The principal asset being acquired from HSM is the Cardiometabolic Health Congress (“CMHC” or “Cardio”), the largest US event focused on the cardiometabolic field. It is an annual congress which began in 2006 and is held over three days each October in Boston. CMHC’s 2012 delegates comprised approximately 1,500 practising clinicians.
Healthcare providers and physicians increasingly understand that integrated management of all aspects of cardiometabolic risk (including obesity and type 2 diabetes) is an important way to deal with this rapidly growing problem area and this field of medicine is attracting significant pharmaceutical company investment.
Cardio is complementary to Tarsus’ existing medical business and provides an established audience for the division’s recently launched new mainstream product, the Metabolic Medicine Institute. We also believe there will be a number of possible synergies with the Group’s existing medical division. HSM is owned by Alex Teperman, who will remain with the business on a consultancy basis.
The unaudited profits attributable to the assets being acquired in the twelve months to 31 December 2012 were US$2.0m (approximately £1.2m) on revenues of US$3.5m (approximately £2.1m) and the gross assets being acquired amount to approximately US$0.5m (approximately £0.3m).
Tarsus is acquiring the assets of HSM for $14 million (approximately £8.5m) of which $10m (approximately £6.1m) is payable in cash on completion with the balance payable in two equal cash payments after the 2014 and 2015 Cardio events respectively.
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