Huntsworth adds Creativ-Ceutical and Kyne to its portfolio
By Josh White
Date: Tuesday 21 May 2019
(Sharecast News) - Healthcare and communications group Huntsworth announced the acquisition of 70% of Luxembourg-based Creativ-Ceutical (CC) from 100% shareholder Avicenne Invest for an initial cash consideration of €15.5m on Monday.
The London-listed firm also confirmed it was acquiring 85% of Kyne Communications, LLC and Kyne Communications Limited through direct and indirect interests from founder and majority shareholder David Kyne and his wife Jacqueline Kyne, together with associates, for an initial cash consideration of $17.4m.
It said it had conducted a successful placing raising gross proceeds of £16.3m to part-fund the acquisitions, with the balance of around £12m to be funded from existing debt facilities.
The group said it expected both acquisitions and the placing together to be accretive.
Huntsworth described CC as a strategic market access, health economics and outcomes research consultancy.
The business would sit within its medical division, and would continue to be led by founder Pr Mondher Toumi, who it said was one of the leading global experts in the "increasingly strategic" important area in the development of new drugs.
CC was headquartered in Luxembourg, with principal operating units in Poland, Tunisia and Paris.
It served global pharmaceutical and biotech clients, but also governmental organisations including the World Bank and the European Commission.
CC generated revenues of €10.6m and operating profits of €4.1m in the year ended 31 December, with its gross assets totalling €16.4m as at that date.
Kyne, meanwhile, was described by Huntsworth as a health communications agency providing public relations and patient advocacy services to a broad range of pharmaceutical and biotech clients, as well as working with a number of foundations to support their goals on disease awareness and eradication.
The business would sit within the group's marketing division, and would continue to be led by founder David Kyne.
It was a recent winner of several industry awards for its work, and was named the Holmes Report 2018 Boutique healthcare agency of the year.
Kyne operates from principal offices in New York, Los Angeles, Dublin and London.
The company generated revenues of around $10.2m and operating profits of $1.3m in the year ended 31 December, with its gross assets totalling $3.5m at year-end.
"We are delighted to welcome CC and Kyne into the Huntsworth Group as both businesses substantially expand our healthcare offering," said chief executive officer Paul Taaffe.
"CC brings health economics and market access to enhance the scientific evidence capability of MEDiSTRAVA, our Medical division."
Kyne, meanwhile, would bring an expanded capability in healthcare public relations and patient advocacy to the Evoke Group to support additional briefs from global clients, Taaffe explained.
"These acquisitions demonstrate Huntsworth's commitment to supporting the changing needs of pharmaceutical and biotech clients."
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