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.
Further information on the acquisition will be provided at Consort Medical’s interim results presentation on 10 December 2009.