Advanced Medical Solutions Acquires Biomatlante For GBP8 Million

(Alliance News) - Advanced Medical Solutions Group PLC said Monday it has acquired French company ...

Alliance News 2 December, 2019 | 1:20PM
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(Alliance News) - Advanced Medical Solutions Group PLC said Monday it has acquired French company Biomatlante SA, a developer of surgical biomaterial technologies, for EUR8.0 million in cash.

The surgical and advanced wound care specialist company said the acquisition will be funded from existing cash resources, which were GBP64 million at June 30. Up to a further EUR300,000 is due over the next two years "subject to the achievement of certain new product approval milestones".

Biomatlante's biosurgical products, which are sold mainly in Europe, are complementary to Advanced Medical's surgical product portfolio and generated sales of more than EUR4.0 million in 2018, the company said.

Advanced Medical said the acquisition provides the company with a range of revenue-generating surgical products and a research & development pipeline of complementary biosurgical technologies.

Biomatlante also offers significant growth potential in additional surgical markets estimated to be worth USD0.5 billion. The acquisition is expected to be marginally earnings enhancing in the first full year of ownership, Advanced Medical said.

Chief Executive Officer Chris Meredith said: "This acquisition is in line with our strategy to acquire technologies that are complementary to our surgical portfolio and allow us to leverage our global routes to market."

Advanced Medical shares were up 2.1% in London at 266.38 pence each on Monday at midday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Advanced Medical Solutions Group PLC 240.00 GBX 0.00

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