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Paladin acquires Dimethaid unit with Pennsaid licence

Paladin Labs Ltd. has acquired Dimethaid Health Care Ltd., which owns the Canadian licence for Pennsaid, a lotion to treat osteoarthritis in the knee. Montreal-based Paladin said it paid the parent company, Dimethaid Research Inc., an undisclosed upfront payment. Markham, Ont.-based Dimethaid will also receive a share in operating profit above minimum targets and a long-term supply accord for the lotion, which is expected to generate sales of $8-million to $9-million by the end of 2005, Paladin said. DMX (TSX) rose 0.5 cents to 26 cents. PLB (TSX) fell 15 cents to $5.20.

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