Last checked at 19 Oct 2012 07:00
For immediate release | 19 October 2012 |
ALLIANCE PHARMA PLC
("Alliance" or the "Company")
Acquisition
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, announces that its wholly owned subsidiary Alliance Pharmaceuticals Limited has acquired Opus Group Holdings Limited ("Opus") for £8.0 million plus the net asset value of Opus at completion (estimated at £1.5 million). The Opus group sells products for stoma care, including skin creams and cleansers, in the UK and Ireland.
In the twelve months to 31 March 2012 the turnover of the Opus group was £3.8 million and the pre-tax profit before directors' emoluments was £2.1 million.
The consideration is being funded from existing cash and bank facilities, including an £8.0 million drawdown from the Group's £20 million Revolving Credit Facility ("RCF"). This brings the utilisation of the RCF to £16.5 million.
The founders of Opus, Hugh Brady and John Williams, will continue their involvement in the business for six months. David Hope, Alliance's Sales and Marketing Director for Secondary Care, will manage the Opus business.
Commenting on the acquisition, John Dawson, Alliance Pharma's Chief Executive, said: "We are very pleased to complete this second major acquisition of 2012. Opus is an exciting business with good growth potential that matches our business well in terms of customers and business drivers. It will be immediately earnings enhancing for Alliance."
For further information:
Alliance Pharma plc | + 44 (0) 1249 466966 |
John Dawson, Chief Executive | |
Richard Wright, Finance Director | |
www.alliancepharma.co.uk | |
Buchanan | + 44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles | |
Numis Securities Limited | + 44 (0) 20 7260 1000 |
Nominated Adviser: Michael Meade / Oliver Cardigan | |
Corporate Broking: David Poutney |
Notes to editors:
About Alliance
Alliance, founded in 1998, is an AIM listed speciality pharmaceutical company based in Chippenham, Wiltshire, UK. The Company has a strong track record of acquiring the rights to established niche products and owns or licenses the rights to more than 50 pharmaceutical products and continues to explore opportunities to expand the range.
Alliance's products are prescribed in the treatment of a wide range of conditions and include products used in the treatment of dermatological conditions, in oncology, in childbirth, in the prevention of heart disease, in Parkinson's disease, in nutrition and in nasal infections. Alliance's sales are mainly prescription driven. Its products are distributed to hospitals directly and to pharmaceutical wholesalers, which service both hospital and retail pharmacies with their prescription requirements.
Alliance joined the AIM market of the London Stock Exchange in December 2003 and trades under the symbol APH.