Glucomed sold to Laboratoires Expanscience for EUR 4.65 million
(Thomson Reuters ONE) - (Lysaker/Paris, 14 August 2009): Navamedic and LaboratoiresExpanscience have entered into an Asset Purchase Agreement regardingthe pharmaceutical product Glucomed. The sales price is EUR 4.65million plus a possible earn out given certain achieved sales targetsin 2010 to 2013.Laboratoires Expanscience is an international pharmaceutical companywith broad experience within the treatment of osteoarthritis.Navamedic is very pleased with the new owner and trust that they willbe a good partner for the distributors in the 11 countries wereGlucomed is already launched and that they will secure furtherproduct launches.With the acquisition of this major ethical product, LaboratoiresExpanscience is proud to reinforce its leadership position in therheumatology market.Simultaneously with the signing of the Asset Purchase Agreement thecompanies signed a Distribution Agreement for Glucomed in Sweden,Denmark, Norway and Finland. Navamedic will have the right todistribute Glucomed in the four countries through Vitaflo ScandinaviaAB. The agreement lasts for 8 years.About Laboratoires Expanscience: Since it was set up in 1950,Laboratoires Expanscience has initiated launches of innovativeproducts on the health and well being markets, and developedexpertise in Rheumatology, Dermo-Cosmetics, Dental care, Dermatology,Nutraceuticals and Active Principles for Cosmetics. LaboratoiresExpanscience is also a leader in two specific fields. Piascledine 300occupies a leading position in France on the market for specializedpharmaceutical products for use in rheumatology. Mustela is theleader of the baby care and stretch marks markets in Europeanpharmacies. At an international level, Laboratoires Expanscienceoperates through 8 subsidiaries in over 50 countries covered bydistributors. Laboratoires Expanscience had an annual turnover of 230million euros in 2008 and had a total workforce of 930 employees. Thecompany has built up considerable strength in Research andDevelopment, thanks to its R & D Centre, whose work has led toregistering more than 50 patents during the last ten years.The Deal: The sales price is EUR 4.65 million plus a possible earnout given certain achieved sales targets in 2010 through 2013. Thepossible earn out will be calculated and eventually paid annually.All immaterial rights and fixed assets related to the product and apart of the API inventory will be transferred to LaboratoiresExpanscience. Navamedic's costs related to the transaction areestimated around EUR 420,000. Net profit for Navamedic will beapproximately EUR 3.25 million. Closing date for the transaction is3rd September 2009. All assets and cash will be transferred at thisdate.In November 2008 the Board of Directors in Navamedic decided to focusthe company's further development on the Direct Sales and MarketingBusiness, through Vitaflo Scandinavia AB. Glucomed was no longer acore asset and would be sold off given a fair price and the rightconditions. Navamedic has since this date searched for a new ownerfor Glucomed through the company's own contacts and through aninternational broker. Several companies have shown interest for theproduct and selected companies have conducted a Due Diligence. Thesales process of Glucomed is concluded with this agreement. APIinventory valued at EUR 1,020,000 is not part of the deal andNavamedic will seek to find another buyer for this inventory.More information will be given at the Q2 presentation August 19th. Aninformation document regarding the transaction will be publishedpursuant to the Continuing Obligations at Oslo Stock Exchange.For further information, please contact:Olof Milveden, CEO Navamedic ASAE-mail: om(at)navamedic.comOffice: +46 31 335 1190Mobile: +46 733 463 736Bernt-Olav Røttingsnes, CFO/IRO Navamedic ASAE-mail: bor(at)navamedic.comMobile: +47 91 34 70 21Emmanuelle Dumas, Corporate Communication Manager Expanscience S.AE-mail: edumas(at)expanscience.comOffice: +33 1 43 34 65 07Bernard Guillou, Scientific Relations & Licensing Expanscience S.A.E-mail: bguillou(at)expanscience.comOffice: +33 1 43 34 60 77This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.08.2009 - 15:24 Uhr
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