Last checked at 5 Jun 2015 10:59
5 June 2015
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Acquisition of Alerpharma S.A.
Building towards a leading immunotherapy business in Spain
Allergy Therapeutics, the fully integrated specialty pharmaceutical company, today announces the acquisition of the entire issued share capital of Alerpharma, S.A. ("Alerpharma"), a privately owned company based in Spain for an initial consideration of €3.8 million (the "Acquisition"). Alerpharma wholly owns the Spanish-based allergy immunotherapy company Instituto de Immunologia y Alergia, S.A.U. ("Inmunal"), a spin-out from a world-leading biopharmaceutical company, Zeltia S.A. Group.
Inmunal is Alerpharma's principal operating subsidiary, and is highly regarded with well-established product lines in immunotherapy vaccines, bacteriological vaccines and diagnostics. Inmunal brings a newly-built state-of-the-art 2,200 sq m manufacturing facility in the Alcala de Henares Technological Park, Madrid, and a broad product range, including a specialised franchise on an olive vaccine, which is one of the most important allergens in southern Europe. The revenue producing product portfolio and the geographical presence of Inmunal complement Allergy Therapeutics' Spanish subsidiary, making the acquisition highly synergistic. The Acquisition also creates one of the leading immunotherapy companies in the Spanish market, estimated to be third largest in Europe with estimated annual sales of €72 million for 2014.
Alerpharma recorded unaudited turnover and pre-tax profits of approximately €4.5 million and €146,000 respectively in the financial year ended 31 December 2014, and its unaudited net assets as at 31 December 2014 were approximately €2.6 million. The Board expects the Acquisition to be immediately earnings enhancing.
The initial consideration for the Acquisition of €3.8 million was paid to the vendor (the "Vendor") in cash at completion, funded by the Company's operational cash flows. The total consideration includes a potential earn-out payment based on certain 2016 sales performance criteria, payable to the Vendor in 2017. The earn-out payment is estimated to be up to approximately €2 million, based on Alerpharma's forecast sales figures, funded by associated cash flows.
Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, said:
"In addition to progressing with our US opportunity, building a strong business platform in Europe has been a top priority for our management team. Spain represents a very logical target market for Allergy Therapeutics because it is our second largest market after Germany, but it is where we currently have our lowest comparative market share. The Acquisition, therefore, provides us with the opportunity to grow our business in this important market. The combination of our Spanish subsidiary and Inmunal will provide us with significant cross selling opportunities and cost synergies, which will enhance our market share and increase our critical mass, enabling us to become one of the leading allergy immunotherapy companies in the Spanish market."
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For further information
Allergy Therapeutics | +44 (0) 1903 845 820 |
Manuel Llobet, Chief Executive Officer Ian Postlethwaite, Finance Director |
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Panmure Gordon |
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Freddy Crossley / Peter Steel / Duncan Monteith Corporate Finance | +44 (0) 20 7886 2500 |
Tom Salvesen Corporate Broking |
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FTI Consulting | +44 (0) 20 3727 1000 |
Simon Conway / Mo Noonan / Victoria Foster Mitchell |
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Notes to editors
About Allergy Therapeutics
Allergy Therapeutics is a specialty pharmaceutical company focused on allergy vaccination. It has a growing business achieving revenue in the last financial year of £42 million mainly in Europe through its own sales and marketing infrastructure and further afield through distributors. It recently raised £20 million in April 2015 via a placing to continue with its clinical trials in the US.
About Alerpharma and Inmunal
Alerpharma, S.A., a privately owned company based in Spain, acquired Instituto de Immunologia y Alergia, S.A.U. (Inmunal), the Spanish-based allergy immunotherapy company in 2002. Inmunal was originally founded in 1989 by world-leading biopharmaceutical company, Zeltia S.A. Group. Alerpharma has 39 employees, with its headquarters in Parque Cientifico Tecnologico Alcala de Henares and a recently built a state-of-the-art 2,200 sq m manufacturing facility in the Alcala de Henares Technological Park, Madrid. In the financial year ended 31 December 2014, Alerpharma recorded sales of €4.5 million.
Inmunal, Alerpharma's principal operating subsidiary, focuses on immunotherapy vaccines, bacteriological vaccines and diagnostics, including a specialised franchise on an olive vaccine, one of the most important allergens in southern Europe. The Spanish immunotherapy market is estimated to be third largest in Europe with estimated annual sales of €72 million for 2014.