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