Alliance acquires global existing rights to Novartis’ obstetric drug
News
Alliance Pharma has acquired all existing rights to Novartis' Syntometrine for US $11.5 million.
Syntometrine (synthetic oxytocin/ergometrine maleate) is an obstetric drug used in the final stage of labour. Novartis has sold Syntometrine in a number of countries worldwide, including Australia, New Zealand and South Africa. Between March 2012 and March 2013, the total sales of Syntometrine by the Novartis Group were US $3.2 million.
However Alliance Pharma, an England-based speciality pharma company, already owned the UK rights to this drug.
"We are delighted to acquire these significant overseas rights to Syntometrine, a product we already know well through selling it in the UK for many years. Although there will be some costs of operating the new distributorships, the acquisition will be immediately earnings enhancing and it fits well with our strategy of increasing Alliance's international sales."
John Dawson, Alliance Pharma's Chief Executive.
In addition to the Syntometrine rights, Alliance will be acquiring inventory which is expected to have a value of approximately US$0.3 million.
Related links:
Alliance Pharma buys rights to Novartis' obstetric drug Syntometrine (Reuters)
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