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(Sharecast News) - Alliance Pharma completed the acquisition of both 'ScarAway' - the largest silicone-based scar treatment brand in the US - and the rights to sell 'Kelo-cote' in the American retail consumer market in the US on Friday.
The AIM-traded firm said it paid Perrigo $19.4m (£14.8m) in cash from its existing financial resources for both assets.
It described ScarAway as the "leading silicone-based scar treatment", and the second-largest scar treatment brand, in the United States, with net 12-month sales of $10m and a market share of 28%.
The US is the second-largest global market for scar treatments, with an estimated current retail value of $90m per annum.
Alliance said the acquisition would accelerate its strategy in the US, providing another strong consumer brand with an established distribution platform from which to drive further growth.
The combination of the acquired Kelo-cote rights in the US, as well as Alliance's existing rights, created the group's "first fully-global brand", the board said.
Alliance added that it could now pursue a dual-brand strategy in the US scar treatment market, while further leveraging its existing US infrastructure following the recent acquisitions of Amberen and Vamousse.
The acquisition was immediately earnings-enhancing, with further strategic benefits expected in future years.
"I'm delighted to have completed such a strategically important and earnings enhancing acquisition for Alliance which creates our first fully global brand in Kelo-cote and significantly enhances our presence in the largest consumer healthcare market in the world," said chief executive officer Peter Butterfield.
At 1257 GMT, shares in Alliance Pharma were up 2.68% at 115p.
