Alliance Pharma To Acquire Cambridge Laboratories

Published: 08-Feb-2010

Alliance Pharma has conditionally agreed to acquire Cambridge Laboratories (Ireland) and Cambridge Laboratories (together the 'Vendors'), for total consideration of between £14.3m and £16.4m, plus the value of inventory held by the Vendors at completion. The acquisition is expected to be completed on 22 February, 2010.

The company gains right to 18 prescription drugs through this acquisition, which includes ImmuCyst, an immunotherapy for superficial bladder cancer; gelclair, an oral gel for the management of oral mucositis caused by chemotherapy and radiotherapy; procarbazine, a treatment of hodgkin's lymphoma as part of chemotherapy treatment; and a liquid formulation of Vitamin E.

The rights included in the acquisition are primarily for the UK and the Republic of Ireland.

The portfolio also includes a toxicology product that is purchased by the UK government for a stockpile, which is replaced on a 2-3 year cycle. The vendors have been awarded the contract, worth £5.6m, for the current stockpile replacement, which is taking place between October 2009 and January 2011.

Under the terms of the acquisition, the offices in Dublin and Newcastle from which the vendors operate, will transfer to Alliance together with around 30 staff employed by the vendors. The company currently proposes to merge the support functions into its existing offices in Chippenham, Wiltshire, resulting in approximately 25 positions being put at risk of redundancy. The company will be entering into a period of consultation with the affected employees in connection with the potential redundancies.

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