News blog
NeutraHealth
- BY: Andrew Hore |
- POSTED: 18/06/2008 |
NeutraHealth is acquiring the UK business of Perrigo Inc and selling its over the counter medicines business to it.
The neutraceuticals company is paying £6.4m for Perrigo UK, which manufactures and packages vitamins and minerals sold through the likes of Tesco, Sainsbury and Superdrug, while it is selling the OTC medicines business for £6.2m.
The deal should be substantially earnings enhancing in 2009.
Brunel, a supplier of neutraceuticals and over the counter medicines, was acquired for £5.5m in January 2007. The OTC medicines business was split off and is being sold to Perrigo Inc for £6.2m in June 2008. That is effectively a gain of £2.4m.
Ray Myers has been appointed as chief executive of NeutraHealth. Michael Toxvaerd switches to deputy chairman.
The shares rose 0.75p to 7.625p, valuing NeutraHealth at £13.4m. NeutraHealth joined AIM as a shell on 18 February 2005, when it raised £1.5m at 10p a share.
The interim figures will be announced on 22 July.
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