Consort Medical Seeks Acquisitions in Drug Handling, Diagnostics
Published: Mar 29, 2013
Consort Medical Plc (CSRT), the U.K. medical device company developing a new nicotine inhaling product with British American Tobacco Plc (BATS), is seeking to reduce its reliance on selling inhalers by investing in drug handling or diagnostic companies, said Chief Executive Officer Jonathan Glenn. Consort Medical, based in Hemel Hempstead, England, has a bank loan of 100 million pounds ($151 million) available for acquisitions and shareholder support to raise more funds if it finds the right target, Glenn said. Consort gets about 90 percent of its revenue from sales of inhalers used to deliver respiratory drugs and has diversified to add growth. Diagnostics and drug handling, where it would fill the devices with the pharmaceutical ingredient, are two areas under consideration, Glenn said.