Supplier News Breaks Archives
Endo closes deal to buy Qualitest
December 3rd, 2010
CHADDS FORD, Pa. – Endo Pharmaceuticals said this week that it has completed its acquisition of generic drug maker Qualitest Pharmaceuticals.
Endo had announced in late September that it entered into an agreement to acquire Qualitest for about $1.2 billion in cash.
"This acquisition marks another milestone in the transformation of Endo and accelerates our stated strategy of building a diversified health care company, better able to respond to the changing economics that drive the U.S. health care environment," Dave Holveck, president and chief executive officer of Endo, said in a statement.
"We believe this transaction provides Endo with an enhanced competitive position and critical mass in the generics market, further diversifying our business lines and product offerings and enhancing our portfolio of pain management products," Holveck commented about the closing of the acquisition. "When combined with our growing Branded Pharmaceuticals and Devices and Services businesses, we believe this transaction not only significantly boosts our revenue and earnings growth but also makes us a more comprehensive health care solutions provider."
Qualitest is the sixth-largest U.S. generics company as measured by prescriptions filled, according to Endo.
Plans call for Qualitest chairman and CEO Marvin Samson and Endo chief operating officer Julie McHugh to lead an integration team of senior leaders from both companies, Endo reported when the deal was announced. Endo said previously that it intends to retain Qualitest's facilities in Huntsville, Ala., and Charlotte, N.C., as well as its own facility in Westbury, N.Y.