SYDNEY, AUSTRALIA: Cyclopharm Limited (ASX: CYC) has acquired DuPharma ApS, based in Copenhagen, Denmark. DuPharma is a third-party medical distribution company and has been a long-term distributor of Technegas and other nuclear medicine products in Denmark for several years.
Consideration for the acquisition is 100,000 ordinary shares in Cyclopharm plus AUD$65,000 in cash, payable over a two-year period.
With the addition of DuPharma in Denmark, Cyclopharm Limited now has 8 locations around the world directly servicing 18 of the 64 countries where Technegas is available. The DuPharma acquisition completes the Company’s direct and strategic Third-Party distribution coverage across the entire Nordic region.
This purchase, combined with previous distributor acquisitions, and the establishment of UK and German offices of Cyclopharm’s European subsidiary, Cyclomedica Europe, strengthens the cornerstone of the Company’s strategic initiative to;
• Leverage Cyclopharm’s operational and regulatory infrastructure in providing third-party products; • Capturing the full sales and service value of Technegas in targeted markets; and • Expanding the use of TechnegasTM” in Beyond PE initiatives.
Cyclopharm Managing Director and Chief Executive Officer, James McBrayer, said, “Expanding our distribution network in the Nordic region with the DuPharma acquisition, is strategically important and consistent with our global initiatives in the nuclear and respiratory medicine spheres.”
“It is also pleasing to be advancing these growth opportunities from a position of strength, underpinned by record FY22 sales revenues, robust sales of Technegas, continued strong growth in Third Party revenue, the progress we are making in gaining USFDA approval and expanding the use of Technegas Beyond PE.”
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