Galen Holdings disposes of UK businesses
Galen Holdings, the speciality pharmaceutical company based in Craigavon, Northern Ireland and Rockaway, New Jersey, US, has disposed of its UK-based pharmaceutical product sales and marketing business for a total cash consideration of
Galen Holdings, the speciality pharmaceutical company based in Craigavon, Northern Ireland and Rockaway, New Jersey, US, has disposed of its UK-based pharmaceutical product sales and marketing business for a total cash consideration of £40m.
It sells a range of pharmaceutical products in the UK and Ireland, including the analgesic Kapake, Regurin for incontinence, and Loestrin, an oral contraceptive.
The business has been bought by a company under the control of Dr Allen McClay, the founder and a former chairman of Galen.
In a separate transaction, Galen has also agreed to dispose of its sterile fluids solutions business (the Ivex Business) to Gambro BCT for a total cash consideration of £2.5m ($4.5m) plus working capital. In the year ended 30 September 2003, the Ivex business achieved sales of $12.0m and had net assets of $4.5m. It will be incorporated into Gambro BCT as of May 10, 2004.
Headquartered in Lakewood, Colorado, Gambro BCT is a leader in blood bank technologies, automated blood collection and processing, pathogen reduction techniques and value-added blood and cell based therapeutic services. The company is a fully owned subsidiary of Gambro, of Sweden.
'For some time now we have indicated that we intend to focus our business primarily on the US market where we have enjoyed excellent growth in recent years,' said Roger Boissonneault, chief executive of Galen. 'We no longer see the UK and Irish markets as core and are pleased to sell these businesses to new owners who intend to develop them forward.'