30 Mar 2016 07:00
Sinclair Pharma plc Agrees Major Amendment to AQTIS Acquisition Contract
Immediate one off payment significantly reduces deferred consideration
London, 30 March 2016 Sinclair Pharma plc (SPH.L), ("Sinclair" or the "Company") the international aesthetics company, today announces a significant amendment to the acquisition agreement signed with the vendors of AQTIS Medical BV in March 2014. Under the amended agreement Sinclair will make an immediate one-off payment of €15.0 million in cash to settle all future milestones that remained due from the acquisition of AQTIS (Ellansé®) in March 2014.
Before this new agreement, Ellansé® sales and US approval milestones were forecast to total €36 million, payable over the next 3-5 years. There will now be no further amounts payable for the acquisition of AQTIS (Ellansé®). We anticipate that this transaction will result in a one-off exceptional credit of approximately £8 million in the current financial year ending 30 June 2016.
Chris Spooner (CEO) commented:
"In-market H1 FY16 Ellansé® revenue growth of 100% was announced in today's interim results statement. With Ellansé® sales growing so strongly, the Company is delighted to be able to use its balance sheet strength to eliminate these future milestones."
For further information please contact:
Sinclair Pharma plc | Tel: +44 (0) 20 7467 6920 |
Chris Spooner Alan Olby |
Peel Hunt LLP (NOMAD and Broker) | Tel: +44 (0) 20 7418 8900 |
James Steel Oliver Jackson |
Media enquiries
FTI Consulting | Tel: +44 (0) 203 727 1000 |
Ben Atwell Brett Pollard |
Notes to Editors:
About Sinclair Pharma plc - www.sinclairpharma.com
Sinclair Pharma plc is an international company operating in the fast growth, high gross margin, global aesthetics market. Sinclair has built a strong portfolio of differentiated, complementary aesthetics technologies, which are experiencing significant growth, targeting unmet clinical needs for effective, high quality, longer duration, natural looking and minimally-invasive treatments. The Company is planning both entry into multiple new geographies and line extension launches over the next few years. Sinclair has an established sales and marketing presence in the leading EU markets, an option to acquire its Brazilian distributor and a network of international distributors. The Company is undergoing a strategic review, and various distribution options for the US launch of Silhouette InstaLift™ are under consideration.