Last checked at 17 Mar 2010 07:00
| For immediate release | 17 March 2010 |
ALLIANCE PHARMA PLC
("Alliance" or the "Company")
Transfer of distribution agreement
In the announcement on 8 February 2010 concerning the acquisition of 18 prescription products from Cambridge Laboratories (Ireland) Limited and Cambridge Laboratories Limited (together the "Vendors"), it was noted that timing of the transfer of one of the products from the Vendors to Alliance was dependent on the related distribution contract (the "Distribution Agreement") being executed. This related to the appointment by Biovail Laboratories International (Barbados) SRL of one of the Vendors as the distributor in the United Kingdom and the Republic of Ireland of tetrabenazine, which is marketed under the brand names Xenazine® in the United Kingdom and NitomanTM in the Republic of Ireland.
The Company is pleased to announce that the Distribution Agreement has now been executed and the benefit transferred to Alliance on 16 March 2010. As a consequence, £1.5m of deferred consideration will now be paid to the Vendors.
Xenazine® and NitomanTM are approved for use in the United Kingdom and the Republic of Ireland in connection with chorea associated with Huntington's Disease, tardive dyskinesia and certain other indications. The Distribution Agreement also conditionally provides for Alliance to be appointed as distributor of new formulations of tetrabenazine that are developed, including, potentially, a modified-release formulation that is currently in development for Tourette's Syndrome in 5-16 year old children.
For further information:
Alliance Pharma plc | + 44 (0) 1249 466966 |
| John Dawson, Chief Executive |
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| Richard Wright, Finance Director |
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| www.alliancepharma.co.uk |
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Buchanan Communications | + 44 (0) 20 7466 5000 |
| Mark Court / Stasa Filiplic / Jennie Spivey |
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| Numis Securities Limited | + 44 (0) 20 7260 1000 |
| Nominated Adviser: Michael Meade / Brent Nabbs |
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| Corporate Broking: David Poutney |
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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.