Immdal sells its subsidiary Newport to Ewopharma

Immdal Limited ('Immdal'), a privately held Irish pharmaceutical healthcare group, today announced the sale of its subsidiary Newport Pharmaceuticals Limited ('Newport') to Swiss pharmaceutical company Ewopharma AG.

Newport manufactures and supplies immunomodulating drug inosine acedoben dimepranol (IAD), which is indicated for the treatment of a range of viral infections in many countries around the world and sold under the trademarks Isoprinosine®, Imunovir®, Viruxan®, Virimun® and Delimmun®.

Immdal also announced today that its subsidiary, KoRa Healthcare ('KoRa'), has licensed from Newport the marketing and distribution rights to IAD in finished product form for the United Kingdom, Republic of Ireland, Germany, Canada and other overseas markets. The addition of IAD to its product portfolio is expected to result in an increase in KoRa's annual revenue by 50% and creates a number of employment opportunities which are expected to be filled over the coming months. Financial terms of the deals were not disclosed.

Immdal further announced today the establishment of a new subsidiary, Immcell Limited ('Immcell'), which will be focused on the innovation and development of novel therapies for the treatment of clinical conditions that involve the modulation of the human immune system. Immdal has successfully secured grant support from Enterprise Ireland for Immcell's current development activities.

Mr. James O'Daly, Managing Director of Immdal, commented "These events, including the sale of Newport, reflect a new and exciting strategic direction for the group which will bring a greater focus on innovative drug development and an expansion of our sales, marketing and distribution activities across our core therapeutic areas and markets."

Mr. Alain Staub, Chairman and Chief Executive Officer of the Ewopharma Group, commented "We have enjoyed a long standing business relationship with Newport over the past 30 years. This acquisition provides Ewopharma with the facility to develop new markets for IAD where Ewopharma has a presence and where the demand for IAD continues to grow. We are especially pleased with the experienced management team at Newport, headed by its General Manager Alan Johns, which will be instrumental in achieving the continued growth of the business. We expect that a number of employment opportunities will be created in connection with the acquisition."

Mr. O'Daly added, "We look forward to further growth in KoRa's product offering through a combination of internal product development and further licensing and acquisition activity."

Source: Immdal Limited