The Competition and Consumer Protection Commission has announced a full Phase 2 investigation into the proposed acquisition of pharmacy solutions business Navi Corp Ltd by healthcare services provider, Uniphar plc.
Following an extended preliminary investigation, the CCPC said it has determined that a full investigation is required in order to establish if the proposed transaction could lead to a substantial lessening of competition in the state.
The CCPC said it received a third-party submission during the Phase 1 investigation, and is open to other submissions.
Uniphar announced the Navi acquisition on 23 December 2021 and the deal was notified to the CCPC the following day.
According to Uniphar, Navi drives innovation within the Irish pharmacy sector through leading digital platforms and consistent supply of quality pharmaceutical products to its Irish and MENA partners.
In Association with
NaviCorp Ltd specialises in product buying and trading, the development of market-leading IT systems for use in pharmacies and retail pharmacy franchise services. The Navi group operates under four main divisions, namely brokerage, technology, retail and trading.
“The unique technology and value proposition of Navi combined with Uniphar's scalable high-tech distribution facilities and digital platforms will deliver an even stronger offering to our Independent community pharmacy customer base,” Uniphar declared when announcing the deal.
Navi CEO John Carroll commented at the time: "Navi and Uniphar have been partners for many years and share a common goal - to provide best in class services to community pharmacy, driven by innovative digital solutions. We are looking forward to working together to drive innovation across the sector."
Uniphar, led by CEO Ger Rabbette, has an aggressive growth by acquisition strategy.
In 2021, turnover advanced 6.5% to €1.94bn and gross profit improved by 26%, with the profit margin widening from 11.9% to 14.1%.
Uniphar’s operating profit for 2021 came in at €45m compared with €40m the year before, an increase of 13%. Pre-tax profit surged to €56m from €34m, due to €20m in accounting provisions.
