The Mission Marketing Group plc Acquisition of RJW & Partners
The Mission Marketing Group plc , the marketing communications and advertising group, is pleased to announce that it has acquired RJW & Partners Ltd, a company providing consultancy services to the pharmaceutical and medical devices industries, working in pricing, market access and payer communications. Initial consideration is £1.75m for the business and £0.23m for cash balances held. £1.88m is payable in cash and £0.1m will be satisfied through the issue of 237,117 new ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares"). Further consideration of up to £4.25m is payable subject to financial performance in 2017, 2018, 2019, and 2020, of which 5% is payable in shares and 95% payable in cash.
Established in 2008, RJW is a UK-based consultancy with around 30 employees and external consultants who specialise in pricing and market access strategy, tactics and communications in all major markets and world regions. The Company works with a wide range of clients in the pharmaceutical sector, including AstraZeneca, Shire and Novartis. RJW will operate as part of Mission Healthcare, adding an important and new global market access capability to the missiontm's existing skills in medical communications.
In the 12 months to 31 March 2016, RJW had a turnover of £1.6 million, profits of £0.4 million and at 31 March 2016, had total assets of £0.2 million.
Commenting, David Morgan, Executive Chairman of the missiontm said:
"I am delighted to welcome RJW to the missiontm portfolio. The addition of RJW provides us with a world-class team in the fast-growing specialism of pricing and market access.
We are confident that the addition of this capability to our strong marketing communication credentials will provide an enormously compelling Healthcare offer for existing and new Clients alike. We look to the future of Mission Healthcare with great excitement."
Neil Johnson, Director of RJW said:
"We are extremely pleased to be joining the missiontm Healthcare team. We are convinced that in themissiontm we have found the perfect partner with which to grow."
Application has been made for the 237,117 new Ordinary Shares issued as initial consideration, which will rank pari passu in all respects with the existing Ordinary Shares of the Company, to be admitted to trading on AIM, which is expected to be effective from 8.00 am on 4 May 2017. Subsequent to the issue of these new Ordinary Shares, the total issued share capital of the Company will be 84,357,351 Ordinary Shares. The Company holds no Ordinary Shares in treasury. Accordingly, after Admission, the total number of voting rights in the Company will be 84,357,351.