CELLTECH ACQUIRES GERMAN SALES AND MARKETING ORGANISATION
Celltech Group plc (LSE: CCH; NYSE: CLL) today announced it has agreed to purchase Thiemann S.A., the owner of Thiemann Arzneimittel GmbH (“Thiemann”) for DM97.1 million (£31.2 million) in cash. This acquisition provides Celltech with a sizeable pharmaceutical sales and marketing organisation in Germany, the largest market within the EU.
The acquisition of Thiemann is an important step towards achieving Celltech’s strategic objective of building a pan-European sales and marketing structure. In particular it will provide:
A sales and marketing capability in Germany for Celltech’s key pipeline products, such as CDP 870 in Crohn’s disease.
An infrastructure from which field forces in adjoining European countries, such as Austria and Switzerland, could be supported.
It also increases Celltech’s attractiveness as a global marketing partner.
Dr Peter Fellner, Chief Executive Officer of Celltech, commented: “The acquisition of Thiemann provides Celltech with a focused presence in Germany, the largest European market for pharmaceuticals. We were particularly impressed by the quality of Thiemann’s management and its complementary therapeutic focus. We see this as a solid base upon which to build a specialist sales and marketing organisation, enabling us to maximise revenues from the marketing or co-marketing of key Celltech pipeline products in Germany.”
Thiemann is based in Waltrop, near Dortmund, and markets a range of products focused in the therapeutic areas of Gastrointestinal, Cardiovascular, Rheumatology, Cough/cold and Central Nervous System. Thiemann employs a total of 130 staff, including 87 in sales and marketing. In the year 2000 Thiemann had sales of DM76.6 million (£24.6 million), an operating profit before goodwill amortisation of DM8.4 million (£2.7 million) and net assets, predominantly goodwill, of DM37.1 million (£11.9 million).
Celltech will fund the acquisition from existing cash reserves, which amounted to £88.1 million at 30 June 2001. The purchase price of DM97.1 million is payable to Thiemann S.A.’s majority shareholders, DLJ Merchant Banking Partners (an investment fund within CSFB Private Equity), upon completion of the deal, expected in October.
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