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STADA acquires UK pharma Group Forum Bioscience for approx. EUR 55.6 million

STADA Arzneimittel AG has today, on August 31, 2007, via subsidiaries completed a contract for the acquisition of 100% of the shares in the British pharmaceutical Group Forum Bioscience Holdings Ltd., Redhill, Surrey, in the United Kingdom. The purchase price amounts to GBP 37.7 million or approx. EUR 55.6 million. The sellers are the Japanese company Ajinomoto Co. Inc. and the co-founder Peter Duckworth. The agreement will take effect subject to the contract implementation provisions as well as approval of the anti-trust authorities.

In the fiscal year from April 1, 2006 to March 31, 2007, the Forum Bioscience Group achieved, primarily in the United Kingdom, with adjusted annual sales of approx. GBP 55.6 million or approx. EUR 82.0 million (approx. -3% as compared to fiscal year April 1, 2005 to March 31, 2006) and an operating profit of approx. GBP 4.3 million or approx. EUR 6.3 million (approx. +41% as compared to the previous fiscal year), net profit of approx. GBP 3.0 million or approx. EUR 4.5 million (approx. +48% as compared to the previous fiscal year). The re-statements carried out in connection with sales relates to an adjustment of an income stream of a commercial business on a commission basis which will not be prolonged after the acquisition.

In fiscal year 2006, there were approx. 125 people employed in the Forum Bioscience Group which, as a pure sales company, has no production facilities of its own.

The acquired Forum Bioscience Group consists of various companies, which are divided into two divisions, the Britannia division and the Forum Products division.

The Britannia division, which is smaller in terms of sales (share of adjusted Forum Bioscience Group sales approx. 35%) but generates all of the Group’s profits, is focused on the sale of – partially licensed – branded products with off-patent active ingredients in market niches of the British pharmaceutical market; by far the biggest product is APO-go® (active ingredient apomorphine, for the treatment of Parkinson’s disease) with annual sales of approx. GBP 14.3 million or approx. EUR 21.1 million. The Britannia business model fits in well with the existing STADA business in the United Kingdom (sales of STADA in the United Kingdom in 2006: GBP 27.3 million or EUR 40.1 million) because the STADA sales company there, Genus Pharmaceuticals has also been pursuing a sales concept targeted toward market niches for off-patent active ingredients in the area between generics and branded products. Consequently, Britannia will likely be integrated with the local STADA sales structures quickly.

The second Forum Bioscience division, Forum Products (share of adjusted Forum Bioscience Group sales approx. 65%), which was also acquired, is among other things, trading with active and supplementary ingredients, mainly in the area of veterinary medicine. When share of Group overheads are taken into account, this division´s profitability is currently slightly under the break even point. For STADA, Forum Products will not be part of the core business and will also continue to operate separately. The costs of separating the two divisions and integrating Britannia are currently estimated by STADA at a mid single-digit million amount.

For STADA, with today’s acquisition of the Forum Bioscience Group, the clear focus of interest is on the Forum Bioscience division Britannia. With Britannia, the sales structures of the Group in the United Kingdom will be further strengthened by products which fit in well with the existing STADA business there.

For more information, please contact:

STADA Arzneimittel AG
Corporate Communications
D-61118 Bad Vilbel
Tel.: +49 6101 603-113
Fax: +49 6101 603-506
e-mail: communications@stada.de

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