U.K.-based healthcare company Consort Medical plc announced on Tuesday an agreement to acquire Aesica Pharmaceuticals.

Consort said that it would pay £230 million ($372 million) to acquire Aesica, a company that provides contract development and manufacturing services for finished dose and active pharmaceutical ingredients to the global pharmaceutical industry.

Established in 2004, Aesica has grown both organically and through acquisitions and has established partnerships with several major pharmaceutical companies, as well as emerging life science companies and leading generic manufacturers.

Consort develops and manufactures disposable medical devices for drug delivery including inhaled, nasal and injectable products through its core operating division Bespak.

Jon Glenn, CEO of Consort, said that Aesica "represents a very strong fit with our existing strategy of diversifying into adjacent markets and technologies to capture additional value in the drug/device supply chain."

The acquired business will complement Bespak's existing operations and bring a number of strategic, competitive and value-enhancing benefits for the enlarged group, he added.

Consort expects to close the acquisition in November, subject to shareholder approval and clearance by the German competition authorities.

In the 12 months ended April 2014 Consort generated a pre-tax profit of £16.1 million ($26.1 million) on revenue of £100 million ($162 million), up from a pre-tax profit of £14.4 million ($23.3 million) on revenues of £95 million ($153.9 million) a year earlier.