Updates

Alliance Pharma

July 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Alliance has bought the global rights to Syntometrine from Novartis, an injectable drug administered during later stages of labour to facilitate the delivery of the placenta and to treat haemorrhage. Alliance already owns the UK rights whilst Novartis takes care of other territories itself so buying the drug will now require new distribution agreements for these other countries. Alliance has paid US$11.5m (Â£7.5m) for the drug, which had global sales of $3.2m with a margin of $2.8m. Adjusting for inventories, that equates to 3.5x sales and 5.5x earnings.Broker Finncap upgrades next year's eps forecast from 3.2p to 3.4p. Still a buy. ...

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