Maelor plc is also placing 13 million shares at 77p, arranged by Noble & Company and raising £10 million. Completion of the acquisition is expected to take place on 25 April.

The acquisition will consolidate Maelor’s presence in the major European markets through a distributor network outside the UK and enables a low-risk step into the US market through a licensee. It also falls in line with the company’s strategy of building a focused late-stage pharmaceutical and medical devices business in the specialist hospital medicine sector.

SEPI is a virtual and profitable specialist hospital business citing EBITDA of £900,000 at the end of 2007. The business’s primary portfolio asset is Haemopressin® (terlipressin), a critical care product for the treatment of bleeding veins and blood vessels that are dilated. The product reduces blood flow by vascular constriction, lowering the pressure and stopping or reducing the bleeding. Already, it is generating the majority of revenue and offers growth potential in existing markets and through its anticipated regulatory approvals across Europe and the US. Maelor is the existing distributor for Haemopressin® in the UK and Ireland.

Commenting on the acquisition Maelor CEO Tim Wright said: “We are pleased to announce the acquisition of Speciality European Pharma International and our recent fundraising against a backdrop of strong trading. It represents the next step in our strategy of creating a profitable specialist hospital medicines business, growing organically and by targeted acquisition.”