Sinclair IS Pharma has entered into an agreement to acquire Advanced Bio-Technologies Inc. from HealthEdge Investment Partners and other shareholders for $32 million.
The acquisition gives Sinclair IS ownership of ABT’s flagship scar prevention and treatment product Kelo-cote in all the remaining markets not already licensed by Sinclair IS outside the United States. Sinclair IS previously licensed the rights to Kelo-cote in the United Kingdom, France, Germany, Italy, and Spain.
The acquisition has been structured to exclude ABT’s existing US business and infrastructure and its subsidiaries (SOS Brands, Inc. and ABT-Belli Materna, Inc.). ABT’s international revenues are expected to grow by approximately 40% by the end of 2011, including revenues from Sinclair IS in Europe.
The acquisition of ABT is expected to complete within five days. Following completion, an application will be made for the consideration shares to be admitted to trading on AIM. The consideration shares will be subject to a lock-up arrangement.
Release Date: Dec. 8, 2011
Source: Sinclair IS Pharma