Business
Acquisition of Corpura
Acquisition of Corpura.
About this update from Advanced Medical Solutions Group Plc
[{"type":"text","content":"\n RNS Number : 0146A Advanced Medical Solutions Grp PLC 01 October 2009 \n \n\n\n\n\nFor Immediate release \n\n\n1 October 2009\n\n\n\n\n\nAdvanced Medical Solutions Group plc\n('AMS' or the 'Group')\nAcquisition of Corpura B.V\n\nWinsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the global medical technology company, today announces that it has acquired the remaining 50.6% of the shares in Corpura B.V. from Recticel, its Joint Venture partner, for a consideration of €1.5 million plus €0.8 million to repay funding of working capital to Recticel. As a result AMS now owns 100% of Corpura, a profitable manufacturer of hydrophilic polyurethane foam.\n\nThe consideration will be paid in cash in four instalments over the next 12 months. \n\nHydrophilic polyurethane foam is one of the largest and fastest growing segments of advanced woundcare, currently estimated to be worth $900 million and growing at 20% per annum.\n\nEstablished in 2004, Corpura develops and produces hydrophilic polyurethane foam for a broad range of medical companies at a dedicated R & D and manufacturing facility in Etten Leur, The Netherlands. It currently supplies AMS with polyurethane foam for inclusion into its advanced woundcare dressings.\n\nOn 19th May 2008, AMS announced that it had reached agreement with Recticel, the Belgium-based polyurethane foam manufacturer, to form a Joint Venture relating to Corpura. As a result of this transaction, which became effective on 30 May 2008, AMS acquired 49.4% of the shares in the Joint Venture for a consideration of €1.6 million plus €0.9 million of funding.\n \nThe strategic rationale behind entering the Joint Venture and for now completing the acquisition of Corpura, is that it provides AMS with another platform technology for delivering actives/anti-microbials to prevent infection and help accelerate wound healing utilising the Group's R & D capability and intellectual property portfolio. A number of such developments are currently underway and in August 2009 the Group announced that it had received 510(k) clearance from the FDA to market a silver polyurethane anti-bacterial foam dressing in the US.\n\nEmploying 15 people, for the...