Sinclair buys Flammazine and Flammacerium from Solvay for $25.9 million

13 October 2009

UK specialty drugmaker Sinclair Pharma has acquired two major revenue-generating dermatology products for a total consideration of 17.5 million euros ($25.9 million) from Belgium's Solvay Pharmaceuticals. The latter firm is currently the subject of a 4.5 billion-euro takeover deal from US drug major Abbott Laboratories (The Pharma Letter September 28).

Last month, Sinclair saw its share price leap 16% on speculation about an imminent announcement of a 'potentially significant' product deal, and moved 4 pence higher to 44 pence in early trading October 13.

The acquisition will be financed by a fundraising of up to £25 million ($39.5 million) through a firm placing of up to £12.5 million and an open offer of £12.5 million. The fundraising, which is being done at 32p per share, has been fully underwritten by Singer Capital Markets.

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