MJH Life Sciences, the New Jersey-based medical publisher that expanded dramatically last year in a $100 million acquisition of the former UBM Life Sciences portfolio from Informa plc, announced another purchase on Thursday: Pharmaceutical Commerce, a trade magazine and digital outlet serving the biopharma industry.
Terms of the deal were not disclosed.
Founded in 2005, Pharmaceutical Commerce claims a controlled circulation of 21,000 for its quarterly print edition, primarily made up of executives at pharmaceutical manufacturers, according to its media kit.
“We look forward to tapping into a new market and formalizing relationships with biopharma executive decision-makers in the industry,” said Mike Hennessy Jr., president and CEO of MJH Life Sciences, in a statement. “The acquisition of Pharmaceutical Commerce serves as a perfect complement to the publications already in our portfolio.”
Nicholas Basta, Pharmaceutical Commerce‘s founder and editor-in-chief, will remain with the magazine through the end of 2020 to help ensure a smooth transition, MJH said.
Cahaba Media Group Sold to Local Owners
Elsewhere on the M&A wire, Cahaba Media Group, a Birmingham, Ala.-based publisher of the trade magazines Pumps & Systems, Construction Business Owner and HomeCare, has sold a majority stake in itself to local businessmen Matthew Conroy and Matt Lyons.
Following the sale, Cahaba’s CEO, Wally Evans, who founded the company in 2002, plans to retire. He’ll remain involved as a consultant and advisor, according to an announcement.
“One of my goals in starting Cahaba Media Group was to create a business that had enduring value beyond me personally and this transaction demonstrates that value,” said Evans in a statement. “Our team works every day to develop compelling content for our readers and to deliver creative, valued-added solutions to our advertising partners. I’m excited for the next chapter and believe that CMG is in excellent hands.”
Conroy, previously CFO at Atlanta-based Momentum Telecom, will take over Cahaba as president and CEO, while Lyons, previously CFO at the cybersecurity firm LinQuest Corp., will serve as chairman.
“We intend to continue to invest to grow our existing properties as well as acquire additional media brands with the hope to bring more jobs and growth to Birmingham,” added Lyons. “We really see CMG as an engine for economic growth right here in my home town of Birmingham.”
In other M&A news, VeloNews publisher Pocket Outdoor Media picked up several enthusiast magazines from Active Interest Media’s portfolio last week. More on that here.