The agreement also includes potential payments of up to $55 million based on meeting certain profit targets and product development targets for Alliant’s products. The company expects to gain regulatory approval during the second quarter of 2007.
Alliant Pharmaceuticals is expected to generate revenues of approximately $50-60 million for the full-year 2007. Alliant has a field force of approximately 85 people, who will be retained and will form Sciele’s new pediatric sales division.
“The acquisition of Alliant gives Sciele a much larger presence in pediatrics, a therapeutic area in which we are involved with our Furadantin product, and will enable us to maximize the potential of glycopyrrolate, a Sciele product that is in pivotal phase III clinical trials for pediatric chronic, moderate-to-severe drooling,” said Patrick Fourteau, Sciele’s CEO and president.
The company expects that this acquisition will have a positive effect on revenues and be accretive to earnings, excluding restructuring charges, in 2007.