Well-known Life Science/Biotech Agency Acquired by billion dollar giant UDG Healthcare (LON:UDG)

On November 26, 2019, it was announced that Ireland-based UDG Healthcare plc (LON:UDG), a FTSE 250 healthcare company providing clinical, commercial, communication and packaging services, entered into a binding agreement to acquire 100% of San Diego based Canale Communications, Inc. in a deal worth $31 million, with $20 million as upfront cash consideration and up to $11 million to be paid after 3 years upon achievement of profit targets. Canale Communications will join UDG Healthcare’s Ashfield Healthcare Communications Global Agency Network, with more than 7,000 employees across 25 countries.

Since its founding in 2010, Canale Communications has evolved to become a leading life science focused strategic communications firm on the West Coast, serving more than 300 biotechnology, medical device, digital health, and pharmaceutical companies and growing to a team of nearly 30 experts. The Canale Communications team is comprised of industry experts who are uniquely equipped to translate complicated science into a communications strategy that works.

Commenting on the acquisition, Founder and CEO Carin Canale-Theakston said: “The acquisition of CanaleComm by UDG Healthcare and the joining of forces with Ashfield Healthcare Communications’ network is the ideal platform as we look to grow a more robust service offering for our clients.  UDG Healthcare’s focus on life sciences, complementary offering, and strong employee-first culture were all extremely attractive to CanaleComm. We are looking forward to being able to continue the strong growth trajectory that we have been on over the last nine years and being part of the broader UDG Healthcare family.”

UDG Healthcare is organized across Ashfield Healthcare Communications and Sharp Clinical Services, which combine to create a global leader in healthcare advisory, communications, commercial, clinical, and packaging services. The acquisition of CanaleComm will expand Ashfield’s offerings and capabilities, providing a highly complementary set of services to the existing and newly acquired biotech and life science clients at virtually every stage of development.

“We are thrilled CanaleComm has joined Ashfield Healthcare Communications,” commented Matt Jacobson, Executive Director of Ashfield Healthcare Communications. “They bring a distinct and highly complementary service offering for our healthcare and life sciences clients and further strengthen our U.S. footprint especially in the west coast biotech industry.”

Earlier this year, UDG Healthcare boosted its Ashfield Communications and Advisory business by acquiring Putnam Associates and Incisive Health for a total of $106 million.

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Sources:

https://www.ashfieldhealthcare.com/en/news/canale-communications-becomes-part-of-ashfield/

https://www.sandiegouniontribune.com/business/biotech/story/2019-11-30/prominent-san-diego-biotech-agency-canale-acquired-by-billion-dollar-communications-group

https://www.odwyerpr.com/story/public/13442/2019-11-26/udg-healthcare-acquires-canale-communications.html

https://www.prweek.com/article/1666916/agency-clinical-services-giant-acquires-canalecomm-31m

https://timesofsandiego.com/business/2019/12/01/marketink-san-diego-pr-firm-canale-communications-sells-for-31-million/