The UK-based company was the owner of 50.05 percent of the shares. Following the buy out of the remaining 49.95 per cent the company has created a fully owned operating company Sinclair Pharma Espana.
Strengthen European sales
Sinclair CEO Michael Flynn called the move an ‘important step’ in further strengthening sales and marketing in Europe.
“We anticipate continued steady sales growth with the launch of further products from both our own operations and marketing partners,” he added.
This financial year has seen significant geographic expansion of the company’s products, with 39 new distribution deals representing minimum purchase obligations of €3.5m in the first year following the product launch.
In addition, the company launched five new products including formulations designed to treat seborrhic dermatitis of the scalp, nail care and mouth ulcers.
Dermo-cosmetics hold future potential
Back in October when the company announced financial results for the year ending June 30 2008, chairman Steve Harris noted the importance of the company’s dermo-cosmetics products for future growth.
Sinclair has a number of ranges designed to help a number of different skin complaints, such as skin ageing, sensitive skin, acne and uneven pigmentation.
The €6m in sales from this side of the business helped usher the company into its first year of profits since it floated on the London stock exchange’s alternative investment market in 2003.