Stallergenes Greer acquires Canadian Medic Savoure, strengthening presence in North America
Stallergenes Greer Acquires Canadian Medic Savoure, Strengthening Presence in North America
- With a leading market share, Medic Savoure is a long-standing player in the Canadian allergy immunotherapy market.
- The acquisition provides Stallergenes Greer with a commercial platform to grow its existing business and to expand its product portfolio in Canada, including ORALAIR®.
LONDON--(BUSINESS WIRE)--Stallergenes Greer plc (Paris:STAGR), a biopharmaceutical company specialising in treatments for respiratory allergies, today announced the acquisition of Medic Savoure Limited, a well-established allergy immunotherapy (AIT) leader in Canada. The acquisition strengthens Stallergenes Greer’s local presence and accelerates the company’s growth in Canada. It provides a positive cash flow allergy business that bolsters Stallergenes Greer’s North American operations.
Medic Savoure commercializes a full range of allergy immunotherapy products, including diagnostic and AIT treatment products throughout Canada. The company has distributed Stallergenes Greer’s allergen bulk products for subcutaneous treatments since the 1970s. Medic Savoure is also licensed to produce individual and customized patient treatments. Assets include the transfer of all employees and a lab facility certified by Health Canada.
“With the acquisition of Medic Savoure, Stallergenes Greer becomes a fully integrated business in Canada, executing against our strategy to strengthen our footprint in North America and to expand our global leadership in allergy immunotherapy," said Fereydoun Firouz, Chairman and CEO of Stallergenes Greer. “We know the team well and are excited by the prospect of working together to bring innovation to the market, and better serve Canadian physicians and patients.”
“We are excited to join the Stallergenes Greer team. We will greatly benefit from their global regulatory, quality and marketing experience,” said John Wigle, Managing Partner at Medic Savoure. Scott Wigle, co-Managing Partner, also added, “We share the same passion for excellence and commitment to delivering the best products and the best service to patients and the medical community.”
AIT is a disease-modifying allergy treatment that changes the way the body reacts to allergens, and can be administered by physicians through subcutaneous injection or taken at home sublingually by liquid or tablet formulation. Canada has a population of 37 million, with an estimated 20%-25% suffering from allergic rhinitis.1
The Medic Savoure acquisition is not expected to have material impact on the Group’s financial performance in 2017. The purchase price of the transaction, which is effective as of October 1st 2017, was not disclosed. On August, 31st Stallergenes Greer announced a narrowed 2017 revenue guidance2 of €260-€270 million and continuing positive development of EBITDA.
ABOUT STALLERGENES GREER PLC
Headquartered in London (UK), Stallergenes Greer plc is a global healthcare company specializing in the diagnosis and treatment of allergies through the development and commercialization of allergy immunotherapy products and services. Stallergenes Greer plc is the parent company of Greer Laboratories, Inc. (whose registered office is in the US) and Stallergenes SAS (whose registered office is in France).
Name: Stallergenes Greer
ISIN: GB00BZ21RF93 1 - Ticker: STAGR - ICB Classification: 4577
Market: Euronext Paris regulated market
Additional information is available at http://www.stallergenesgreer.com.
This document (including information incorporated by reference in this document), oral statements made and other information published by the Company contain statements that are or may be forward-looking with respect to the financial condition and/or results of operations and businesses of the Company. These statements can be identified by the use of forward-looking terminology such as "believe," "expects," "project," "estimated," "forecast," "should," "plan," "may" or the negative of any of these, or other variations thereof, or comparable terminology indicating expectations or beliefs concerning future events. These forward-looking statements include risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Without being exhaustive, such factors include economic situations and business conditions, including legal and product evaluation issues, fluctuations in currencies and demand, and changes in competitive factors. These and other factors are more fully described in the Company's 2016 annual report published on 28 April 2017 on the Company's website www.stallergenesgreer.com. Actual results may differ from those set forth in the forward-looking statements, due to various factors. Save as required by applicable law, neither the Company nor any other person assumes any obligation to update these forward-looking statements or to notify any person of any such update.
1. Keith P.K, Desrosiers M., Laister T., Schellenberg R.R., Waserman S. The Burden of Allergic Rhinitis (AR) in Canada: Perspectives of Physicians and Patients. Allergy, Asthma & Clinical Immunology. 2012 June. 8:7. Available from [https://doi.org/10.1186/1710-1492-8-7]
2. Guidance in constant currency.
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