(ShareCast News) - Pharmaceutical manufacturer Quantum Pharma said it expects to meet its annual targets, although it revealed some of its licence applications are taking longer than expected.The London-listed company said it has completed the takeover of Lamda and NuPharm Group and expects both acquisitions to be successful in the medium-term future.Meanwhile, Quantum said Colonis, its specialist pharmaceutical product development division, was making progress on its product launch programme.The company said it expects to secure all the licences for all the products for which it entered submissions, however it added that a small number of applications it made earlier this year are taking longer than expected.Quantum shares were down 3.87% to 142.75p at 1119 BST on Thursday.