DAVY VIEW

The acquisition of RRD International (RRD) is an initially modest but strategically important deal. Uniphar aims to be the global leader in Expanded Access Programs (EAPs) and RRD specifically adds early stage consultancy and regulatory capability in the US. This is highly complementary to the Diligent Health Solutions (DHS) acquisition announced in September (US patient engagement). While we expect the RRD deal to be EPS neutral in 2021 and low-single-digit accretive by 2024, it should be a key enabler of future US programme wins.