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ProStraken enters Nordic joint venture
PROSTRAKAN has entered a joint venture to expand its operations throughout the Nordic region.
The Borders specialist pharmaceutical company is to sell 50 per cent of its Swedish affiliate, Malmo-based ProStrakan, to Orexo, a Swedish pharmaceutical company.
ProStrakan will receive 1.3 million in cash for the sale of the stake, and will then collaborate with Orexo in the marketing and distribution of both companies' drugs in Norway, Sweden, Finland, Denmark and Iceland.
Cost and profits from activities in the region will be shared equally.
ProStrakan chief executive Wilson Totten said the deal would boost its "ability" in the markets and expand sales, and ensure marketing of its drugs was conducted in a "cash efficient" manner.
"Orexo is an ambitious, fast-growing and successful business and it makes for a complementary partner for ProStrakan."
Analysts welcome the deal - Shawn Manning at Bridgewell said the venture would considerably enhance its access to the markets. Shares in ProStrakan fell 1.25p to 83.75p.
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Friday 25 May 2012
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