Biotech and pharma have been dominated by multi-billion dollar deals this year, but the mood seems equally upbeat at the other end of the spectrum.
Alliance Pharma (LON:APH) buys the drugs and products that often become superfluous when these mega-deals come together and business is good.
Revenues rose by nearly 7% in the first half of 2015, a return to growth after a sticky few years.
Interim profits nudged ahead to £5.5mln, but it is the potential for the pace to quicken over the coming 18 months that has sent the shares 50% higher since January.
The impending return of ImmuCyst, a bladder cancer treatment, following a three year absence is one of the drivers as is a new product, Diclectin, licensed from Canadian firm Duchesnay.
At its peak, ImmuCyst was generating sales of more than £5mln a year, but this disappeared almost overnight three years ago when manufacturer Sanofi had to suspend production.
Now Sanofi has a new plant in Canada and John Dawson, Alliance’s chief executive, is hopeful it will receive its first batches by the end of the year.
The good news is that demand for the product remains despite the hiatus.
A number of clinicians have inquired when it will be available again, while its main rival has also run into supply problems, though Dawson cautions that Sanofi has not yet given a firm date for the resumption of supplies.
Diclectin, licensed for £1.5mln, treats nausea and vomiting during pregnancy.
Available in Canada for years, it only received US clearance in 2013 and is yet to be approved by the UK authorities.
Dawson admits taking the product without regulatory approval is a risk, but over the longer time he sees it as a potential big winner for the company.
Annual sales of Diclectin in Canada are around C$30mln (£15mln) and Dawson sees similar potential in the UK and possibly more if it takes the product over to Europe as well.
This year will see it prepare for a possible launch in 2016, which will involve additional costs, but there is no comparable product in the UK currently and Dawson expects a lot of interest.
In the meantime, Alliance is seeing sales from February acquisition MacuShield bound ahead.
MacuShield produces a capsule to combat age- related macular degeneratio, a common cause of eyesight loss in the elderly.
Revenues were £1.4mln for the five months it was included in the latest numbers, but Dawson says underlying growth is more like 20%.
Elsewhere, eczema cream Hyrdromol increased sales by 11% while baby powders business Ashton & Parsons saw a 19% jump after heavier promotion.
Dawson adds that with its Anbesol teething liquid, and Diclection, the mother and baby area is becoming increasingly important.
The interim dividend went up by 10% to 0.366p, while gross margins rose to 60.5%.
Numis today nudged up its price target to 52p and its earnings forecast by 1-2% although the broker downgraded its view to 'hold' from 'add', though only due to 60% share price outperformance against the market over the past three months.
According to Dawson, this has it benefits, In the past, it would have made an acquisition through debt only but with its market value now nearly £150mln there is the potential to add equity to any future deal.
Alliance was outbid on a couple of deals in the first half of the year, but if the shares continue their rise that is unlikely to be the case in the future.
Shares eased slightly to 56p today.