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Boyd in AHG deal

MEDICAL entrepreneur Michael Boyd will acquire a controlling stake in Balcatta-based pharmaceutical wholesaler, Advance Healthcare Group, after Nedlands-based pharmaceutical company, PharmAust Ltd, withdrew its bid last week. Mr Boyd’s listed company, Fulcrum Equity, formerly Quadrant Iridium, will acquire 80 million shares and all convertible notes in AHG from Sydney-based Hawkesbridge Private Equity. AHG says the deal will convert $12 million of its debt obligations to equity, and mean there will be no further interest payable on the notes. Mr Boyd has played a significant role in Sonic Healthcare and Foundation Healthcare, and was recently appointed chairman of Melbourne-based UltraPay.

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