Allergy Therapeutics PLC Acquisition of Alerpharma S.A. (3632P)
June 05 2015 - 5:59AM
UK Regulatory
TIDMAGY
RNS Number : 3632P
Allergy Therapeutics PLC
05 June 2015
5 June 2015
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Acquisition of Alerpharma S.A.
Building towards a leading immunotherapy business in Spain
Allergy Therapeutics, the fully integrated specialty
pharmaceutical company, today announces the acquisition of the
entire issued share capital of Alerpharma, S.A. ("Alerpharma"), a
privately owned company based in Spain for an initial consideration
of EUR3.8 million (the "Acquisition"). Alerpharma wholly owns the
Spanish-based allergy immunotherapy company Instituto de
Immunologia y Alergia, S.A.U. ("Inmunal"), a spin-out from a
world-leading biopharmaceutical company, Zeltia S.A. Group.
Inmunal is Alerpharma's principal operating subsidiary, and is
highly regarded with well-established product lines in
immunotherapy vaccines, bacteriological vaccines and diagnostics.
Inmunal brings a newly-built state-of-the-art 2,200 sq m
manufacturing facility in the Alcala de Henares Technological Park,
Madrid, and a broad product range, including a specialised
franchise on an olive vaccine, which is one of the most important
allergens in southern Europe. The revenue producing product
portfolio and the geographical presence of Inmunal complement
Allergy Therapeutics' Spanish subsidiary, making the acquisition
highly synergistic. The Acquisition also creates one of the leading
immunotherapy companies in the Spanish market, estimated to be
third largest in Europe with estimated annual sales of EUR72
million for 2014.
Alerpharma recorded unaudited turnover and pre-tax profits of
approximately EUR4.5 million and EUR146,000 respectively in the
financial year ended 31 December 2014, and its unaudited net assets
as at 31 December 2014 were approximately EUR2.6 million. The Board
expects the Acquisition to be immediately earnings enhancing.
The initial consideration for the Acquisition of EUR3.8 million
was paid to the vendor (the "Vendor") in cash at completion, funded
by the Company's operational cash flows. The total consideration
includes a potential earn-out payment based on certain 2016 sales
performance criteria, payable to the Vendor in 2017. The earn-out
payment is estimated to be up to approximately EUR2 million, based
on Alerpharma's forecast sales figures, funded by associated cash
flows.
Manuel Llobet, Chief Executive Officer of Allergy Therapeutics,
said:
"In addition to progressing with our US opportunity, building a
strong business platform in Europe has been a top priority for our
management team. Spain represents a very logical target market for
Allergy Therapeutics because it is our second largest market after
Germany, but it is where we currently have our lowest comparative
market share. The Acquisition, therefore, provides us with the
opportunity to grow our business in this important market. 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."
-Ends-
For further information
Allergy Therapeutics +44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Ian Postlethwaite, Finance Director
Panmure Gordon
Freddy Crossley / Peter Steel / Duncan
Monteith
Corporate Finance +44 (0) 20 7886 2500
Tom Salvesen
Corporate Broking
FTI Consulting +44 (0) 20 3727 1000
Simon Conway / Mo Noonan / Victoria Foster
Mitchell
Notes to editors
About Allergy Therapeutics
Allergy Therapeutics is a specialty pharmaceutical company
focused on allergy vaccination. It has a growing business achieving
revenue in the last financial year of GBP42 million mainly in
Europe through its own sales and marketing infrastructure and
further afield through distributors. It recently raised GBP20
million in April 2015 via a placing to continue with its clinical
trials in the US.
About Alerpharma and Inmunal
Alerpharma, S.A., a privately owned company based in Spain,
acquired Instituto de Immunologia y Alergia, S.A.U. (Inmunal), the
Spanish-based allergy immunotherapy company in 2002. Inmunal was
originally founded in 1989 by world-leading biopharmaceutical
company, Zeltia S.A. Group. Alerpharma has 39 employees, with its
headquarters in Parque Cientifico Tecnologico Alcala de Henares and
a recently built a state-of-the-art 2,200 sq m manufacturing
facility in the Alcala de Henares Technological Park, Madrid. In
the financial year ended 31 December 2014, Alerpharma recorded
sales of EUR4.5 million.
Inmunal, Alerpharma's principal operating subsidiary, focuses on
immunotherapy vaccines, bacteriological vaccines and diagnostics,
including a specialised franchise on an olive vaccine, one of the
most important allergens in southern Europe. The Spanish
immunotherapy market is estimated to be third largest in Europe
with estimated annual sales of EUR72 million for 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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