Galen Holdings today said it has sold its British-based pharmaceutical product sales and marketing business for £40 million sterling in cash, adding it no longer saw the British and Irish markets as "core".
The company has been sold to a firm under the control of Dr Allen McClay, the founder and a former chairman of Galen.
In the year to September 2003, the business achieved sales of $32.9 million and had net assets of £3 million.
Galen also said it agreed to sell its sterile fluids solutions business, the Ivex Business, for £2.5 million in cash plus working capital to Gambro AB's wholly owned subsidiary, Gambro BCT.
In a separate statement, Gambro said including inventories, the purchase price is expected to be about £5 million.
In the year to September 2003, the Ivex Business achieved sales of $12 million and had net assets of $4.5 million.
"For some time now we have indicated that we intend to focus our business primarily on the US market where we have enjoyed excellent growth in recent years," said Galen chief executive Mr Roger Boissonneault.
"We no longer see the UK and Irish markets as core and are pleased to sell these businesses to new owners who intend to develop them forward," he said.
