Company News
05/11/2009 Consort Medical board update on The Medical House
Consort Medical
offer for The Medical House is declared unconditional
Consort Medical is
delighted that on 4 November it was able to declare its offer for
the shares of The Medical House plc unconditional in all respects and that by 6 November it had either secured acceptances in respect of, or purchased, shares
amounting to over 95% of the capital of The Medical House. This means that
Consort Medical can immediately commence the delisting of The Medical House
from AIM and the purchase of the remaining shares. This process is likely to be
complete within the next three months.
The Medical House will become part of the Bespak division of Consort
Medical. Bespak is a leading manufacturer of drug delivery devices, supplying
around 500m devices per annum, mainly to the respiratory sector. The Medical
House brings new expertise in the design of Autoinjectors, a fast-growing
self-injection technology driven by the significant increase in use of
injectable biologic drugs. The Medical House has one newly-launched product as
well as three important device development programmes on behalf of
pharmaceutical company clients that are scheduled to be launched in the next
two years. The incremental revenue from these launches alone is exciting, but
Bespak's management believe that its existing customer base may well have
programmes which will require Autoinjector delivery devices. Furthermore the
combination of Bespak’s scale and manufacturing experience with The Medical
House’s proprietary drug delivery technologies and design capabilities will
offer an increasingly compelling solution to the pharmaceutical industry.