AstraZeneca UK, a big pharma company has sold its three antimalarial brands to Alliance Pharma in a pharma partners agreement, for an initial consideration of £4.2m.
The Chippenham-based business has acquired the brands Paludrine, Avloclor and Savarine and said it expects the products to contribute around £1.1m to its turnover.
The initial consideration for this pharma partners pact is being funded from existing cash and bank facilities, including a £2m drawdown from its £20m revolving credit facility.
Alliance may pay a further £1m over the next three years to AstraZeneca depending on sales of the brands as agree in the pharma partners deal.
The country managers are set to focus on securing acquisitions and licensing opportunities in line with the company's plan to expand into mainland Europe.
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