Ergomed Acquires MedSource
Ergomed plc has announced the acquisition of MS Clinical Services, LLC (“MedSource”).
Under the terms of the equity purchase agreement, Ergomed has acquired MedSource for an initial consideration of $16.2 million in cash paid at the closing of the transaction, up to $1.8 million in Ergomed shares to be issued at a price based on the average daily closing price for 30 days preceding the acquisition and within 15 months of the closing of the transaction, and up to a further $7.0 million payable 90% in cash and 10% in shares depending on MedSource’s financial results in the year to December 31, 2021.
The transaction is expected to be immediately accretive and earnings enhancing, with further growth and strategic benefits expected in future years.
Eric Lund, founder of MedSource, who will continue as President of MedSource after the acquisition, said, “I am delighted to be joining the Ergomed Group and continuing my current role. We are confident that this is a natural fit for MedSource...Our own experience in oncology and rare disease drug development and across product types, clinical trial phases and study designs will complement the services already offered to Ergomed’s international client base.”
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