Printer Friendly

BELMAC CORPORATION TO ACQUIRE ITALIAN PHARMACEUTICAL COMPANY

 TAMPA, Fla., Nov. 19 ~PRNewswire~ -- Belmac Corporation (AMEX: BLM) announced today it has signed a letter of intent to acquire the Italian pharmaceutical company, Biotekpharma, for approximately $14 million. The acquisition is expected to be concluded by March 31, 1993.
 Milan-based Biotekpharma is expected to report sales of approximately $17 million and pre-tax profits of approximately $2 million for 1992.
 Biotekpharma has grown from approximately $2 million to $17 million in sales during the past four years under the current management, which will remain with the company. It markets proprietary branded products including a new ulcer medication (H2 antagonist) that has potential to be marketed in other European countries.
 The acquisition will be financed with a combination of cash, notes payable to sellers, Belmac common stock and bank debt.
 Jean-Francois Rossignol, chairman and chief executive officer, said the impending acquisition of Biotekpharma is another critical link in Belmac's strategic plan for building profitable pharmaceutical operations in each of its target markets in Europe.
 "We believe the Italian market offers Belmac great opportunities. Combining the strengths of Biotekpharma with the synergies of Belmac's operating divisions in France and Spain, the company is strategically positioned for continued growth in Europe in 1993," Rossignol added.
 On Tuesday, Nov. 17, Belmac announced it had signed a letter of intent to acquire a French pharmaceutical company. During 1992, the French company is expected to report sales of approximately $12 million and pre-tax profits of approximately $3 million.
 Rossignol noted that the acquisitions are part of Belmac's ongoing strategic plan to establish profitable pharmaceutical operations in four European markets (France, Spain, Italy and Germany) and in the United States. Belmac is currently marketing pharmaceutical products in France and Spain.
 As for the status of its drug development program in the U.S., Belmac reaffirmed its commitment to proceeding with clinical studies for its new antibiotic, Biolid, in both its sustained-release and standard twice-a-day formulation. It has successfully completed clinical studies on the twice-a-day formulation in Europe. Biolid is already on the market in France and is also nearing registration status for sale in Spain.
 Belmac Corporation is an international pharmaceutical company with a primary focus on the development and marketing of anti-infective drugs.
 -0- 11~19~92
 ~CONTACT: Marc Ayers of Belmac Corporation, 813-286-4401; or Harry Costello of Hill & Knowlton, 813-221-0030, for Belmac Corporation~
 (BLM)


CO: Belmac Corporation; Biotekpharma ST: Florida IN: MTC SU: TNM

SS-JJ -- FL008 -- 2821 11~19~92 11:10 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1992
Words:408
Previous Article:SCHULLER ACQUIRES STEINACHGLAS OF THURINGIA
Next Article:AMERICAN MUNICIPAL TERM TRUST - III OFFERS 4,600,000 SHARES AT $10 PER SHARE
Topics:


Related Articles
BELMAC MARKETS SECOND PRODUCT IN FRANCE; COMPANY ACQUIRES AMODEX(TM) FROM FISONS PLC
BELMAC ENTERS SPANISH MARKET WITH RIMAFAR, S.A.; PHARMACEUTICAL MANUFACTURING CAPABILITY VITAL LINK IN EUROPEAN DISTRIBUTION
BELMAC ACQUIRES RIMAFAR, S.A. IN SPAIN; PHARMACEUTICAL MANUFACTURING CAPABILITY A VITAL LINK IN EUROPEAN DISTRIBUTION
BELMAC ADDS TWO TOP PHARMACEUTICAL EXECUTIVES; FORMER SMITHKLINE BEECHAM, BRISTOL MYERS SQUIBB SENIOR VPs TO COMPLETE MANAGEMENT TEAM
BELMAC ELECTS NEW PRESIDENT AND CHIEF OPERATING OFFICERo
BELMAC CORPORATION MOVES FORWARD ON EUROPEAN ACQUISITIONS
BELMAC SELLS AMODEX IN FRANCE FOR $3.7 MILLION IN CASH AND LAUNCHES BELMAZOL (OMEPRAZOL) IN SPAIN
BELMAC FORMS NEW U.S. HOSPITAL PRODUCTS UNIT; FORMER BAXTER INTERNATIONAL EXECUTIVES TO RUN FIRST TARGETED AQUISITION: ROLL-A-SHEET
BELMAC COMPLETES PRIVATE PLACEMENT
BELMAC COMPLETES FRENCH SALE TO A SUBSIDIARY OF MEDEVA PLC FOR $2.5 MILLION

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters