Chime Communications to acquire pH Associates for up to £14m
Chime Communications is to wholly acquire pH Associates in a deal that Could be worth up to £14m.
The deal to buy the pharmaceutical data agency will see an initial considering of £6.07m paid in cash, and £0.85m in working capital of PHA at the time of acquisition.
The deal could rise as high as £14m depending on future performance, with three tranches set for 2013, 2014 and 2016.
The agency's co-founders and directors Kate Peperell and Lesley Howell will remain in position and will aim to develop it as a division of Chime's healthcare division OPEN Healthcare.
PHA reported revenue of £1.7 million for the year ended 30 September 2011 and an operating profit of £584,000. The gross assets of PHA were £966,000 at that same time.