1st Apr 2014 16:13
LONDON (Alliance News) - Sinclair IS Pharma PLC Tuesday said that its has entered into agreements to acquire the global rights to Ellanse, a combined dermal filler and collagen stimulator product range, through the acquisition of AQTIS Medical BV.
The specialty pharmaceutical company said that the acquisition is for an initial consideration of EUR16.6 million in cash, with an additional cash consideration of up to EUR30.0 million dependent on various revenue and regulatory approval milestones being achieved. However, Sinclair said that it does not expect the first of these milestones to be payable until 2016.
"Ellansé is growing rapidly particularly in emerging markets where it will be highly complementary to Perfectha, Sinclair's range of hyaluronic acid fillers acquired in January 2014, and further consolidates Sinclair's growing presence in the global aesthetics market," the company said in a statement.
The Ellansé brand comprises a range of dermal fillers for the face and hands.
In 2013, AQTIS Medical doubled its revenues to EUR5.0 million, and reported a pretax profit of EUR1.9 million.
Sinclair said that it expects the bulk of sales to be for one or two year duration products.
The group said that the upfront consideration is being funded through an extension to its existing debt facility from the Hayfin Capital Management Group.
Sinclair said AQTIS will be rapidly integrated into the group, with acquisiton and restructuring costs estimated at under GBP1.0 million this year.
Sinclair IS Pharma shares closed 3.8% lower Tuesday at 32.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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