A renowned, multi-generational agriculture dairy company in Western Europe sought a valuation report from Kreston Lentink to assist with potential internal share transfers. The valuation aimed to support the family’s long-term growth and succession planning amid an evolving market landscape.
Expertise for agriculture company
The agriculture company faced industry challenges, including pricing volatility and recent underperformance. Despite recent management changes, long-term profitability remained uncertain, and shareholder disagreements arose regarding dividend policies and reinvestment into sustainable practices.
Kreston Lentink stepped in to develop a robust valuation report, presenting three scenarios that outlined paths to restoring historical EBITDA levels over varied timelines. They created a four-year financial model, supported by a budgeting tool for future planning, which factored in external market data and specific value drivers. A market multiple assessment verified the valuation’s fairness, aligning it with the company’s patented innovations and strong reputation.
Enabling long-term planning
The comprehensive valuation provided by Kreston Lentink was well received by all shareholders, offering a clear framework for potential internal share transfers and supporting long-term financial planning for the agriculture company’s sustainable growth.
If you are interested in doing business with Kreston Global, contact us here.
News
Qmx Laboratories, PEMCF, United Kingdom
October 29, 2024
Qmx Laboratories Ltd (Qmx) enlisted PEM Corporate Finance (PEMCF) to provide specialist transaction guidance to its shareholders throughout the sale process. Founded in 2013, Calibre Scientific—a global provider of life science reagents, tools, and consumables—emerged as the buyer. Calibre Scientific’s extensive reach and capabilities allow it to meet a wide range of client needs worldwide.
Qmx choosing PEMCF
Headquartered in Thaxted, Essex, Qmx is a premier supplier of specialist chemicals and laboratory products for the environmental, chemical, life sciences, medical, and academic sectors. Known for its high standards, Qmx supplies reference standards and materials, delivering trusted, high-quality scientific solutions.
Comments from Qmx
Reflecting on the sale, Dr. Glyn Banks, Managing Director and Founder of Qmx, said, “PEMCF provided invaluable guidance throughout, ensuring a successful outcome. Philip and his team were approachable, professional, and a pleasure to work with. This partnership with Calibre Scientific will support Qmx’s continued growth while maintaining our high standards of customer service and technical expertise.”
PEMCF’s role in the transaction
PEMCF’s Philip Olagunju and Darren Hagan led the negotiations, net working capital analysis, due diligence, and overall transaction support, with additional tax advisory support provided by Angus Wood from PEM.
Philip Olagunju, Partner and Head of PEM Corporate Finance, remarked, “This was an excellent transaction from start to finish. Working with Calibre Scientific again was a pleasure, and on the sell-side, PEM provided comprehensive, joined-up advice across compliance, tax, and transaction support. Congratulations to Dr. Banks and everyone involved—we wish Qmx and Calibre Scientific all the best for the future.”
Legal Advisory Teams
Legal advice for Qmx was provided by Alastair Gunn and Martino Barzaghi of Buckles Law, while buyer-side legal support came from Jayne McGlynn of DWF Law.
News
SAN Group, Mexico City, Mexico
September 19, 2024
Background
SAN Group is a multinational corporation that operates across five continents, offering innovative solutions in animal health, crop protection, and food safety. Their business strategy centres on three key pillars: Plant Health, Animal Health, and Planet Health. This structure supports their long-term vision of contributing to a sustainable future.
With ambitions to expand into Mexico, SAN Group required the guidance of a professional services firm with both local expertise and global insight. They sought a partner who could navigate Mexico’s regulatory landscape while aligning with their global operational standards.
The Challenge
When SAN Group decided to establish its operations in Mexico, they faced several challenges. From navigating complex legal and tax frameworks to managing the operational setup, they needed a partner who could provide local insight while ensuring global business continuity. Establishing a new entity required expert knowledge of local compliance, tax regulations, and business structuring to ensure a smooth and cost-effective entry into the market.
Choosing Kreston FLS
SAN Group partnered with Kreston FLS, who provided tailored guidance from the outset. With Enrique Pastor, Partner at Kreston FLS, leading the collaboration, the firm worked closely with SAN Group’s headquarters and Brazilian teams to devise an operational structure for Mexico that minimised costs and risks while maximising benefits.
Kreston FLS advised on the optimal corporate structure, aligning with SAN Group’s global values and business strategy. They ensured compliance with local laws, provided monthly financial reports, and offered expert tax advisory services to meet the stringent demands of Mexican regulatory authorities.
Results
Since 2016, Kreston FLS has been an integral partner in SAN Group’s successful expansion into Mexico. They delivered professional and timely advice, ensuring that SAN Group’s operations in Mexico remained compliant, efficient, and strategically aligned with their global objectives. By managing financial reporting, tax advisory, and compliance, Kreston FLS enabled SAN Group to focus on their core business and growth.
“Kreston supported us in implementing our business unit in Mexico, always working with great professionalism and transparency.” – Ricardo Felix, Regional Finance Director, AMERICAS
News
Laboratorios Karizoo Mexico SA de CV, Pharmaceuticals, Mexico
September 16, 2024
Laboratorios Karizoo Mexico SA de CV is a part of Sequent Alivira, a global pharmaceutical leader with operations across more than 100 countries. The company specialises in pharmaceutical products for the animal protein industry and is headquartered in Mumbai, with its financial office in Ireland. It has a strong presence in Latin America through its operations in Mexico and Brazil.
Sequent Alivira is the leading pharmaceutical company in India, with recognition from the FDA, USDA, and EU as a certified “safe company.” This approval allows the business to manufacture and distribute its products globally. The company operates eight research and development centres, enabling it to innovate and create new pharmaceutical products for the animal health sector.
Choosing Kreston FLS
Laboratorios Karizoo Mexico SA de CV was undergoing a significant internal restructuring. As part of this transformation, the company sought to outsource its financial management processes. This presented a challenge, as the company needed to find a reliable partner capable of handling complex legal, financial, tax, and HR functions while allowing them to focus on core business activities.
Kreston FLS, led by Enrique Pastor, stepped in to provide a comprehensive solution. After carefully assessing Laboratorios Karizoo’s needs, Kreston FLS developed a tailored outsourcing strategy that addressed their financial management requirements.
Efficient outsourced solution
The collaboration covered a wide range of services, including legal support, financial management, tax compliance, transfer pricing, human resources, and IT solutions. This approach ensured that Laboratorios Karizoo could optimise its resources and operate with full confidence in the accuracy and efficiency of its financial processes.
The shift from an in-house financial management model to a fully outsourced one was seamless. Laboratorios Karizoo Mexico SA de CV now operates with optimised resources, allowing the company to focus on growth and innovation. The outsourcing model provided by Kreston FLS has become a critical part of the company’s operations, ensuring compliance, efficiency, and strategic financial management.
“Working with Kreston FLS for a long time now has been an experience of constantly improving our business. They have supported us across diverse areas—legal, finance, tax, transfer pricing, HR, and IT—allowing our company to operate in a professional, simple, and confident manner. Kreston FLS is more than just an outsourced consultant; they have become our partners in growth.” – Alejandro Wainstein, Laboratorios Karizoo Mexico SA de CV
If you are interested in doing business with us, contact us here.
News
Kreston Reeves supports biopharmaceutical deal with transaction advisory services
June 14, 2024
Kreston Reeves has successfully provided transaction advisory services to A4P Consulting on its sale to LabConnect, a US-based leader in global central laboratory services and scientific-focused Functional Service Provider (FSP) solutions.
Dual-location: A4P Consulting
Headquartered in Discovery Park, Sandwich, Kent, with a subsidiary in Appenzell, Switzerland, A4P Consulting specialises in regulated bioanalysis and genomics, biomarker strategy, personalised healthcare, biosample operations, and bespoke logistics solutions. A4P serves a diverse clientele across various therapeutic areas, partnering with pharmaceutical and biotechnology companies, contract research organisations, and foundations/non-governmental organisations.
LabConnect’s expanding capabilities
LabConnect, renowned for its innovative Central Laboratory Services and scientific FSP solutions, supports clinical trials of all sizes and complexity globally. As the demands of clinical trials and drug development have increased, LabConnect meets these challenges by providing comprehensive scientific and technical expertise, strategic lab data collection advice, and end-to-end analytical and logistical solutions tailored to each trial.
Benefits of the acquisition
The acquisition of A4P Consulting by LabConnect significantly enhances LabConnect’s industry-leading position. This strategic move unlocks exciting opportunities for both companies to broaden their geographic reach and enhance their service offerings. Ian James, PhD., Co-Founder and CEO of A4P, expressed his enthusiasm for the future:
“I am excited for the future for both our customers and our valued staff, and grateful to the team at Kreston Reeves for bringing their experience and insights to get this deal across the line.”
Kreston Reeves’ key transaction advisers
The Kreston Reeves transaction advisory services team, led by Partner Scott Mile and Business Advisory Manager Jak Hill, with tax advice from Director Michael Haig, played a pivotal role in bringing this deal to fruition. Their expertise and insights were instrumental in navigating the complexities of the transaction, ensuring a successful outcome for all parties involved. This highlights Kreston Reeves’ exceptional capabilities in transaction advisory services.
Future prospects for LabConnect and A4P Consulting
Dawn Sherman, CEO of LabConnect, highlighted the complementary experience and expertise that A4P brings. The combined strengths of both companies provide clients with unprecedented access to cutting-edge scientific solutions, furthering the mission to create healthier communities and improve patient lives by accelerating the development of medicines.
If you would like to speak to one of our experts about transaction advisory services at Kreston Global, please get in touch.
News
Ministry of Healthcare, Slovakia
August 11, 2023
The Ministry of Healthcare in Slovakia covers 105 institutions, including hospitals, universities, regional health organisations and medical treatment institutes. It asked Kreston Slovakia to review and provide practical solutions in four core areas:
Enterprise Architecture
IT structure and data sharing
Cybersecurity
Energy Management
The Kreston team was led by partner Andrej Aleksiev who organised specialist groups for each discipline. The Enterprise Architecture work looked at the overall structure and operation of the Ministry and then targeted three crucial departments. The focus was on creating better internal systems for sharing best practices, optimising processes and implementing a new energy management system. The results include reduced inefficiencies, greater collaboration between departments and stronger decision-making via better data governance.
Improving how the Ministry’s computer systems share data and work together involved analysing the current set-up and providing practical steps to achieve the IHE (HL7) standard. The successful project has led to better patient care through more accurate data, faster and more streamlined processes while reducing data entry errors. Another team looked at the Ministry’s cybersecurity and started by auditing every single institution in the Ministry. This revealed potential vulnerabilities and led to practical measures to minimise risks, strengthen data protection and a plan to enhance cyber defences.
The fourth area to be addressed was energy management within the Ministry. A detailed analysis identified energy-saving opportunities and substantial cost-savings. The work also highlighted ways to reduce the Ministry’s carbon footprint and integrate renewable energy sources.
L’ubomir Mihálik, Project Manager at the Ministry of Healthcare, says the whole project has transformed the Ministry: “The impact has been profound, with patient care and safety reaching new heights due to improved access to comprehensive and accurate data. “The Kreston team genuinely cared about our organization’s well-being and took pride in helping us build a resilient and secure environment for the benefit of our patients and stakeholders. The work with Kreston has also greatly improved our healthcare facilities’ sustainability and energy efficiency.”
News
D. Med, Germany
August 4, 2023
D.med Healthcare is a privately owned healthcare company, headquartered in Düsseldorf, Germany, and operating globally in over 20 countries as a provider of medical services and products with a focus on renal care, diabetes, and other aspects of medical care.
Our Swiss audit and assurance firm, Kreston a&o, led by Emre Özdemir, assisted D.med in managing and accurately disclosing financial information across their extensive network of subsidiaries worldwide.
Thanks to Kreston a&o’s experience in managing a number of multinational organisations, Emre and the team were able to ensure accurate financial data reporting across the organisation. Through the implementation of efficient structures and processes, and working closely with many stakeholders, as well as legal compliance requirements, this complex assignment was delivered on time and has built a strong foundation for long-term success.
“I have had the utmost pleasure of a nine-year collaboration with Mr. Emre Özdemir and the audit team at Kreston, and I am thrilled to express my deep appreciation for their exceptional services. As D.med Healthcare Group navigated the challenges of maintaining transparency, accuracy, and compliance within our unique international setup, Kreston provided invaluable insights that compelled us to adopt a proactive approach to internal controls. Their thorough evaluation of our financial statements during the annual audits instilled trust and confidence in our stakeholders, while ensuring compliance with all legal and regulatory requirements.”
Aleksandra Uzunovska, Accounting Director, D. Med
News
Crest Healthcare, India
September 22, 2022
Crest Healthcare is a private limited group company encompassing several subsidiaries including Crest Life Sciences, Crest Topicals and Crest Hygiene. Crest Group is a leading manufacturer and supplier of a range of pharmaceutical products such as calcium and vitamin D3 suspension, azithromycin oral suspension, Multivitamin syrup and homecare products for various pharma and FMCG Companies. Clients include Cipla, USV, Indoco, J.B. Chemicals and Curever.
The Crest Group was acquired jointly by private investors who appointed Kreston SGCO in India to advise on all aspects of the complex deal. This involved acquiring a 100% stake in the group for the two investors via a Share Purchase Deal.
The deal comprises transfer of overall control and management of Crest Group of Companies along with transfer of possession of all the assets and manufacturing facilities of the companies. Products are manufactured at the Group’s state-of-the-art unit at Baddi, Himachal Pradesh and Sarigaon, Valsad.
The team at Kreston SGCO carried out a wide range of specialist work including:
Acting as sole project manager to assist the above acquisition
Advising on the deal structuring, review and execution of entire transaction documentation including Term Sheet and Share Purchase Agreement from tax and commercial perspective
Structured solutions to all dynamic and rapid evolving transaction specific issues emanating from red flag diligence and facilitated negotiations between the parties
End-to-end ‘handholding’ and guidance on entire acquisition related matters to the successful closure of the transaction
Client comments: “This was an important acquisition for us and Kreston SGCO’s expertise and advice ensured a successful outcome.”
The team’s main advisers were Vidhi Shah, Dhwani Shah, Jay Bhatt and Soyeb Shah.
News
Kreston Global Life Sciences experts published in Pf Magazine
August 26, 2022
Our global Life Sciences and Healthcare experts recently reflected on the Pharma funding climate in the global Pharma and Biotech industry, given the post-pandemic continued interest in Biotech.
The funding climate for Pharma
Having seen a slight dip in funding and activity at the end of 2021 / start of 2022, many new funds have been instituted – our Kreston firms have been involved in creating some of these – and we are optimistic about this outlook. In addition, new virtual companies with disaggregated outsourced processes are beginning to find ways around the significant costs associated with bringing a drug or therapy to market. We are watching with interest.
About the authors
Scott Miles is the co-chair of the Kreston Global Life Sciences and Healthcare sector group. Scott is also the Life Science Lead Partner at Kreston Reeves, where he has developed a specialist team supported by David Rosevear to deliver expert services to the Life Science and Healthcare sectors.
Read the article
If you would like to read the full article, click the link here and forward to pages 28-29.
News
Top rankings for our German member firm
August 11, 2022
Congratulations to our German member firm, Kreston Bansbach, whose consulting arm Bansbach Econum, has been ranked among the top consulting firms in Germany in the Handelsblatt 2022 Best Consultants list.
They have been ranked for excellence in the Pharma and Healthcare industries, as well as for their expertise in the Family Business and Mid Market sectors, and for their work in Restructuring and Turnaround.
The peer group survey is run by Handelsblatt Research Institute and asks around 16,000 participants to rate their top consulting peers companies in 22 categories”.
Biosceptre is a leading biopharmaceutical company focused on providing new therapies for a wide range of cancer patients. Its researchers work on cell-therapy and immune-oncology treatment and have made significant discoveries to help target cancer cells more effectively.
The company is headquartered in Cambridge, UK, and has operating subsidiary companies in Sydney, Australia, and Dubai in the UAE. Kreston firm PEM in Cambridge was appointed as Biosceptre’s UK advisers when the company restructured its operations and set up in the UK during 2013. PEM has been providing a broad range of services since, including audit, accounts, tax compliance, payroll R&D tax credit claims and share incentive plans.
Biosceptre’s Sydney operation had been using non-Kreston advisers but felt it was not receiving the level of service it required. Its management team met with Kreston Stanley Williamson in 2020 and appointed the firm as their Australian advisers. Kreston Awni Farsakh & Co were appointed when Biosceptre’s subsidiary in Dubai was incorporated the year before.
Gary Faull, CFO at Biosceptre, said: “The Kreston Global network has been very responsive to our needs for local tax advice and audit services. As we have expanded and grown internationally, they have provided both local and global services in a seamless and integrated way. Thanks for the great support!”
The Kreston Global teams involved co-ordinate their work to ensure Biosceptre receives consistently high-quality services across their operations. The Life Sciences expertise within the network means the advice provided is both timely and on point.
Callum Dunsmore, Director at PEM, said: “Our services to Biosceptre have adapted as the group has grown, and the Kreston Global network has proved ideal for the company. It is a multi-national company needing multi-national advisers. The company benefits from improved levels of service and likes the way the Kreston Global firms work together. We look forward to supporting them further in the coming years.”
News
Kreston Global announces new life sciences and healthcare sector chairs
April 26, 2022
LONDON – Kreston Global has appointed Sue Staunton and Scott Miles co-chairs of its new Life Sciences and Healthcare sector group.
The group has formed in recognition of the substantial life sciences and healthcare work carried out by Kreston firms internationally, providing a wealth of expertise to privately owned businesses and investors looking to invest and raise capital in this rapidly growing sector.
Sue Staunton is a joint managing partner of James Cowper Kreston, and Scott Miles is a corporate partner in Kreston Reeves, both UK accounting firms and members of the Kreston Global network. They will be leading an international group of sector experts from Switzerland, India, Singapore, the US, UK and Germany.
Sue qualified as a chartered accountant with a UK top six firm and held various positions within that business, culminating as National Client Service Director of their technology team, which she co-founded, before leaving to join James Cowper Kreston which has a strong Technology and Life Science cross-disciplinary specialist team which she led for many years. She provides support for Life Science businesses at all stages of their development from start-up to IPO and has significant experience in working with Government funded bodies operating within the sector such as the Vaccine Manufacturing and Innovation Centre and the Rosalind Franklin Institute as well as VC backed private companies- including a number associated with vaccine development.
Scott is the Life Science Lead Partner at Kreston Reeves, where he has developed a specialist team (supported by David Rosevear) to deliver expert services to the Life Science and Healthcare sectors. He and the team have developed significant relationships with Venture Capital organisations, Family offices, Government organisations and High Net Worth Individuals.
Scott provides support to start ups with seed funding through to Series A & B raises and onto listings. He was involved with one of the largest Life Science listings in 2021 with 10 entities being rolled up and listed. He also acted for one of the UK’s largest growing Healthcare providers and supported them with a partial exit in 2021.
2021 saw the Kreston Global network celebrating its 50th anniversary as well as undergoing its own rebrand.
Sue Staunton said:
“Kreston Global has long had an excellent profile in the Life Sciences space and with this focussed sector group we will be able to take our offering to the next level. This is an exciting time for the Life Sciences and Healthcare sector, and Kreston Global’s dynamism makes us a natural partner for clients in the space. I look forward to working with Scott to harness the strength of our global network.”
Scott Miles said:
“Kreston Global’s experience in the sector, and forward-looking ethos, mean that we are superbly well placed to offer a unique global offering to clients in the Life Sciences and Healthcare sector. I look forward to working with Sue and the other members of the group to develop our existing practice and support clients on their journeys.”
Liza Robbins, Chief Executive of Kreston Global, said:
“Sue and Scott have a wealth of experience in the sector and have already done much to develop Kreston Global’s offering. The establishment of a sector group is the natural next step to ensure that we are reaching the right audiences and offering the right services. I would like to congratulate them on their appointments and wish them well as they harness the potential of the network in this exciting area.”
News
Why biotechs need a practical approach to going public
March 11, 2022
David Diamond, audit committee chair and board member of Kreston Global US member, CBIZ MHM, has been published recently in Life Science Leader. David discusses the fast-track to the public market some bio-tech companies are now experiencing, after a renewed interest in the industry.
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
News
Kreston Menon launches latest investment guide for ‘Doing Business in Dubai’
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Sue Staunton, Joint Managing Partner at James Cowper Kreston, discusses the changing landscape of funding in the life science sector post-Covid in PF Magazine. Helpful insight and advice for life-science businesses looking for funding in this sector can maximise opportunities. Read the article here.
News
Daré Bioscience Inc. San Diego, USA
August 13, 2021
Daré Bioscience is a clinical-stage biopharmaceutical company committed to the advancement of innovative products for women’s health. The company identifies, develops and brings to market a diverse portfolio of therapies. These aim to expand treatment options, improve outcomes and convenience in areas including contraception, sexual health, and fertility.
The company was founded as a private enterprise but with the aim of becoming a larger public company in the future. Kreston Global member CBIZ had already been working with the CEO and CFO of Daré Bioscience over many years when they were on the board of directors and audit committee of a not-for-profit client.
When the time came for a reverse-merger into a public company on NASDAQ, Daré Bioscience needed two years of financial statements audited promptly. CFO, Lisa Walters-Hoffert called her CBIZ contact, Mike Lichtenberger, who quickly arranged for the audits to be completed promptly. This kept the merger transaction ‘alive’, and it went ahead successfully. CBIZ later helped out to ensure that all of the company’s SEC filings were completed on time.
Mike Lichtenberger, Managing Director at CBIZ, commented: “It’s a great feeling to help a client solve issues that could potentially cause problems. The team here did a great job and we are very pleased that the company achieved this mile-stone and looks forward to an exciting future.”
“We are truly grateful to Mike and his team for acting so quickly and professionally when we needed their assistance the most. They went ‘the extra mile’ for us multiple times during and after the merger process. Our company would not be where it is today without their timely support and guidance.” – Lisa Walters-Hoffert, CFO of Daré Bioscience, Inc.
News
Wockhardt Bio AG, UAE
July 10, 2021
Wockhardt Bio AG, a global pharmaceutical company, deals with the development, manufacture and marketing of pharmaceutical and biopharmaceutical formulations. To further expand its global reach in the pharmaceutical sector, Wockhardt was considering building a facility in Dubai for the production and packaging of its medical products.
Wockhardt approached Kreston Global’s UAE member firm, Kreston Menon, for this strategically important task in 2011. Kreston Menon Corporate Services is a market leader in the company setup service sector and has guided more than 7,000 major investors to incorporate their businesses in the UAE over the past 27 years.
The Corporate Services team developed a business setup solution beginning with the selection of a suitable location for the facility. They proposed two prime free zones in Dubai, namely Dubai Health Care City and Jebel Ali Free Zone (JAFZA). After a detailed analysis, Kreston Menon advised registering a branch company with Dubai Science Park under the Dubai Development Authority and to obtain a commercial license with the activities ‘import/export, marketing and sales promotion and support services’ belonging to Therapeutics segment.
Ongoing post incorporation support services were provided by Kreston Menon, which included obtaining external approvals, visa processing for the workforce, license renewals, approvals for office fitouts and all the required compliances for the entity to function.
In 2015, Wockhardt decided to set up its medicines (antibiotics) manufacturing and packaging facility in JAFZA and was again guided by Kreston Menon. It was a strategic move as JAFZA is home to 306 healthcare and pharmaceutical companies from 54 countries.
Currently, the facility is equipped with fully automated manufacturing equipment spread over 10,000 sq. meters of space, self-sufficient for handling manufacturing operations, warehousing, product stability and testing. UAE’s pharmaceutical and healthcare market is expected to increase by an additional Dh12.45 billion ($3.4 billion) from 2019 to 2021.
Murtaza Khorakiwala, Managing Director of Wockhardt said “Kreston Menon have been important business advisers for Wockhardt as we set up our UAE operation which has been a major success. From initial on- the- ground advice, to ongoing expansion support, they guided us through local requirements and helped us to take advantage of real estate and regulatory opportunities.”
News
Life sciences and healthcare
June 30, 2021
Accountancy and advisory services for life sciences and healthcare businesses
The life sciences and healthcare sector is marked by rapid advancements, stringent regulations, and significant financial demands. Whether you’re a start-up, a university spin-off, or an established international group, navigating these complexities requires specialised expertise. At Kreston Global, we understand the unique challenges you face—from securing funding to managing long-term growth. Our dedicated teams partner with you at every stage of your business journey, providing tailored financial and advisory services that help you innovate, comply, and thrive in this dynamic industry.
Fundraising (grant, equity or loans) for life sciences and healthcare
Securing funding is critical in the life sciences and healthcare sectors, whether through grants, equity financing, or loans. Our team provides tailored advice to help you navigate the complex funding landscape, ensuring you obtain the necessary capital to drive innovation and growth.
Growth and exit planning
Strategic growth and exit planning are vital for maximising the value of your business. We offer expert guidance to help you plan for expansion or prepare for a successful exit, considering the unique challenges and opportunities within the life sciences and healthcare industries.
Business and cash flow forecasting
Accurate forecasting is essential for maintaining financial stability in a sector known for its long development cycles and high capital needs. We provide customised forecasting services to help you manage cash flow effectively and plan for future growth.
Tax and VAT planning and compliance
Navigating the complex tax landscape is crucial for life sciences and healthcare companies. Our tax specialists offer comprehensive planning and compliance services, ensuring you meet all regulatory requirements while optimising your tax position.
Research & development tax credits
Maximising R&D tax credits can provide significant financial relief for companies investing in innovation. We help you identify eligible activities and ensure you claim all the credits you are entitled to, boosting your R&D budget.
Patent box tax reliefs
Patent Box tax reliefs offer substantial savings for companies generating income from patented inventions. We guide you through the process of claiming these reliefs, helping to enhance your profitability while fostering innovation.
Audit and assurance services
Reliable audit and assurance services are essential for maintaining investor confidence and meeting regulatory standards. Our team delivers thorough and sector-specific audits that provide stakeholders with the assurance they need.
Employee share schemes
Attracting and retaining top talent is crucial in the life sciences and healthcare sectors. We design and implement employee share schemes that align with your business goals, helping to incentivise your workforce effectively.
Outsourced accountancy, bookkeeping and payroll services
Outsourcing financial functions can free up valuable resources and ensure compliance with industry standards. We offer comprehensive accountancy, bookkeeping, and payroll services, tailored to meet the specific needs of life sciences and healthcare companies.
Return audits: MHRA
Compliance with MHRA regulations is non-negotiable for companies in the healthcare sector. Our return audit services ensure your operations meet all necessary standards, helping to avoid costly penalties and ensure patient safety.
Cross-border compliance
Operating across borders presents unique regulatory challenges. We provide expert advice on cross-border compliance, ensuring your business adheres to the varying regulations in each market while minimising risk.
Trade financing: import loans, letters of credit and trading credit
Effective trade financing solutions are vital for managing the import and export of goods in the healthcare and life sciences sectors. We assist in securing import loans, letters of credit, and trading credit to support your global operations.
Product liability: regulatory non-compliance
Product liability is a significant risk in the life sciences and healthcare sectors, especially concerning regulatory non-compliance. We offer expert advice to help you manage this risk, ensuring your products meet all necessary standards.
Joint venture and alliance: advice on avoiding and resolving disputes
Collaborations in life sciences and healthcare often involve complex joint ventures and alliances. Our advisory services help you avoid and resolve disputes, ensuring these partnerships contribute positively to your business objectives.
What are Kreston Global’s professional standards in the life sciences and healthcare space?
We not only advise the sector but have become a part of it through our members firms’ work in life science networks which support the growth of stakeholders.
Why choose Kreston Global’s life sciences and healthcare financial services?
Kreston has worked with life science and healthcare organisations for many years to create a comprehensive set of services to match their specific needs. They include business, financial and risk-management services to clients in many industry segments, including, biotechnology, medical devices, life sciences and pharmaceuticals.
Our specialist teams work with start-ups and university spin-offs and those in CROs and international groups. The business life cycle in the sector is often long-term, and that is how we approach our partnerships with management teams, based on commitment and earning trust.
Many firms in the Kreston Global Network are home to healthcare management consultants. This, along with our in-depth understanding of the market, has helped us to build long-lasting relationships with clients.
Contact Kreston Global to find out how we can support your life sciences or healthcare business
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1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
This cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Other".
cookielawinfo-checkbox-performance
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
device_id
10 years
Cookie used to maintain a local copy of the user's unique identifier.
viewed_cookie_policy
11 months
This cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not a user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
currency
1 year
This cookie is used to store the currency preference of the user.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
li_gc
6 months
Linkedin set this cookie for storing visitor's consent regarding using cookies for non-essential purposes.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
ac_enable_tracking
1 month
This cookie is set by Active Campaign to denote that traffic is enabled for the website.
device_view
1 month
This cookie is used for storing the visitor device display inorder to serve them with most suitable layout.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
__kla_id
2 years
Cookie set to track when someone clicks through a Klaviyo email to a website.
_ga
2 years
This cookie is installed by Google Analytics. It is used to calculate visitor, session and campaign data and it also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to identify unique visitors.
_ga_M0XVMQMRZ1
2 years
This cookie is installed by Google Analytics.
_gat_gtag_UA_188891991_1
1 minute
This cookie is set by Google and is used to distinguish users.
_gat_gtag_UA_7661078_5
1 minute
This cookie is set by Google and is used to distinguish users.
_gid
1 day
This cookie is installed by Google Analytics. It is used to store information on how visitors use a website and helps to create an analytics report on how the website is performing. The data collected includes the number of visitors, the source of visitors and the pages visited in an anonymous form.
AnalyticsSyncHistory
1 month
Linkedin set this cookie to store information about the time a sync took place with the lms_analytics cookie.
CONSENT
16 years 5 months 19 days 16 hours 12 minutes
These cookies are set via embedded YouTube videos. They register anonymous statistical data e.g. how many times the video is displayed and what settings are used for playback. No sensitive data is collected unless you log in to your Google account, in that case your choices are linked with your account, for example if you click “like” on a video.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
