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U.K. marketing services group Creston said it agreed in principle to acquire U.S. healthcare PR firm Cooney/Waters and its healthcare advocacy unit Alembic Health Communications in a cash deal, valued up to $30.8 million.
Founded in 1992 by Lenore Cooney, the New York City–based company works for pharmaceutical clients like Abbott Fund, American Lung Association and Coca-Cola Co. Cooney, who is the company’s chairman, will remain with the firm along with other senior management. Cooney is a former president of WPP Group’s Ogilvy & Mather PR, New York.
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