Phoenix Pharmahandel AG has further expanded its British wholesaling chain through the acquisition of Norscot Pharmaceuticals Ltd in Aberdeen on March 23.
Norscot has approximately 6 per cent of the wholesale pharmaceutical market in Scotland and had a turnover last year of over £23m. It was founded in 1992 by the managers of the depot formerly owned by Medicopharma after that company ceased trading in the United Kingdom (PJ, May 16, 1992, p640).
Norscot will become a wholly owned subsidiary of Phoenix Healthcare Distribution Ltd and will continue to trade under its existing name. Phoenix also owns Philip Harris Medical, L. Rowland & Co, Foster Healthcare and Border Chemists Alliance, which have a combined annual turnover of around £440m and a 10 per cent share of the UK market.
Mr Duncan Cameron (managing director, Norscot) said in a press statement: "The board of directors of Norscot believe that the offer from Phoenix is in the best future interests of all the staff and customers, as well as its shareholders."
Phoenix indicated earlier this year that it planned to continue expanding its operations in the UK market, principally by acquiring unlisted companies (PJ, January 22, p126).