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Creston buys PAN

Healthcare ad agency, PAN Advertising, has been acquired by marketing services group, Creston

Creston, the marketing services group, has bought independent healthcare advertising agency, PAN Advertising, in a deal with a potential total value of £18.8m.

Under the deal, Creston will pay an initial consideration of £10.1m plus up to £300,000 dependent on the net assets of PAN. An additional deferred consideration of up to a maximum of £8.4m is dependent upon the financial performance of the agency in the period to March 31, 2009.

PAN has grown significantly since it was established in 1992, to become one of the leading full-service agencies in healthcare, boasting a client list that includes Boehringer Ingelheim (BI), Bristol-Myers Squibb (BMS), Cephalon, GlaxoSmithKline, Organon, Schering and Wyeth.

Growth at the agency has been fuelled by several major UK product launches, such as Singulair, Crestor, Spiriva and Abilify, alongside expansion into international markets and pan-European launches for BI, BMS and Ipsen.

PAN managing director, Ben Davies, and director of brand planning, Craig Mills, will remain at the company, while chief executive, Tony Yates, will leave immediately to concentrate on his other company Solaris Health.

Creston, now seen as one of the fastest growing publicly-listed marketing services companies, has struck 10 takeover deals since it was formed in 2001, including the acquisition of PR firm, Red Door Communications, in 2005.

2nd September 2008

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