Crawford Woundcare, a wholly owned subsidiary of Crawford Healthcare Holdings, has acquired majority of woundcare business assets of Ark Therapeutics, for up to £2.7m.
The acquisition of Ark is forecasted to increase Crawford’s UK revenues by £3m and will increase its operating profit and will help to deliver the growth opportunities of the existing skin care brands in UK.
Under the terms of the disposal agreement, the company has conditionally agreed to sell the entire issued share capital of Patient Plus Limited (the woundcare business operating company) and certain assets (including certain intellectual property) used in the Woundcare Business which are owned by Ark Therapeutics (the principal trading company of the Group).
Crawford chief executive Richard Anderson said the acquisition of the Wound Care Business and the Global rights to Zindaclin is an exciting step in the development of Crawford in terms of delivering its stated aim of becoming a leading skin care company.
"We believe we are in a strong position to execute yet more acquisitions that will be similarly accretive to our bottom line by leveraging the new products through our existing sales and marketing infrastructure both in the UK and overseas," Anderson said.