Allergy Therapeutics acquires Spanish firm Alerpharma

UK specialty pharma company Allergy Therapeutics (LSE: AGY) says it has acquired the entire issued share capital of Alerpharma, a privately-owned company based in Spain for an initial consideration of 3.8 million euros ($4.3million).

The total consideration includes a potential earn-out payment based on certain 2016 sales performance criteria, payable to the Vendor in 2017. The earn-out payment is estimated to be up to around 2 million euros, based on Alerpharma’s forecast sales figures, funded by associated cash flows. Alerpharma wholly owns the Spanish-based allergy immunotherapy company Instituto de Immunologia y Alergia (Inmunal), a spin-out from Spanish biopharmaceutical company, Zeltia Group.

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 the Alcala de Henares Technological Park, 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.