BTG on track for savings from Protherics buy
London, UK-based specialty pharmaceuticals company BTG has updated investors on the fiscal year ended March 31, 2009, ahead of the planned publication of its preliminary results on May 14.
Royalty revenues from licensed products and sales of CroFab and DigiFab are expected to be higher than the previous year. R&D expenses are anticipated to be in line with expectations. The firm believes that the majority of the estimated GBP10.0 million ($14.2 million) of restructuring provisions associated with its acquisition of Protherics (Marketletter September 22, 2008) will be taken next year. Cash at year-end is forecast to reach more than GBP70.0 million.
The company says the Protherics integration is progressing rapidly and efficiently. Significant cost savings and synergies have been achieved and the firm is on track to make savings of GBP10.0 million a year by no later than 2011.
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