Pharmaceutical and healthcare services firm United Drug has announced the acquisition of the Frankfurt-based group, Pharmexx.

United Drug said it had reached agreement to acquire the entire issued share capital of Pharmexx from the German drug distributor, Celesio.

The acquisition, which is expected to be completed by the end of next month pending regulatory clearance, is to be financed from United Drug's existing cash and debt resources.

Employing over 2,300 people, Pharmexx operates in 18 countries across Europe, North and South America.

United Drug said the net assets being acquired are €8.3 million and on completion the business will be integrated into its sales, marketing and medical division.

United Drug?s chief executive Liam Fitzgerald said: ?The acquisition is a major step forward in our ambition to become the leading global provider of contract sales outsourcing services to the pharmaceutical industry.?

?It is also another significant milestone in the development of United Drug into a truly international provider of outsourced services to healthcare manufacturers".