Allergy Therapeutics acquires Alerpharma
Building a leading immunotherapy business in Spain
Allergy Therapeutics has acquired the entire issued share capital of Alerpharma, a privately owned company based in Spain, for an initial consideration of €3.8m.
Alerpharma wholly owns the Spanish allergy immunotherapy company Instituto de Immunologia y Alergia, SAU (Inmunal), a spinout from a world-leading biopharmaceutical company, Zeltia SA 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 2,200m2 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.
The acquisition creates one of the leading immunotherapy companies in the Spanish market, estimated to be the third largest in Europe with estimated 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 ending 31 December 2014, and its unaudited net assets as at 31 December 2014 were approximately €2.6m.
Manuel Llobet, CEO of Allergy Therapeutics, said: ‘In addition to progressing with our US opportunity, building a strong business platform in Europe has been a top priority for our management team. Spain represents a very logical target market for Allergy Therapeutics because it is our second largest market after Germany, but it is where we currently have our lowest comparative market share. The acquisition provides us with the opportunity to grow our business in this important market, enabling us to become one of the leading allergy immunotherapy companies in the Spanish market.'
