Last checked at 19 Dec 2011 07:00
For immediate release | 19 December 2011 |
ALLIANCE PHARMA PLC
("Alliance" or the "Company")
Acquisition of Dermatology Brands
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, announces that its wholly owned subsidiary Alliance Pharmaceuticals Limited has acquired the brands QuinodermTM and CeanelTM from Ferndale Pharmaceuticals Limited for £1.5m cash consideration.
Quinoderm is a well-established medication for the treatment of acne and Ceanel is a shampoo treatment for scalp psoriasis. For the twelve months ended 30 September 2011 the acquired products had total sales of approximately £0.6 million.
Alliance is funding the acquisition by drawing a loan from the £20m Revolving Credit Facility ("RCF") put in place in November 2010 to fund acquisitions. This brings the current utilisation of the RCF to £6.5m.
Commenting on the acquisition, John Dawson, Alliance Pharma's Chief Executive, said: "We are delighted to announce this acquisition, which extends our Dermatology portfolio. Quinoderm complements our existing product Rizuderm (isotretinoin), a treatment for severe acne acquired in September this year.
"Today's acquisition, which represents our third transaction this year, is expected to be earnings enhancing in 2012. We continue to evaluate further opportunities to broaden our product portfolio."
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 / Jessica Fontaine | |
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, following the Cambridge Laboratories acquisition, 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.