New York indie agency Concentric Pharma Advertising announced that business transfer organization MDC Partners has acquired a majority stake in the firm. It's MDC Partners' first significant stake in healthcare marketing in the US, though the company's mainline advertising investments include Crispin Porter + Bogusky.
With offices in New York and London, Concentric's roster of pharma clients includes Pfizer, Novartis, Amgen, Allergan and Genentech. The company also boasts agency-of-record status on Pfizer and Amgen's Enbrel for rheumatology. The companies declined to disclose financial details on the deal.
“Clients in this sector are increasingly seeking to go beyond outdated one-size-fits-all approaches and find true evolution,” said MDC chief Miles Nadal. “The partnership between Concentric and MDC Partners launches a network model that integrates sophisticated multichannel strategies from the most cutting-edge agencies in the world and applies them to the needs of healthcare using Concentric as the knowledge portal into the industry.”
“We were only interested in partnering with a company that was willing to innovate—to completely reinvent the model—and at the same time matched our entrepreneurial spirit,” said Concentric chief Ken Begasse, Jr. “Having worked with MDC for 18 months prior to our formal acquisition, we knew Concentric would have the opportunity, flexibility and resources to build a healthcare network that actually works.”