Completion of Acquisition

RNS Number : 1940F

Alliance Pharma PLC

19 April 2011

 



For immediate release

19 April 2011

 

ALLIANCE PHARMA PLC

("Alliance" or the "Company")

Completion of Acquisition

Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, announces that, further to its announcement of 23 March 2011, the European Commission has approved the acquisition by its wholly owned subsidiary Alliance Pharmaceuticals Limited of the UK and Irish rights to the brands Anbesol^TM and Ashton & Parsons^TM from a subsidiary of Reckitt Benckiser Group plc.  Consequently the acquisition is now unconditional and is expected to complete on 26 April 2011.

On completion Alliance will pay £2.55m cash consideration. Alliance intends to fund the acquisition by drawing a loan from the £20m Revolving Credit Facility ("RCF") that was put in place in November 2010 to fund acquisitions.  The RCF is not currently utilised.

Anbesol is used to treat mouth ulcers, teething pains and denture irritation.  Ashton & Parsons is used in infants for the symptomatic relief of pain and stomach upset caused by teething.

The acquisition is expected to be earnings enhancing for Alliance in the current financial year.

For further information:

Alliance Pharma plc	+ 44 (0) 1249 466966
John Dawson, Chief Executive
Richard Wright, Finance Director
www.alliancepharma.co.uk
Buchanan Communications	+ 44 (0) 20 7466 5000
Mark Court / Jessica Fontaine
Numis Securities Limited	+ 44 (0) 20 7260 1000
Nominated Adviser: Michael Meade / Simon Blank
Corporate Broking: David Poutney

Notes to editors:

About Alliance

Alliance, founded in 1998, is an AIM listed speciality pharmaceutical company based in Chippenham, Wiltshire, UK. The Company has a strong track record of acquiring the rights to established niche products and owns, or licenses, the rights to more than 50 pharmaceutical products and continues to explore opportunities to expand the range.

Alliance's products are prescribed in the treatment of a wide range of conditions and include products used in the treatment of dermatological conditions, in oncology, in childbirth, in the prevention of heart disease, in Parkinson's disease, in nutrition and in nasal infections.  Alliance's sales are mainly prescription driven.  Its products are distributed to hospitals directly and to pharmaceutical wholesalers, which service both hospital and retail pharmacies with their prescription requirements.

Alliance joined the AIM market of the London Stock Exchange in December 2003 and trades under the symbol APH.

 

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