China Firms Offer to Buy Sinclair Pharma
The UK’s Sinclair Pharma has confirmed it has received a takeover approach from privately-owned China Grand Enterprises and its affiliate company Huadong Medicine. However, the London-based esthetic dermatology company said discussions remain at a very early stage and there is no certainty an offer will be made, or as to the terms on which any offer might be made.
Under UK law, the Chinese companies must submit a formal bid or announce that they do not intend to make an offer by no later than Aug. 2, although the deadline can be extended.
In its first-half 2018 results released on Jul. 5, Sinclair reported a 6% rise in revenue to £21.3 million. CEO Chris Spooner said the company continues to expand in countries with strong growth potential and will start a direct sales operation in Mexico later this month.
Sinclair has plans to enter multiple new geographic markets and launch new product lines over the next few years. The group has an established sales and marketing presence in leading European markets and Brazil, along with a network of international distributors. It took direct control of its sales operation in the US in April following the termination of a distribution agreement with ThermiGen for its Silhouette Instalift product.