New specialty pharmaceutical company, Maelor, created in UK
With the completion on May 10 of the acquisition of Acorus Therapeutics by fellow UK-based Maelor (Marketletter April 16), an effectively new specialty pharmaceutical company has been formed, according to analysts at equity research group Edison Investment.
They note that the acquisition was funded by an L8.0 million ($15.8 million) share issue, which has boosted Maelor's capitalization from about L4.0 million to L15.0 million. Because of the transforming nature, and the fact that over 70% of its investors have come in as a result of this deal, the analysts say they are treating this as marking the creation of a new entity. They forecast sales of L2.75 million and a loss of L120,00 in 2007, rising to L6.4 million and a profit of L1.5 million in 2008.
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