Date: 2014-09-16
Type of information: Company acquisition
Acquired company: Doliage (France)
Acquiring company: Nicox (France)
Amount: € 5 million
Terms: * On September 16, 2014, Nicox announced that it has agreed to acquire 100% of the shares of Doliage, a privately-held French ophthalmic company, for €5 million in newly-issued Nicox shares. The acquisition is part of Nicox’s strategy to develop an ophthalmic commercial infrastructure in the five major European markets and represents a logical next step after the acquisition of the Italian company Eupharmed in December 2013. Under the terms of the agreement, Nicox would acquire 100% of the shares of Doliage in exchange for newly-issued Nicox shares for a total value of €5 million. The number of shares to be issued would be based on the volume-weighted average closing price of Nicox shares during a 20 trading day period preceding the execution of the agreement. The acquisition remains subject to French regulatory proceedings and approvals and, if such proceedings and approvals are met, is expected to be completed within the next few weeks. The Nicox shares received by Doliage’s shareholders will be subject to certain lock-up provisions.
Michel Dyens acted as exclusive financial advisor to Nicox.
Details: The acquisition provides Nicox with an established and profitable ophthalmic business in France, with Doliage’s sales totaling €2.6 million in 2013. Doliage is providing Nicox with an established commercial platform, enabling the group to increase its revenues in France, one of the major ophthalmic markets in Europe. Doliage operates from the Paris area and drives a specialized and dedicated contract sales team. The group commercializes a portfolio of ophthalmic products for such indications as dry eye syndrome, glaucoma and eye infections in France and certain export territories, achieving sales of €2.6 million and an EBITDA of €0.36 million for the fiscal year ending on September 30, 2013. Doliage markets two prescription pharmaceuticals: Euronac® for corneal healing and Tobrabact® Gé, an ocular antibiotic. It also markets nutraceuticals, including Rétinofta®, Visioprev® and Hydrofta®, and medical devices, including MeiboPatch®, an eye mask which softly warms the eyelids to soothe eye discomfort due to conditions such as dry eye or blepharitis.
Related: Ophtalmological diseases
