Buyout firm Clayton, Dubilier & Rice agreed to acquire UDG Healthcare for £2.61 billion (US$3.7 billion) in cash, the latest in a flurry of pharmaceutical deals amid the pandemic.
UDG investors will receive 1,023 pence a share, about 22% more than the closing price on May 11, the Dublin-based company said in a statement Wednesday, May 12. The shares briefly jumped above the offer price, and traded at 1,022 pence by 9:27 a.m. in London.
The pace of health-care acquisitions has accelerated during the pandemic, and UDG, which provides a range of services to pharmaceutical customers in about 25 countries, stated it’s supporting clients in bringing COVID treatments and vaccines to market. The company reported adjusted operating profit growth of 11% in the fiscal first half.
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