| Genus Pharmaceuticals Ltd.
parent company STADA
Arzneimittel AG has today, on 31 August 2007, completed
a contract for the acquisition of 100% of the shares in the
British pharmaceutical Group Forum Bioscience Holdings Ltd.,
Redhill, Surrey, in the United Kingdom. The purchase price
amounts to GBP 37.7 million or approx. EUR 55.6 million. The
sellers are the Japanese company Ajinomoto
Co. Inc. and the co-founder Peter Duckworth. The agreement
will take effect subject to the contract implementation provisions
as well as approval of the anti-trust authorities.
In the fiscal year from 01 April 2006 to 31 March, 2007,
the Forum Bioscience Group achieved, primarily in the United
Kingdom, with adjusted annual sales of approx. GBP 55.6
million or approx. EUR 82.0 million (approx. -3% as compared
to fiscal year 01 April 2005 to 31 March 2006) and an operating
profit of approx. GBP 4.3 million or approx. EUR 6.3 million
(approx. +41% as compared to the previous fiscal year),
net profit of approx. GBP 3.0 million or approx. EUR 4.5
million (approx. +48% as compared to the previous fiscal
year). The re-statements carried out in connection with
sales relates to an adjustment of an income stream of a
commercial business on a commission basis which will not
be prolonged after the acquisition.
In fiscal year 2006, there were approx. 125 people employed
in the Forum Bioscience Group which, as a pure sales company,
has no production facilities of its own.
The acquired Forum Bioscience Group consists of various
companies, which are divided into two divisions, the Britannia
division and the Forum Products division.
The Britannia division, which is smaller in terms of sales
(share of adjusted Forum Bioscience Group sales approx.
35%) but generates all of the Group’s profits, is
focused on the sale of – partially licensed –
branded products with off-patent active ingredients in market
niches of the British pharmaceutical market; by far the
biggest product is APO-go® (active ingredient apomorphine,
for the treatment of Parkinson’s disease) with annual
sales of approx. GBP 14.3 million or approx. EUR 21.1 million.
The Britannia business model fits in well with the existing
Genus Pharmaceuticals business in the United Kingdom (sales
in the United Kingdom in 2006: GBP 27.3 million or EUR 40.1
million) because Genus Pharmaceuticals has also been pursuing
a sales concept targeted toward market niches for off-patent
active ingredients in the area between generics and branded
products. Consequently, Britannia will be integrated with
the Genus Pharmaceuticals sales structures quickly.
The second Forum Bioscience division, Forum Products (share
of adjusted Forum Bioscience Group sales approx. 65%), which
was also acquired, is among other things, trading with active
and supplementary ingredients, mainly in the area of veterinary
medicine. When share of Group overheads are taken into account,
this division´s profitability is currently slightly
under the break even point. For STADA, Forum Products will
not be part of the core business and will also continue
to operate separately. The costs of separating the two divisions
and integrating Britannia are currently estimated by STADA
at a mid single-digit million amount.
For Genus Pharmaceuticals, with today’s acquisition
of the Forum Bioscience Group, the clear focus of interest
is on the Forum Bioscience division Britannia. With Britannia,
the sales structures of the Group in the United Kingdom
will be further strengthened by products which fit in well
with the existing Genus Pharmaceuticals business there.
For more information, please contact:
Genus Pharmaceuticals Ltd.
Corporate Communications
Park View House
65 London Road,
Newbury,
West Berkshire RG14 1JN
England
Phone: +44 (0) 1635 568400
Fax: +44 (0)1635 568401
E-mail:
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