Sinclair acquiring Solvay drugs, names new CEO

Sinclair Pharma plc (LSE:SPH) will acquire worldwide rights, excluding the U.K. and Italy, to Flammazine and Flammacerium from Solvay S.A. (Euronext:SOLB) for EUR 17.5 million ($25.7 million). The silver sulfadiazine topical creams are marketed to treat and prevent infections in burn wounds and have combined annual revenues of more than L9 million ($14.2 million). Sinclair said it plans to fund the deal through a fundraising of up to L25 million ($39.4 million) in equity or up to L27 million ($42.5 million) in equity and debt.

Sinclair also announced that CEO Michael Flynn will retire in November. He will be replaced by Christopher Spooner, who was previously CEO of the HealthCor Management U.K. division of HealthCor L.P. ...