Acquisition of Worldwide Promedica Inc
9th December 2014
Cello Group plc, the healthcare and consumer strategic marketing group, is pleased to announce the acquisition of Worldwide Promedica Inc.
Promedica is a San Francisco based market research firm serving pharmaceutical and biotechnology companies. Promedica had revenues of $1.9m in the year to December 2013.
Promedica will form part of Cello Health, and will work closely with Cello Health Insight in London, New York and Chicago to continue the development of the offer to the large number of global clients of Cello Health.
The initial consideration is $700,000 payable in cash, with a maximum of $1.8m payable as deferred consideration dependent on financial performance in the period to 31 December 2017. Up to 50% of the deferred consideration is potentially payable in shares at the sole option of Cello.
Stephen Highley, Chairman of Cello Health commented:
“We’re delighted to warmly welcome Promedica into Cello Health. 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”.