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WPP Health Specialist Buys Korean Firm
WPP subsidiary Ogilvy Healthworld has agreed to acquire 70% of South Korea's Pharmax Research & Consulting.
Founded in 1997, Pharmax is based in Seoul and had unaudited revenues for the year ended 30 June 2006 of 1,423m Korean Won (c.$1.55m) and gross assets of KRW 945m. (c.$1.03m). Financial terms of today's deal were not disclosed.
WPP says the buy, which is subject to the usual regulatory approvals, continues its strategy of developing its networks in fast growing markets and sectors.
Pharmax activities include focus groups and opinion leader interviews, technical and business research, and competitive intelligence, conducted by senior staff with a background in pharmacy, nursing and other relevant work. Sectors include pharmaceuticals, drug delivery and chemicals in addition to consumer products such as food and cosmetics.
Pharmax is online at www.pharmax.co.kr/english.
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