NEWS9 December 2014

Cello buys Promedica

Healthcare M&A News UK

UK — Healthcare and consumer marketing group Cello has announced the acquisition of San Francisco-based pharmaceutical and biotechnology market research company Worldwide Promedica.

Promedica will form part of Cello Health and will work closely with Cello Health Insight in London, New York and Chicago.

The purchase involves a $700,000 cash payment, with a maximum of $1.8m payable dependent on financial performance in the period to 31 December 2017. Up to 50% of the deferred consideration is potentially payable in shares. Promedica made revenues of $1.9m in the year to December 2013.

Stephen Highley, chairman of Cello Health said: “This experienced and talented team will now open up capacity on the West Coast of America where we are seeing significant activity from both pharmaceutical and biotechnology clients.”