June 6, 2013 / 6:31 AM / 4 years ago

Alliance Pharma buys rights to Novartis' obstetric drug Syntometrine

1 Min Read

June 6 (Reuters) - Specialty pharmaceutical company Alliance Pharma Plc said it bought all existing rights to obstetric drug Syntometrine from Novartis AG for $11.5 million.

Alliance Pharma, which acquires, markets and distributes pharmaceutical products, already owns the UK rights to Syntometrine, a drug used in the final stage of labour.

Sales of Syntometrine by Novartis were $3.2 million and gross margin was $2.8 million in the 12 months to March 2013, the company said in a statement.

Alliance Pharma, which generated 44.9 million pounds in revenue last year, said it would fund the acquisition from cash on hand and bank facilities, including a 3.5 million pound ($5.39 million) drawdown from its 30 million pounds acquisition facilities.

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