LONDON -15th November 2011 - Sinclair IS Pharma plc (AIM:SPH.L) ("Sinclair IS" or "the Company"), the international specialty pharmaceutical company, announces the disposal of Mysoline for a total cash consideration of £11.1 million (the "Disposal") to Laboratoires SERB SAS, the current distributor of the product in France. The Disposal is in-line with the Board's strategy to dispose of non-strategic assets in order to focus on the Company's core portfolio of dermatology, wound care and hospital supportive care products.Completion will take place within seven days.
Mysoline is a prescription-only medicine indicated for certain types of epilepsy, essential tremors and seizures . The product was acquired through the merger with IS Pharma and is non-core for Sinclair IS. Mysoline generated revenues of £3.0 million and an EBITDA of £1.7 million (excluding allocation of central overheads) in the last full financial year to 31 March 2011.
Chris Spooner, CEO, commented: "The Board is pleased to have secured a good price for a non-core asset. While product and therapeutic area focus is core to Sinclair IS's growth strategy, this type of transaction is only made possible by the sharp, recent underlying improvement in overall Group EBITDA.The funds generated by the sale provide balance sheet flexibility and hence an exciting opportunity for further investment in our core business".
Laboratoires SERB SAS (www.serb-labo.com) is an independent French specialty pharma company involved in the development, marketing and distribution of therapeutically essential drugs in the fields of critical care, CNS, ophthalmology, endocrinology and infectious diseases.
Jeremie Urbain, CEO Laboratoires SERB SAS, commented: "We are delighted by the acquisition of Mysoline which fits into our portfolio of niche specialist products perfectly. Strategically, it is very much in-line with our stated ambitions to broaden our portfolio and develop internationally. From a financial perspective, profitability will improve markedly next year due to a range of initiatives already underway".
For further information please contact:
Sinclair IS Pharma plc Tel: +44 (0) 20 7467 6920
Jefferies International Limited (NOMAD and Broker) Tel: +44 (0) 20 7029 8000
Sinclair IS Pharma is an international specialty pharmaceutical company focused on treatments in dermatology, wound care, oncology support and critical care through advanced surface technology and innovative delivery systems. The Company has a growing sales and marketing operation with a direct sales presence in the top five European markets and an extensive marketing partner network across selected developed and emerging markets.
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward-looking statements due to a variety of factors.
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