Meda announces acquisition of MedPointe

Meda has announced the strategic purchase of MedPointe for the sum of $520 million (253.5 million pounds) and 17.5 million newly issued shares in Meda.

The stated aims of this acquisition are to make Meda a global world-class speciality pharmaceutical firm with full market coverage in the US as well as the UK, with an increased focus on significant therapy areas and considerable product pipeline opportunities.

MedPoint is focused on allergies and respiratory and pain segments, two of the areas of main concern for Meda, with the firm stating that the product portfolios of the company consequently have good synergising potential.

In 2006, MedPoint reported net sales of $252 million, an increase of 23 per cent over the previous year, while the firm has 710 employees, around 500 of whom are sales and marketing staff.

Anders Lonner, chief executive officer of Meda, said: “We now take the opportunity to establish a world-class specialty pharma company.

“The formation is strong both marketing wise and in product pipeline. The new product development from both companies can now be utilised in the company instead of being out-licensed.”

He added that the product development investment conducted by MedPointe provides good potential for the growth of profit and top-line, while the firm welcomed its new US shareholders.

In May 2007, Meda published its interim report for the first quarter of the 2007 financial year, with the company reporting a faster integration than expected of the pharmaceutical division of 3M into the group.