Moberg Pharma completes divestment of Balmex® for $4.25 million
STOCKHOLM, April 27th 2018, Moberg Pharma AB (OMX: MOB) has completed the divestment of the Balmex® brand to Randob Labs for a total consideration of $4.25 million plus the inventory value. The divestment results in a capital gain of circa $0.5 million.
The brand Balmex®, with a number of products for treating and preventing diaper rash, was acquired from Chattem Inc. in April, 2015. The role of Balmex® in the product portfolio has reduced after the 2016 acquisitions. Divesting the brand, enables Moberg Pharma to focus resources on its larger and more profitable brands. The brand generated net sales of $3.8 million in 2017.
Advisors
Hansen Law was engaged as legal advisor for the divestment of Balmex®.
About this information
This information is information that Moberg Pharma AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.30 a.m. CET on April 27th, 2018.
For additional information, please contact:
Peter Wolpert, CEO, telephone: +1 908 432 22 03 (US), +46 70 735 71 35, e-mail: peter.wolpert@mobergpharma.se
Anna Ljung, CFO, telephone: +46 707 66 60 30, e-mail: anna.ljung@mobergpharma.se
About Moberg Pharma, www.mobergpharma.com
Moberg Pharma AB (publ.) is a rapidly growing Swedish pharmaceutical company with OTC sales operations in the U.S. and a distributor network in more than 40 countries. The company’s portfolio includes the OTC brands Kerasal®, Kerasal Nail®, New Skin®, Dermoplast® and Domeboro®. Kerasal Nail® (Emtrix®, Zanmira® or Nalox™ in certain markets) is a leading OTC treatment of nail disorders in the U.S., Canada as well as in several markets in EU and Southeast Asia. The company is growing organically as well as through acquisitions. Internal development programs focus on innovative drug delivery of proven compounds and include two assets in late-stage clinical development, MOB-015 (onychomycosis, phase 3 studies ongoing) and BUPI (pain management in oral mucositis, preparations for phase 3 studies ongoing). Moberg Pharma has offices in Stockholm and New Jersey and the company’s shares are listed on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm (OMX: MOB).
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