United Drug plc, an Ireland-based distributor, wholesaler and contract packager, has acquired Allentown, PA-based Sharp Corporation for $99 million. The acquisition is intended to complement UD's contract packaging operations in Europe with Sharp's U.S. presence.
Sharp will combine with UD’s existing U.S. operations to broaden its range of outsourced services for U.S. pharmaceutical and healthcare manufacturers. In contract packaging, which forms part of UD’s Supply Chain Services division, UD now combines the leading independent contract packaging business in the U.S. with UD’s existing European operations located in the UK, Belgium and Holland, according to a UD statement.
UD chief executive officer Liam FitzGerald commented, “We are delighted to announce the acquisition of Sharp. Sharp is a quality and compliance leader in pharmaceutical contract packaging in the U.S. and will fit extremely well with our existing packaging operations that provide services to the same client base in most major markets in Europe. The acquisition will also provide a major platform for our ongoing development as an international healthcare services company.”
The $99 million purchase price is equal to Sharp's reported 2007 revenues. Sharp employs 600 people, all of whom are expected to remain with the company after the acquisition.