ALK and Dutch-based Fornix BioSciences (”Fornix”) have today entered into an
agreement to the effect that ALK proposes to acquire the Dutch activities of
Fornix' Allergy Division, Artu Biologicals (“Artu”), for a cash consideration
of EUR 19.6 million (DKK 146 million) on a debt and cash free basis. The
Supervisory Board and the Board of Management of Fornix have approved and
recommend the transaction to the company's shareholders.
The acquisition is subject to final approval by Fornix' shareholders. The
transaction is expected to become effective on July 1, 2010, after which Artu
and ALK's Dutch subsidiary will be fully integrated.
The proposal to acquire Artu is part of ALK's strategy of expanding its global
presence and of contributing to the consolidation of the allergy vaccine
industry caused by increased regulatory requirements to products.
The proposed acquisition will strengthen ALK's market position in the
Netherlands and give it a stronger platform for continued growth in its sales
of GRAZAX® and other products. Moreover, ALK will use its new market position
to distribute coming tablet-based vaccines. Artu's leading position in the
Dutch market is based on close collaboration with allergy doctors within
diagnostics and treatment.
The purchase price reflects general market conditions in the Netherlands, where
the authorities have implemented tightened reimbursement rules for allergy
vaccines. ALK expects that Fornix' sales of its provisionally registered
products can be maintained for the time being. Upon final approval of the
transaction, the acquisition will be funded through ALK's existing cash and
cash equivalents.
It is expected that the acquisition will increase ALK's sales and earnings. ALK
will provide specific details regarding the anticipated effect on sales and
earnings when the transaction has been completed.
ALK-Abelló A/S
Jens Bager
President and CEO
To doctors and patients. This announcement will have no immediate impact on the
product offerings of or the support provided on the Dutch market by Artu and
ALK.
For further information please contact:
Jens Bager, President and CEO, tel. +45 4574 7576
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525
Press: Martin Barlebo, tel. + 45 4574 7901, mobile + 45 2064 1143
About Artu
Artu is the allergy division of Fornix BioSciences, which is listed on Euronext
in Amsterdam. Artu produces and sells SLIT droplets to the Dutch market. The
company's other division is Laprolan, which distributes and sells medical
devices. Artu's revenues in 2009 totalled EUR 26.1 million (DKK 194.2 million)
and operating profit (EBIT) totalled EUR 12.5 million (DKK 93.0 million),
representing an EBIT margin of 48%. Artu has 87 employees, about 45 of whom
work in sales and marketing. The company primarily caters to general
practitioners, and its main product line is Oralgen (SLIT droplets). The most
important Oralgen products have obtained provisional registration and
eligibility for reimbursement until July 1, 2012, or such earlier date as an
irrevocable decision is taken on the applications for the registration of these
products. For additional information, please go to www.fornix.nl.
About ALK
ALK is a research-driven global pharmaceutical company focusing on allergy
treatment, prevention and diagnosis. Our mission is to improve the quality of
life of persons with allergy by developing pharmaceutical products that target
the actual cause of allergy. ALK is the world leader in allergy vaccination
(immunotherapy) - a unique treatment that induces a protective immune response
which reduces and potentially halts the allergic reaction. Allergy vaccination
is traditionally administered as subcutaneous injections or sublingual
droplets. Our aim is to extend the use of allergy vaccination by introducing
convenient, tablet-based vaccines, thereby offering many more patients a causal
allergy treatment. Following this strategy, the world's first tablet-based
vaccine against grass pollen allergy, GRAZAX®, was launched in Europe in 2007
and ALK has entered a strategic partnership with Merck regarding the tablet
programme in North America. In 2009, GRAZAX® was approved as a disease
modifying allergy treatment and GRAZAX® is now the only registered tablet
treatment against grass pollen allergy with documented sustained effect after
completion of treatment. ALK has approximately 1,500 employees with
subsidiaries, production facilities and distributors worldwide. The company is
headquartered in Hørsholm, Denmark, and listed on NASDAQ OMX Copenhagen.
Further information is available at www.alk-abello.com and www.GRAZAX.com.
