Acquisition

RNS Number : 6201O

Allergy Therapeutics PLC

01 July 2010

 



Thursday 1 July 2010

Allergy Therapeutics plc

("Allergy Therapeutics" or "the Company")

Allergy Therapeutics to acquire Teomed AG

Expands European sales and marketing infrastructure

Allergy Therapeutics is pleased to announce that it has agreed to acquire the entire issued share capital of Teomed AG of Switzerland for a consideration of CHF1.2 million (£0.7 million).

Teomed specialises in the field of allergy and is the distributor for the Company's products and others in the Swiss market. Teomed was established in 1989 and employs 12 people with offices in Zurich. In its last full trading year Teomed delivered revenues of CHF3.1 million (£1.9 million) and made a small operating profit.

The founding directors, Mr Andreas Sprung and Dr Ursula Sprung, will remain as consultants to Teomed for a fixed period of transition. Allergy Therapeutics directors Mr Manuel Llobet and Mr Ian Postlethwaite will be appointed as directors of Teomed.

The consideration for the acquisition of Teomed will comprise:

·      an initial cash payment of CHF 0.8 million (£0.5 million) on signing and

·      a deferred payment of CHF 0.4 million (£0.2 million), to be paid immediately into an escrow account, payable twelve months from date of completion.

Commenting on the acquisition, Manuel Llobet, CEO of Allergy Therapeutics said:

"Teomed is the first acquisition following the shift in the Company's strategy towards strengthening its market position within Europe; following this transaction Allergy Therapeutics will have a direct sales and marketing presence in 6 countries: Germany Italy, Spain, UK, Austria and Switzerland. The allergy vaccine market in Switzerland is sophisticated and well established, worth around €10-15 million per annum. This is a great opportunity to improve earnings and provides us with an established infrastructure from which to launch Pollinex Quattro in the future. "

For further information

Allergy Therapeutics	[phone]
Manuel Llobet Chief Executive Officer
Ian Postlethwaite Finance Director
www.allergytherapeutics.com
Nomura Code Securities	[phone]
Juliet Thompson/ Christopher Golden
www.nomuracode.com

 

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