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Alliance Pharma to buy Cambridge Labs

Alliance Pharma has signed a conditional agreement to buy Cambridge Laboratories' UK and Ireland-based businesses

Alliance Pharma has signed a conditional agreement to buy Cambridge Laboratories' UK and Ireland-based businesses for a base price of £14.3m in cash and shares.

The deal also includes the value of its inventory at the time of completion, expected on 22 February 2010, and an additional deferred contingent payment of £1.6m-£2.1m.

The acquisition includes 18 prescription products across a range of therapeutic areas including ImmuCyst, an immunotherapy for superficial bladder cancer; Gelclair, an oral gel for managing oral mucositis in chemotherapy patients; and procarbazine, a treatment for Hodgkin's Lymphoma.

Combined sales of ImmuCyst, Gelclair, and procarbazine represent 40 per cent of Cambridge Laboratories total sales in 2009. Sales for the three products have also been growing at a combined rate of about 18 per cent per annum over the last three years.

The £1.6m-£2.1m deferred contingent consideration will be payable if ImmuCyst's licence is extended beyond March 2012. The final amount will depend on its sales figures during 2010 and 2011.

9th February 2010

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