Ashbourne Pharmaceuticals acquired by UK company

Ashbourne Pharmaceuticals, the British sales and marketing company, has been acquired by UK-based Sinclair Pharma.

Sinclair, based in Godalming, has purchased Ashbourne for a total of 1.25 million pounds with the intention of expanding the company’s operations in the UK and gaining access to the dispensing doctor market, in which Ashbourne is a key player.

In addition, Ashbourne, which recorded a pre-tax loss of 300,000 pounds last year, will be able to reduce its costs by merging with Sinclair.

Dr Michael Flynn, Sinclair’s chief executive officer, stated: “The acquisition of Ashbourne brings us another step closer to building a direct commercial presence in all the major EU territories, and importantly it gives us access to direct sales operations in our home market.”

Leslie Galloway, chief executive officer of Ashbourne, added that he was “excited” by the merger, concluding that Sinclair would benefit from his company’s expertise in the UK market, while helping to enhance the growth of Sinclair as it expands globally.

Yesterday, Sinclair announced preliminary results for the year ended June 30th, highlighting a 67 per cent increase in turnover. Despite recording an operating loss of three million pounds, the company has had four EU product approvals.

Steve Harris, Sinclair’s chairman, said the year had been “successful”, concluding that the company was looking to harness its new commercial setup to deliver profitability.