UBM aligns CMP's US, European units
The new regime, which breaks CMP into separate medical and technology units, won't mean much of a change for the firm's US operations, said Vicki Masseria, president.
“UBM has pooled the healthcare assets of CMP so that we're one global brand now,” said Masseria, who will report to new CEO of CMPMedica Henry Elkington, who previously headed business development for the firm. Steve Weitzner, previously president and CEO of CMP, will now head CMP Technology.
The realignment brings together the company's US publishing and medical education business with a strong European drug information business, based in France.
“We all have different skill sets. Uniting all of our healthcare assets brings together global expertise in print, events, online, et cetera,” said Masseria.
CMPMedica's US titles include Oncology, Psychiatric Times, Applied Neurology, Consultant, Drug Benefit Trends and The Journal of Respiratory Diseases. The firm's French drug information business includes the Vidal Pharmaceutical Directory, and the healthcare business of CMPi, the company's European integrated marketing and professional media division, has been integrated into CMPMedica.
UBM clocked CMPMedica's pro forma 2005 revenues at about £170 million, or $313 million. By contrast, the CMP Technology business was worth £200 million, or $369 million.
Elkington was most recently director of corporate development at UBM, having joined the firm last August. He had previously spent 16 years at Boston Consulting Group, where he advised on strategy, mergers and acquisitions and post-merger integration in industries including pharmaceuticals, media and telecoms.