AIM listed marketing specialist Cello (LON:CLL) has agreed a deal to acquire MedErgy HealthGroup Inc., a healthcare communications consulting company based in Pennsylvania, US. The deal is part of a strategy by Cello to advance its presence in the US healthcare sector. In an interview with Stockopedia last September, Cello’s chief executive Mark Scott, said North America was a priority for acquisitions because many of the key decision makers involved in initiating research contracts among its multinational client base are located there. Cello is already one of the largest players in the UK pharma research market and opened an office in Manhattan two years ago.

Cello is paying an initial fee of $5.5m plus 5.8m shares of 10p for the business, with a deferred consideration of $3.5m due in 2014 depending on how MedErgy performs in the mean time. To fund the acquisition it has raised £2.8m in a share placing priced at 52.5p per share with new and existing institutional investors. The balance of the consideration is being funded with existing bank banking facilities. The Cello Group share price fell by 8.6% to 55.25p on the news.

MedErgy is a successful US-based healthcare communications consulting company with a number of blue chip clients. It was founded in 2002 by its current chief executive, Julia Ralston, and other current members of the senior management team, It specialises in strategic consultancy, scientific communications, and medical education and clinician learning.

Mr Scott said: “MedErgy will accelerate Cello’s expansion in healthcare research and communications and increase our exposure to international client briefs. The fit with our existing business is excellent and the growth prospects for the combined group are exciting.”

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