Phadia signs agreement to acquire Chinese marketing company, WKL

Phadia today announced that it has entered into an agreement to acquire 100 per cent of the shares in the Chinese marketing company WKL from the parent company MeiRui. The acquisition is made through AllergonAB, a wholly owned subsidiary of Phadia, and is subject to approval by Chinese authorities.

Nanjing-based WKL has successfully been marketing and distributing Phadia products including ImmunoCAP in China for 10 years. WKL has over 50 employees and more than 100 hospital customers in China's major cities.

The Chinese operations are among the fastest growing areas within Phadia. The prevalence of allergy is increasing and 30 percent of all children are expected to develop some form of allergy in the future.

"The acquisition is strategically important for Phadia. It will further improve diagnosis and management of allergies and provide a strong platform for accelerated growth," saysJean Forcione, Chief Operating Officer, PhadiaAB.

Completion of the transaction is expected by the end of 2010, and is subject to regulatory approval.