Mission Marketing Group buys pharmaceutical consultancy services provider
AIM-listed Mission Marketing Group has bought RJW & Partners, a provider of consultancy services to the pharmaceutical and medical devices industries, for up to £6.23m.
The initial consideration is £1.75m for the business and £230,000 for the cash balances held, coming to a total of £1.98m.
About £1.88m was paid in cash and £100,000 was satisfied through the issue of 237,117 new shares of 10p each.
A further £4.25m will be paid subject, to the acquisition's financial performance in from 2017 to 2020, of which 5% is payable in shares and 95% payable in cash.
The new 237,117 shares issued will be admitted to trade on AIM on 4 May, and following admission the company will have 84,35m shares in issue with voting rights and non in treasury.
RJW works with a range of clients in the pharmaceutical sector, including AstraZeneca, Shire and Novartis, and will now operate as part of Mission Healthcare business.
In the 12 months to 31 March 2016, RJW had a turnover of £1.6m, profits of £400,000 and had assets worth £200,000.
Mission Marketing executive director David Morgan said: "The addition of RJW provides us with a world-class team in the fast-growing specialism of pricing and market access.
“We are confident that the addition of this capability to our strong marketing communication credentials will provide an enormously compelling healthcare offer for existing and new clients alike. We look to the future of Mission Healthcare with great excitement."
RJW director Neil Johnson added: "We are extremely pleased to be joining the mission healthcare team. We are convinced that in the mission we have found the perfect partner with which to grow."
Shares in Mission Marketing Group were down 1.16% to 41.02p at 0922 BST.