LONDON (SHARECAST) - Shares of marketing firm Chime Communications rallied after it confirmed it has agreed to buy pharmaceutical market access and data firm pH Associates for an initial sum of £6.92m.
The initial consideration comprises £6.07m in cash, and £0.85m in cash representing working capital of PHA at acquisition that is surplus to requirements after PHA joins the group, Chime explained in a company statement.
Further tranches of deferred contingent payment of up to £14m may be payable depending upon the future trading performance of PHA, Chime added.
PHA, whose clients include Abbott, Janssen Cilag, Novartis and Sanofi, will operate as part of Chime's healthcare division, OPEN Health.
"The acquisition of PHA is a very significant further step in the development of the market access discipline of Chime's healthcare business, OPEN Health," it said.
Chime expects the acquisition of PHA to be immediately earnings enhancing.