LONDON, June 1 /PRNewswire-FirstCall/ -- United Business Media today
announced it has submitted a binding offer to acquire MediMedia's drug
information businesses in continental Europe and Asia, and all the trade
press, patient education and pharma marketing solutions businesses in
Germany, Benelux and Asia-Pacific. Its must-have products and brands - such
as VIDAL and MIMS - occupy leading positions in its 21 markets.
    The businesses have a long-established and consistent record of revenue
and profit growth. Synergies with UBM's current healthcare business B-and the
scope for product expansion in existing and new territories would provide the
opportunity to boost its performance.
    The purchase price envisaged is EUR 282.5 million in cash, and the
transaction will be subject to the necessary regulatory clearances. In 2003
turnover was EUR 105.8 million and EBITDA was EUR 24.4 million, with further
growth forecast in 2004. The acquisition would be earnings neutral in 2004
and is predicted to increase earnings by more than 5% in 2005. It is expected
to achieve UBM's cost of capital within two years.
    Clive Hollick, Chief Executive of United Business Media, said:
    "This proposed acquisition is an excellent fit with our strategy of
building our core franchises and extending our geographical coverage in key
markets on attractive financial terms. MediMedia's market leading products
generate a high level of recurring revenues and have good growth potential,
which would be accelerated in tandem with other UBM healthcare products.
    "UBM's resulting healthcare business would account for nearly a quarter
of our revenues - equivalent to our major position in technology markets."
    MediMedia's major drug information brands include VIDAL (France and
Russia), Vademecum (Spain), Simposium (Portugal), Medex/Medasso (Benelux),
Gelbe Liste (Germany), Pharmindex (Poland and Hungary) and MIMS (Asia,
Australia and New Zealand). All of these brands occupy a number one position
in their markets.
    It is intended that Stephen Warshaw, International CEO of MediMedia, who
has been specifically responsible for the management and expansion of all
MediMedia's European operations, would be appointed CEO of the acquired
businesses after completion. Stephen has deep knowledge of worldwide
professional publishing and information, and of international business. His
previous experience includes 12 years with Oxford University Press and seven
years with Reed Elsevier, where his roles included CEO of Editions
Techniques, Paris, and CEO of Reed Elsevier Medical Group.
    Notes to editors:
    Background on the business UBM has offered to acquire The business UBM
has offered to acquire is a leading drug information provider with the
world's largest international network of operations, including presence in
Russia, China, Thailand, Korea, Hong Kong, Taiwan, Vietnam, Philippines,
Malaysia, New Zealand, Australia, Indonesia, Singapore, India, Hungary,
Spain, Portugal, France, Belgium, the Netherlands, Germany and Poland.
    In addition to this core drug information business, in Germany, Benelux
and Asia-Pacific the business also comprises well-established leading medical
press titles for healthcare professionals, pharma marketing solutions and
patient education.
    In 2003 the geographical split of revenues was as follows:
    Asia Pacific 33%
    Eastern Europe 5%
    Western Europe 62%

    Through its well-established and renowned leading brands, the business
targets mainly healthcare professionals and point-of-care practitioners and
is organised along four business lines:
    - Drug information business: essential reference tools and directories
used at the point of care by healthcare professionals. Financed mainly by
pharmaceutical companies' sponsorship with direct sales to doctors,
pharmacists physicians and students
    - Trade press: mainly B2B publications for doctors, pharmacists and other
healthcare professionals. Financed mainly through advertising
    - Pharma marketing solutions: marketing and communication services for
healthcare professionals, notably through publications and services that
educate and inform doctors. Financed primarily by pharmaceutical companies'
sponsorship
    - Patient education: publication and services that educate and inform
patients and general consumers about medical and healthcare issues. Financed
by pharmaceutical companies' sponsorship, advertising and direct sales.
    The business is part of MediMedia, a leading provider of medical
information and communication services worldwide (http://www.medimedia.com), which
was acquired by Cinven, Carlyle, Apax and management from Vivendi Universal
Publishing in June 2002.
    Background on UBM Healthcare Businesses
    (The percentages quoted in the following paragraph are approximate and
relate to 2003 pro-forma revenues i.e. including 2003 acquisitions as if they
had been present for the full year.)
    Healthcare is one of UBM's focus sectors, with related operations in all
of the divisions, notably:
    - CMP Media Healthcare, part of CMP Media, is a US healthcare
publications and continuing medical education business. It accounts for
approximately 20% of CMP Media's revenues, including 2003's acquisition of
The Oncology Group and Cliggott Publishing
    - CMP Information publishes titles in the general practitioner and
pharmacist markets in the UK, which account for about 10% of divisional
revenues
    - CMP Asia has a healthcare and nutrition business which generates about
a quarter of its revenues
    - NOP World Healthcare accounts for approximately 25% of UBM's market
research revenues
    - PR Newswire, as the leading disclosure and news distribution network in
the USA, is a key communication channel for many pharmaceutical companies, as
demonstrated by PRN's Health/Biotech Newsline.
    UBM Healthcare Acquisition in 2003
    In November 2003, UBM announced the acquisition of the leading US
oncology and primary care businesses The Oncology Group and Cliggott
Publishing Inc. That acquisition added a strong position in oncology to UBM's
(via CMP Healthcare Media) market leading positions in psychiatry, radiology,
geriatrics and orthopaedics, making CMP Media one of the top US full-service
healthcare communications companies, serving professionals across 15+
therapeutic categories.
    The Oncology Group and Cliggott Publishing. The Oncology Group is US
leader in the field of oncology publishing for specialists, researchers,
primary care physicians and patients. Cliggott Publishing plays a leading
role in educating primary care practitioners and medical surgical specialists
and publishes several of the best-read journals in the US.
    CMP Healthcare Media is part of UBM's CMP Media division.
    CMP Healthcare Media delivers information and education to healthcare
professionals via a diverse range of marketing and communication vehicles
including publications, websites, tradeshows, meetings and conferences. CMP
Healthcare Media's Publishing Group delivers unbiased objective coverage,
independent of any professional association or commercial influence. Its
publications lead the industry in requestor rates, demonstrating readership
loyalty from subscribers in the fields of psychiatry, geriatric care, medical
imaging and orthopaedics. CME, Inc. is a division of CMP Healthcare Media.
CME, Inc. is an independent provider of continuing medical education for
physicians and other healthcare professionals. With 25 years of expertise,
CME, Inc. has unmatched editorial, research capabilities, faculty
relationships and planning experience ensuring effective, balanced
educational programmes delivered via a range of venues such as annual
congresses, weekend conferences, internet programmes, home-study programmes
and customised publications and meeting series. MEDReach is also a division
of CMP Healthcare Media. It is an integrated marketing and communications
company serving the pharmaceutical industry. MEDReach delivers new product
information to key markets using the full range of CMP Healthcare's
multimedia resources.
    United Business Media plc (http://www.unitedbusinessmedia.com) is a leading
provider of business information services to the technology, healthcare,
media, automotive, property and other industries. UBM offers services in
market research, consultancy, news distribution, publishing and events to
customers across the globe. Its brands include NOP World, one of the largest
market research groups globally; PR Newswire, the world's leading corporate
news distribution service and CMP, the B2B media and exhibitions group
operating in high-tech, healthcare, property, entertainment, jewellery and
fashion in the US, UK, Asia and Europe.
    This press release includes statements which are not historical facts and
are considered "forward-looking" within the meaning of Section 27 of the
Securities Act of 1933, as amended. These forward-looking statements reflect
UBM's current views about future events, business and growth strategy and
financial performance. These forward-looking statements are identified by
their use of terms and phrases such as "believe," "expect," "plan,"
"anticipate," "on target" and similar expressions identifying forward-looking
statements. Investors should not rely on forward-looking statements because
they are subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from UBM's expectations. UBM
expressly does not undertake any duty to update forward-looking statements.
Management does not attempt to update forecasts unless conditions materially
change.

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