Dublin-listed pharmacy supplies company Uniphar has acquired Germany-headquartered CoRRect Medical.

CoRRect Medical specialises in the commercialisation and distribution of medical device products in the interventional cardiology sector across Germany and Switzerland.

Overall the deal is understood to be in the region of €25m.

The purchase price includes an upfront payment plus a contingent fee payable upon achievement of earnings based performance targets.

The acquisition is forecast to deliver a return on capital employed to the group in line with Uniphar's target rate of 12pc-15pc within three years, according to a statement from the group.

The purchase represents a “key strategic milestone” for Uniphar, as it continues to build out its pan-European offering, the company said.

Ger Rabbette, CEO of Uniphar said: "The acquisition of CoRRect Medical accelerates our entry into Germany, the largest MedTech market in Europe, and underpins our focus on developing a truly pan-European offering for our partners.”

“CoRRect Medical's strong relationships with German and Swiss physicians and hospitals, combined with Uniphar's expertise and deep manufacturer relationships, will provide a unique offering for MedTech customers seeking to commercialise across Europe," he added.

Germany is the largest MedTech market in Europe, accounting for about a quarter of the European MedTech, according to Uniphar. CoRRect Medical focused on some of the fastest growing areas of interventional cardiology, including structural heart.

The CoRRect Medical team, including managing director Michael Braun, will remain with the company.

Uniphar was founded by a small group of Irish community pharmacists in 1967. It now has more than 3,200 employees.

The company has a presence in Ireland, the UK, the Benelux, the Nordics, Germany and the United States.

In 2019, it listed on Euronext Dublin and the AIM, a submarket of the London Stock Exchange.

Last year the company reported gross profit of €217m, an improvement of 21pc year on year on a constant currency basis.

The company completed a total of four acquisitions in 2020, three of which increased its presence in the US. In Ireland it purchased the 36 strong Hickeys pharmacy chain.