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Clinigen completes £6.7mln acquisition of iQone

iQone was one of two acquisitions unveiled by Clinigen alongside last month’s full-year results
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Clinigen has today issued 241,744 shares as part of the payment

Clinigen Group PLC (LON:CLIN) has completed the acquisition of Swiss specialty pharma business iQone for £6.7mln in a mix of cash and shares.

The AIM company said iQone will add capability to Clinigen's unlicensed and commercial divisions, whilst also offering the group a platform to support and expand its activities in mainland Europe.

READ: Clinigen raises £80mln to fund two new acquisitions as profits more than double

Sitting in the Clinigen stable will also provide iQone with resources and access to an extensive customer and product base to accelerate its growth.

“Expanding our geographical footprint to support our activities in mainland Europe is a key benefit of this acquisition, along with the additional services it will offer our customers in Unlicensed Medicines,” said chief executive Shaun Chilton last month.

“It also has the potential to drive growth in our owned Commercial Medicines portfolio.”

iQone was one of two acquisitions announced by Clinigen alongside its annual results last month, the other being CSM Parent a specialist provider of packaging, labelling, warehousing and distribution services.

Clinigen shares were down 0.7% to 858.7p in late-morning trade on Tuesday.

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