LONDON, UK: Uniphar plc announced the acquisition of CoRRect Medical GmbH.
CoRRect Medical is a Germany-headquartered company that specialise in the commercialisation and distribution of medical device products in the interventional cardiology sector across Germany & Switzerland.
The acquisition represents a key strategic milestone for the Group, as it continues to build out its pan-European offering, focusing on high value specialty therapeutic areas.
CoRRect Medical will accelerate Uniphar’s organic entry into the German market initiated earlier this year. Germany represents the largest MedTech market in Europe (circa 25% of European Market), with CoRRect Medical focused on some of the fastest growing areas of interventional cardiology, including structural heart.
The purchase price includes an upfront payment plus contingent consideration payable upon achievement of EBITDA based performance targets.
The existing CoRRect Medical team, including Managing Director Michael Braun, recognise the enhanced opportunity to grow the business as part of the Uniphar Group and remain fully engaged as a core part of the business going forward.
The acquisition is forecast to deliver a Return on Capital Employed to the Group in line with Uniphar’s target rate of 12%-15% within three years.
Ger Rabbette, CEO of Uniphar said: “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. 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.”
Michael Braun, Managing Director of CoRRect Medical said: “Being part of the broader Uniphar European offering will allow CoRRect Medical to continue to grow and deliver for our partners in the interventional cardiology space as well as unearth new opportunities together. This represents the beginning of an exciting new chapter for CoRRect Medical, our growing team of eleven high performing individuals and our partners”.
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19 Jul, 9:27 am GMT+1 ·Disclaimer