRRect Medical said the acquisition would allow the company to continue to grow in the interventional cardiology space as well as explore new opportunities. “This represents the beginning of an exciting new chapter for CoRRect Medical, our growing team of 11 high performing individuals and our partners,” he said.
By Ciara O'Brien for www.irishtimes.com