Allergy Therapeutics has agreed to acquire the Swiss company Teomed for CHF1.2 million (£700,000).
Allergy Therapeutics has agreed to acquire the Swiss company Teomed for CHF1.2 million (£700,000).
Established in 1989, Teomed is a specialist allergy pharmaceuticals company, which also distributes other company’s products in the Swiss market. The Zurich-based company employs 12 people and in its last full trading year had sales of CHF3.1 million.
AIM listed Allergy Therapeutics was founded in 1934 and is a pharmaceuticals company focused upon the treatment and prevention of allergy. The West Sussex-based company employs 350 staff.
Manuel Llobet, CEO of Allergy Therapeutics says: ‘Teomed is the first acquisition following the shift in the company’s strategy towards strengthening its market position within Europe; following this transaction Allergy Therapeutics will have a direct sales and marketing presence in Germany Italy, Spain, UK, Austria and Switzerland.’
The directors of Allergy Therapeutics Manuel Llobet and Ian Postlethwaite will be appointed as directors of Teomed, and the founding directors Andreas Sprung and Dr Ursula Sprung will remain on as consultants to Teomed for a transition period.
