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Alltracel Pharmaceuticals
- BY: Andrew Hore |
- POSTED: 23/08/2007 |
- COMMENTS: Add yours
Wound care products developer Alltracel Pharmaceuticals hopes to expand its oral care business through the acquisition of Synpart AG.
Germany-based Synpart specialises in oral care and sports bandages and Alltracel intends to pay up to €6.3m for the business. The initial payment will be €5.3m, of which €3.3m will be in the cash and the rest in the form of a 10% stake in Alltracel’s oral care subsidiary Westone. The cash will come from additional borrowings and a €2.4m share placing at 12.5p a share. The final €1m cash payment is based on performance and will become payable on the first anniversary of the deal. The selling shareholders have the option to sell their 10% stake in Westone back to Alltracel at various points in the 24 months following the acquisition.
Synpart is strong in the private label market in Europe and Alltracel believes it will become number one in this market. It also brings additional distribution in Asia. The combined business will be known as Synpart Ltd. This may also help consumer sales of wound care products by making it part of the division.
Synpart AG generated turnover €13.2m and profits of €468,000 in 2006. The acquisition should be earnings enhancing from the start. It should be completed by the end of August.
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