Hunstworth has bought an 85% stake in global health communications specialist Kyne for an initial cash consideration of $17.4 million. The health communications agency provides public relations and patient advocacy services to a broad range of pharmaceutical and biotech clients. The business will sit within the group’s marketing division and will continue to be led by founder David Kyne.
Kyne posted revenue of $10.4 million in 2018, according to the Agency Business Report from PRWeek, MM&M’s sister magazine at Haymarket Media. That total was up 8% over the year prior. Kyne also reported operating profit of $1.3 million and gross assets of $3.5 million as of the end of 2018.
Huntsworth also bought 70% of Luxembourg-based CC, a strategic market access, health economics and outcomes research consultancy for an initial cash consideration of $17.3 million (€15.5 million). The business will sit within the group’s medical division and will continue to be led by founder Mondher Toumi.
CC generated revenue of $11.9 million (€10.6 million) and operating profits of $4.6 million (€4.1million) with gross assets of $18.3 million (€16.4 million) as of the end of last year.
Huntsworth intends to focus on organic growth and the integration of recent acquisitions for the rest of this fiscal year, with no additional acquisitions expected.
Huntsworth CEO Paul Taaffe said he was delighted to welcome CC and Kyne into the U.K.-based holding company, as both businesses will expand its healthcare offering.
“CC brings health economics and market access to enhance the scientific evidence capability of MediStrava, our medical division,” he added. “Kyne brings an expanded capability in healthcare public relations and patient advocacy to the Evoke Group to support additional briefs from global clients. These acquisitions demonstrate Huntsworth’s commitment to supporting the changing needs of pharmaceutical and biotech clients.”
An earlier version of this story first appeared on PRWeek.