Chime Communications plc, the communications and sports marketing group, is to acquire pH Associates Limited, a company providing market access and data to the pharmaceutical industry, for an initial consideration of £6.92 million.
The initial consideration comprises £6.07 million in cash, and £0.85 million in cash representing working capital of PHA at acquisition that is surplus to requirements after PHA joins the group.
Chime is acquiring the business from PHA’s two owner Directors; Kate Peperell and Lesley Howell. Following completion, Kate and Lesley will continue to develop PHA as part of Chime’s healthcare division, OPEN Health. PHA’s clients include: Abbott, Janssen Cilag, Novartis and Sanofi.
PHA reported revenue of £1.7 million for the year ended 30 September 2011 and operating profit of £584,000. The gross assets of PHA were £966,000 as at 30 September 2011.
Further tranches of deferred contingent consideration totalling a maximum of approximately £14 million, may be payable depending upon the future trading performance of PHA. Three such tranches may be payable, in 2013, 2014, and 2016. In the case of 2014 and 2016, at Chime’s option up to 20% of the deferred consideration may be satisfied through the issue of new Chime ordinary shares.
UK, London & Marlow, Buckinghamshire
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