17th Apr 2015 06:28
LONDON (Alliance News) - Quantum Pharma PLC said Friday it has acquired a group of companies collectively called the Lamda companies for EUR9.7 million.
It has acquired Lamda (UK) Ltd, Lamda Laboratories SA and Lamda Pharmaceuticals SA, which together form a pharmaceutical development and licensing business. Combined, the companies produced losses of EUR140,000 for 2014 on revenue of EUR2.1 million.
Quantum will pay EUR4.7 million on completion, with a further deferred consideration of EUR5.0 million. It will fund the acquisition through its cash reserves.
The company cited Lamda's strong pipeline of products in development, and "substantial latent value" in the projects it has already completed. It plans to use Lamda's international network to help penetrate overseas market, and will use it to add in-house product development capability.
"The addition of Lamda to the group will be earnings enhancing from early 2016 and provides us with a significantly enlarged product portfolio, with latent value as well as in-house development capability," said Chief Executive Andrew Scaife in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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