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Nicox to acquire 100% of Eupharmed for €3.5 million in newly issued Nicox shares, plus potential additional earn-out payment
Acquisition of Eupharmed brings Nicox a direct marketing presence in Italy, an established product portfolio and sales platform for the launch of new products, including AdenoPlus®
Sales from Eupharmed's extensive ophthalmic portfolio including pharmaceuticals, medical devices and nutraceuticals totalled €3.6 million in 2012
Italy's ophthalmic market is one of the largest in Europe, with annual sales of more than €430 million1
SOPHIA ANTIPOLIS, France, Nov. 26, 2013 (GLOBE NEWSWIRE) --
Nicox S.A. (NYSE Euronext Paris: COX) today announced that it has agreed to acquire 100% of the shares of Eupharmed, a privately-held Italian ophthalmic company, for €3.5 million in newly issued Nicox shares, plus a potential, additional earn-out payment linked to the achievement of certain business objectives. The acquisition provides Nicox with an established sales and marketing platform in Italy together with a broad portfolio of eye care products. Eupharmed had sales of €3.6 million in 2012, and is expected to achieve full-year sales of approximately €3.9 million in 2013. The acquisition is part of Nicox's strategy to establish sales infrastructure in the five major European markets and in the United States.
Philippe Masquida, Executive Vice President and Managing Director of European and International Operations of Nicox Pharma, commented: "
The acquisition of Eupharmed is a major step towards achieving our goal of building Nicox's product range and commercial presence in Europe's five largest markets. Eupharmed has a rapidly growing business with a good portfolio of recently launched eye care products and a team covering the Italian market. Italy is the one of the largest markets for ophthalmic products in Europe, with sales reaching €430 million in the twelve-month period from September 2012 to August 20131. We welcome the Eupharmed sales and marketing team to Nicox and we look forward to working with them on our future product launches, including AdenoPlus®."
Eupharmed is a privately-owned Italian pharmaceutical company founded in 2001 and based in Pero, Milan. Eupharmed is a branch of Petrone Group. Its operating structure includes 23 regional managers and sales representatives covering the Italian ophthalmic market. Eupharmed commercializes a broad portfolio of ophthalmic products in Italy, including pharmaceuticals, medical devices and nutraceuticals.