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Alliance Pharma to buy worldwide rights of TyraTech's head lice treatment

Alliance Pharma PLC said it entered into an agreement to acquire the worldwide rights of Vamousse from TyraTech Inc. for an initial consideration of $13 million, plus up to $4.5 million in deferred contingent consideration.

The Vamousse assets comprise consumer healthcare products to prevent and treat human head lice. In addition to the Vamousse rights, Alliance will be acquiring inventory with an expected value of roughly $800,000.

The initial consideration will be funded from existing cash and bank facilities, including a drawdown from Alliance's £35 million revolving credit facility. The company's adjusted net debt/EBITDA ratio will be nearly 2.5x as at Dec. 31, as a result of the drawdown.

The agreement is subject to approval by TyraTech's shareholders. The transaction is expected to complete before 2017-end.

Upon deal completion, TyraTech will enter into a transition services agreement to transfer the existing Vamousse business to Alliance in 2018.