UDG Healthcare plc acquires Incisive Health for £15.6m

D5 Capital advised Incisive Health.

21 May 2019: UDG Healthcare plc (“UDG Healthcare” or "the Group"), a leading international healthcare services provider, announced today the acquisition of Incisive Health, a UK‐based healthcare policy and communications consultancy, for a total consideration of up to £13.6 million ($17.7 million). D5 Capital sourced, negotiated and managed the transaction through to completion. Incisive Health will join Ashfield Communications and Advisory, a wholly‐owned subsidiary of UDG.

Incisive Health is a UK‐based healthcare communications consultancy, which specialises in healthcare policy, public affairs and communication services. Incisive Health was founded by Mike Birtwistle, Sarah Winstone and Bill Morgan in 2013. Across its head office in London and an office in Brussels, the consultancy employs 36 people and provides a suite of consultancy and communications services including clinical advocacy, corporate and digital communications, direct payer engagement, public affairs, stakeholder campaigning, strategic and policy development and training programmes. Incisive Health has a diversified client base of predominately pharmaceutical and biotech companies.

Incisive Health significantly strengthens UDG Healthcare’s capabilities in the UK and mainland Europe,  specifically              in dedicated policy and market access communications. Incisive Health is being acquired for a total consideration of up to £13.6 million ($17.7 million). This includes initial consideration of £8 million ($10.4 million), with an earn‐out of up to £5.6 million ($7.3 million) payable over the next three years, based on the achievement of agreed profit targets.

The transaction will be financed in cash and is expected to deliver a return on capital employed in excess of the Group’s target of 15% within three years.