Axcan makes a second European acquisition

Canadian company Axcan is acquiring Paris-based Laboratoire du Lacteol du Docteur Boucard (Lacteol) for US$12.6m (€14.3 m). The deal was expected to be concluded in April and includes the company, its brand, manufacturing facilities and its land.

Lacteol is a privately held pharmaceutical company specialising in the manufacture and distribution of lyophilised powder and capsules for the treatment of diarrhoea, and sold under the Lacteol brand name. The company plans to conduct clinical studies to develop Lacteol probiotics for the treatment of other gastrointestinal indications, including irritable bowel syndrome.

Lacteol's sales were in excess of $10.0m (€11.4m) in 2001. Axcan intends to merge the company with Enteris, its previously acquired subsidiary, thereby doubling its French revenues to more than $20.0m (€22.7m).

'When we acquired Enteris, our goal was to establish profitable operations in France. This acquisition will not only allow us to do that but will also add to our current product line,' said Leon F. Gosselin, Axcan's president and ceo. 'We will also stengthen our distribution channels in Western Europe.'