Northern Ireland pharmaceutical group Galen Holdings has acquired the US rights to two products from Bristol Myers Squibb for more than €46 million.

The products, the antibiotic Duricel and Moisturel skin cream, had US sales last year of $17 million (€19.5 million) and gross margins of 85 per cent.

Galen has a track record of turning around underperforming niche products by distributing them via its sales force.

Analysts at ABN Amro said the latest acquisitions were a sensible extension of this strategy.

Galen chief executive Mr Roger Boissenneault said his company would continue to seek other products to fill out its portfolio while at the same time rationalising non-core businesses.

Analysts expect Galen to sell its clinical trial services business later this year.