Maelor acquires Acorus for $25.6M

Generic drugmaker Maelor has agreed to acquire Acorus Therapeutics, a fellow UK-based private firm which specializes in drugs and devices, for a total consideration of L13.0 million ($25.6 million). This comprized of L7.0 million in cash and L1.0 million of new ordinary shares at the placing price of 10 pence, together with a L5.0 million deferred consideration payable over five years, which is subject to the achievement of minimum sales hurdles.

Following the completion of a strategic review by Maelor's new management team in mid-2006, the company has been implementing a strategy of building a hospital specialist medicine business focused on commercializing late-stage or launched, and therefore low risk, pharmaceuticals and devices, with a focus in critical care and neurology.

According to a press statement, the acquisition of Acorus is in line with the Maelor's strategy to build a solid platform for further acquisitions and gain additional critical mass to drive shareholder value. The company stated that Acorus is a successful specialist pharmaceuticals and devices firm, which is profitable and growing and which has a portfolio of assets primarily focused in critical care and neurology.