5th Jun 2015 10:14
LONDON (Alliance News) - Allergy Therapeutics PLC said Friday that it has acquired Spain's Alerpharma SA for up to EUR5.8 million in cash.
Alerpharma wholly owns allergy immunotherapy company Instituto de Immunologia y Alergia SAU, or Inmunal, a spin-out of biopharmaceutical company Zeltia SA Corp.
Alerpharma posted a pretax profit of EUR146,000 on revenue of EUR4.5 million in 2014.
Allergy Therapeutics will pay an initial consideration of EUR3.8 million, with up to EUR2 million based on some 2016 sales performance criteria.
"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," said Chief Executive Officer Manuel Llobet in a statement.
Shares in Allergy Therapeutics are trading down 0.6% at 20.25 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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