York Pharma buys brands from Solvay

UK-based York Pharma has purchased the worldwide commercial rights to two leading skin care and wound healing products. At the same time, the firm has raised $51.2 million to finance the acquisition and support future operations. The products are Flammazine and Flammacerium, both based on silver sulfadiazine, and were developed by Belgium drugmaker Solvay Pharmaceuticals.

"The acquisition will enable the York management team to leverage York's existing sales and marketing infrastructure and will enable us to become self financing during the first full year of operations post closing," says Terry Sadler, chief executive.

"The capital and credit markets may be in turmoil but investors are still actively seeking opportunities to participate in the right deals," says Alex Charlton of Rodman & Renshaw, which served as the lead placement agent.