Recipharm to buy Consort for £505m

Consort Medical, medical devices makers was snapped up today by a Swedish rival Recipharm for £505m, delivering a boost to City Investors. Consort Medical whose brands include Besapk Asthma inhalers. ASIC medicine making facility and disposable syringes has eight manufacturing sites across the UK and employs over 2000 staff.

The bid is a 39 per cent premium to Consort’s share price on Friday, which has fallen by round one third over the past year. Consort owned by Polar Capital, Legal & General, Invesco, #Schroders, BlackRock, Artemis, Merian Investors and Janus Henderson. Recipharm has agreed  an all-cash 1010p offer, is buying the company to help hit growth targets aiming for annual sales of £643m by 2020 and also to save in cost cuts of £10m.

Consort’s chairman Christopher Brinsmead said “ We believe that Recipharm’s businesses are highly complementary to our own”.

Lazard is advising  Recipharm and Evercore is advising  Consort.