Hardman & Co: 2018: a year of international progress

Alliance Pharma (APH) is continuing with its buy-and-build strategy, having evolved through 35 acquisitions over a period of 20 years into a profitable, cash-generative, specialty pharma business. The company has a mix of international growth brands - Kelo-cote, MacuShield, Vamousse - and a bedrock of solid, local, low-growth products. A fourth international growth brand in the portfolio, Nizoral, was acquired from J&J on 21 June 2018 in the APAC region. The cash consideration of £60m was funded by a Placing and an increased debt facility. Adding also to growth prospects, Diclectin (now registered as Xonvea(R)) was approved in the UK in July.

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