Source - SMW
Hardman Research has issued a report on Alliance Pharma.

It says: 'Alliance Pharma is continuing with its buy-and-build strategy, having evolved through 35 acquisitions over a period of 20 years into a profitable, cash generative, specialty pharma business. 

'The company has a mix of international growth brands - notably Kelo-cote and MacuShield - and a bedrock of solid local low-growth brands. 

'APH is adding new products to each of these areas with the recent acquisitions of Ametop (bedrock) and Vamousse (international growth), both for cash from the company's existing Revolving Credit Facility, and, given the good margins, these are expected to be earnings accretive by the end of the first year of ownership.'

The full report is available at: