Immdal Ltd Announces Sale of Subsidiary Newport
Immdal Subsidiary KoRa Expands Product Portfolio
DUBLIN--(BUSINESS WIRE)--Immdal Limited (‘Immdal'), a privately held Irish pharmaceutical healthcare group, today announced the sale of its subsidiary Newport Pharmaceuticals Limited (‘Newport') to Swiss pharmaceutical company Ewopharma AG.
Newport manufactures and supplies immunomodulating drug inosine acedoben dimepranol (IAD), which is indicated for the treatment of a range of viral infections in many countries around the world and sold under the trademarks Isoprinosine®, Imunovir®, Viruxan®, Virimun® and Delimmun®.
Immdal also announced today that its subsidiary, KoRa Healthcare (‘KoRa'), has licensed from Newport the marketing and distribution rights to IAD in finished product form for the United Kingdom, Republic of Ireland, Germany, Canada and other overseas markets. The addition of IAD to its product portfolio is expected to result in an increase in KoRa's annual revenue by 50% and creates a number of employment opportunities which are expected to be filled over the coming months. Financial terms of the deals were not disclosed.
Immdal further announced today the establishment of a new subsidiary, Immcell Limited (‘Immcell'), which will be focused on the innovation and development of novel therapies for the treatment of clinical conditions that involve the modulation of the human immune system. Immdal has successfully secured grant support from Enterprise Ireland for Immcell's current development activities.
Mr. James O'Daly, Managing Director of Immdal, commented "These events, including the sale of Newport, reflect a new and exciting strategic direction for the group which will bring a greater focus on innovative drug development and an expansion of our sales, marketing and distribution activities across our core therapeutic areas and markets."
Mr. Alain Staub, Chairman and Chief Executive Officer of the Ewopharma Group, commented "We have enjoyed a long standing business relationship with Newport over the past 30 years. This acquisition provides Ewopharma with the facility to develop new markets for IAD where Ewopharma has a presence and where the demand for IAD continues to grow. We are especially pleased with the experienced management team at Newport, headed by its General Manager Alan Johns, which will be instrumental in achieving the continued growth of the business. We expect that a number of employment opportunities will be created in connection with the acquisition."
Mr. O'Daly added, "We look forward to further growth in KoRa's product offering through a combination of internal product development and further licensing and acquisition activity."
Life Science Ventures (www.lsv.ie) acted as broker and advisor to Immdal.
About Immdal Limited
Immdal Limited is a privately held Irish pharmaceutical healthcare group providing products and services to patients with specialised or unmet medical needs. Immdal has two operating subsidiaries - KoRa Corporation Limited (trading as KoRa Healthcare) and newly formed drug development company, Immcell Limited. KoRa develops, manufactures and markets own label products and also acts as a distributor for several reputable partners in the areas of infectious diseases, women's health and clinical nutrition. In addition to IAD, its portfolio of marketed products includes Relactagel® for the prevention and treatment of Bacterial Vaginosis, Condyline® for the treatment of Human Papilloma virus, Baby D an oral solution of vitamin D3 for young babies up to one year of age, Magnaspartate® for the treatment of magnesium deficiency, Renapro®, Renamil® and Renergy® protein supplements for renal patients and a series of point of care diagnostic kits. Further information available at www.kora-health.com
About Ewopharma AG
Ewopharma AG, headquartered in Schaffhausen, is a pharmaceutical marketing and distribution company with over 270 employees and focused on the markets of Central Eastern Europe. With more than 50 years presence in Poland, the Czech Republic, Slovakia, Hungary, Romania, Bulgaria, Slovenia, Croatia, Serbia, the Baltic States and Ukraine, Ewopharma has gained extensive knowledge of these countries, enabling Ewopharma AG to achieve a privileged position in the area. Ewopharma's activities cover all facets of the registration and marketing of ethical and over the counter pharmaceuticals and offer their services to partner companies either as a package or tailored to their specific needs. Ewopharma is also a member of the RX-Alliance, a professional cooperation network of successful pharmaceutical companies active in selected European markets. Newport, under the ownership of Ewopharma AG, will continue to supply IAD active pharmaceutical ingredient to its worldwide network of licensees and distributors. Further information available at www.ewopharma.com.
KoRa Healthcare & Immcell Ltd
Email: [email protected]
Tel: +353 (0) 1 890 0406