Ergomed is engaged in the outsourced pharma services sector. Credit: Lucas Vasques on Unsplash.

Eden AcquisitionCo (Bidco) has signed an agreement to acquire British biopharmaceutical services company Ergomed in a deal valued at around £703.1m ($884.79m).

The newly incorporated company, Bidco, is controlled and indirectly wholly owned by the Permira funds advised by Permira Advisers.

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The acquisition is due to be implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act (Scheme).

As per the acquisition, each scheme shareholder will receive £13.50 in cash for each share of Ergomed.

Ergomed is a differentiated platform engaged in the outsourced pharma services sector with a strong track record in the contract research organisation (CRO) and pharmacovigilance (PV) spaces.

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Through this acquisition, Permira will provide support to Ergomed for its next phase of growth by investing in the commercial expansion and technological transformation of the business.

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Permira will also provide additional capital for undertaking transformational mergers and acquisitions (M&A).

Bidco has the right to implement the acquisition of Ergomed through a takeover offer.

Ergomed executive chairman Miroslav Reljanović said: “Since IPO, Ergomed has grown significantly to become a global, geographically diversified player in the CRO and PV sectors.

“Private ownership by funds advised by Permira, a highly experienced healthcare investor with a track record of building successful UK-based, global businesses, will allow us to build on the foundations we have created. It also brings with it opportunities to access their operational expertise, global network and capital.

“As a result, we believe the acquisition will significantly increase our ability to invest in our commercial infrastructure and technology transformation and to execute transformational M&A, in both the CRO and PV businesses. We are therefore unanimously recommending it to our shareholders.”