20th May 2016 06:43
LONDON (Alliance News) - Sinclair Pharma PLC took itself off the market on Friday after striking a distribution and strategic marketing deal in the US and completing the sale of its non-aesthetics business, which was announced earlier in the year.
In an upbeat trading statement, Sinclair said it has signed a four-year, exclusive distribution and strategic marketing agreement with Thermigen LLC for Silouhette Instalift. Sinclair said it has granted Thermigen a four-year distribution licence for the US market, running to mid-2020. Silouhette Soft will be combined with Thermigen's ThermiTight skin laxity treatment in order to provide patients with a minimally-invasive, non-surgical alternative to a face lift.
Additionally, Sinclair said it has regained distribution rights for Silhouette Soft in Brazil, with the creation of a Brazilian affiliate to sell Silhouette Soft expected to be immediately earnings enhancing.
As a result of the two deals, and after the GBP132.0 million sale of Sinclair's non-aesthetics business to Alliance Pharma PLC, agreed in November last year, the group has completed its strategic review and will keep hold of its remaining aesthetics business, for which it had previously been assessing options.
Sinclair said it has seen revenue grow to GBP8.9 million in the three months to the end of March, significantly ahead of the GBP7.7 million it made in the six months to the end of December.
Sinclair said it is well-positioned to become a significant player in the global aesthetics market and said the sales growth in the first quarter demonstrates the robust demand for its products. With the US launch of Silouhette Instalift in the US also expected to boost sales, the group said it looks well positioned for the future.
"I am very excited at the group's enhanced prospects. Through a series of selected acquisitions and disposals over the past three years Sinclair has reshaped itself into a fast growing, focused and innovative company with significant potential to be a major force in the global aesthetics market. As a standalone business we believe Sinclair is a highly attractive proposition boasting an unrivalled proprietary portfolio of products with strong growth potential," said Chief Executive Chris Spooner.
Sinclair also said it will change its year-end to December 31 in order to align itself with industry peers. It will publish a second set of interim results covering January to June 2016 before publishing results for the 18 months to the end of December 2016 in March next year.
Sinclair said it expects to deliver 40% revenue growth in calendar 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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