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Flamel Technologies acquires Eclat Pharmaceuticals

Flamel Technologies has confirmed it has bought Eclat Pharmaceuticals.

16 March 2012

Merger and acquisition advisors could have helped Flamel Technologies recently, as the enterprise has purchased Eclat Pharmaceuticals.

Eclat is focused on approving, developing and commercialising generic products and niche brands.

While it only has a hydrocodone acetaminophen oral solution on the marketplace at present, the company has a range of other drugs currently in the development process.

Its chief executive officer (CEO) Mike Anderson will take up the same position in Flamel.

Existing Flamel CEO Steve Willard has resigned, but he will remain as a director and employee.

He said: "We believe we have structured this acquisition in the best interest of both parties by limiting risk to Flamel shareholders through an earn-out structure for the Eclat shareholders."

Flamel is expecting to provide the US Securities and Exchange Commission with a furnished report relating to Form 6-K, providing further detailed disclosure relating to the deal.

In the fourth quarter of 2011, the enterprise posted total revenues of $8.6 million (£5.5 million).

Posted by Edel Quinn

Source: Flamel press release, March 14th

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