Consort Medical Seeks Acquisitions To Add Tech, 'Third Leg'

17th Jun 2010 08:20

By Jason Douglas Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Medical device company Consort Medical PLC (CSRT.LN) Thursday said it is seeking acquisitions to help drive growth. Chief Executive Officer Jonathan Glenn told reporters Consort is scouting for businesses that could add new capabilities or products to its Bespak unit, which makes valves and other components for inhalers. Drug handling and drug filling technologies are of interest, he said. Glenn added Consort is also seeking deals that could add new products or expand the international reach of its King Systems unit, which makes products used in anesthesia. Consort bought automatic injector company The Medical House in September 2009 to expand its portfolio of drug delivery technologies. It later made an approach to wound care company Advanced Medical Solutions Group PLC (AMS.LN), but was rebuffed. Glenn said Consort is still interested in establishing "a third leg" for its business by acquisition to complement its Bespak and King units. It isn't interested in Advanced Medical Solutions any more, he said. He added the company's organic growth is strong and there is no necessity for Consort to make an acquisition. Glenn said Consort has about GBP42 million in credit it could draw on to fund a deal and it would be prepared to tap shareholders if needed for a bigger purchase. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires June 17, 2010 03:20 ET (07:20 GMT)