Allergy Therapeutics buys Alerpharma for 3.8m euros

Specialty pharmaceutical company Allergy Therapeutics said on Friday that it has agreed to buy Alerpharma SA for an initial consideration of €3.8m.

Alerpharma wholly owns the Spanish-based allergy immunotherapy company Instituto de Immunologia y Alergia (Inmunal),which is a spin-out of biopharmaceutical company Zeltia S.A.

Inmunal is Alerpharma's principal operating subsidiary and is highly regarded with well-established product lines in immunotherapy vaccines, bacteriological vaccines and diagnostics.

Inmunal brings a newly-built state-of-the-art 2,200 sq m manufacturing facility in Madrid, and a broad product range, including a specialised franchise on an olive vaccine, which is one of the most important allergens in southern Europe, said Allergy Therapeutics.

“The revenue producing product portfolio and the geographical presence of Inmunal complement Allergy Therapeutics' Spanish subsidiary, making the acquisition highly synergistic,” said the company.

In addition, it said the deal creates one of the leading immunotherapy companies in the Spanish market, estimated to be the third largest in Europe with predicted annual sales of €72m for 2014.

Alerpharma recorded unaudited turnover and pre-tax profits of approximately €4.5m and €146,000 respectively in the financial year ended 31 December 2014, and its unaudited net assets as at 31 December 2014 were approximately €2.6 million.