Northern Ireland pharmaceutical firm Galen to expand reach after buying Swedish company
Northern Ireland pharmaceutical firm Galen has taken over a specialist Swedish healthcare company in a multi-million pound deal, it has been announced.
Galen, which is based in Craigvon, said the takeover of POA Pharma would enable it to expand its global reach and products in areas such as rare metabolic disease.
POA Pharma has facilities in North America and the Nordic region.
It represents 16 producers from 10 countries.
The two firms previously entered a distribution agreement allowing Galen to sell POA Pharma products in the UK and Ireland.
The deal is described as part of an "extremely significant new phase" for Galen's growth.
Galen veteran Simon Lawrence has now been appointed commercial director and will be based at POA in Copenhagen.
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Mr Lawrence said: "Galen's long-heritage and expertise in delivering valued medicines to the people that need them most, coupled with POA Pharma's important portfolio, means we now have the opportunity to improve the lives of more people affected by a variety of diseases on a truly global scale."
And he said the tie-up would give better access to life-saving nutritional therapies to sufferers of phenylketonuria, a rare disorder affecting the metabolism.
Dr Dennise Broderick, president and managing director of Galen, added: "This acquisition is highly complementary to our established business and marks a key milestone in our strategic global growth plans.
"The founders of POA have created a highly successful business and we look forward to incorporating and growing the reputable company further as part of the Galen organisation.
"This acquisition will enable Galen to offer a wider range of products to our customers, healthcare professionals and patients around the world."