LONDON, June 26 (Reuters) - U.S. advertising company Interpublic Group is paying up to 50 million pounds ($77.8 million) to acquire privately owned British healthcare consultancy Double Helix.
Although the companies did not disclose financial terms, sources familiar with the situation said McCann Health, a division of Interpublic, would pay 35 million pounds upfront, with up to a further 15 million dependent on future revenue.
McCann said in a statement that buying the business would significantly boost its presence in pharmaceutical and medical device market research and consultancy.
The sale is a windfall for Wayne Phillips, a doctor and former pharmaceutical executive, who founded Double Helix in 1995 and will stay on under the new owners. The firm now has more than 90 staff and offices in London, Singapore and the United States.
Cavendish Corporate Finance handled the sale for Double Helix.