DAVY VIEW

BESTMSLs Group is Uniphar’s second acquisition in two weeks (following CoRRect Medical on July 20th) and its third in the strategically important US market since IPO (following Diligent Health Solutions and RRD in H2 2020). It adds capability in Medical Affairs, a fast-growing requirement across late-stage clinical trials through to product commercialisation. It is therefore highly synergistic for both the Product Access and Commercial & Clinical divisions. We estimate the deal will initially be c.2% accretive to pro-forma EPS.