Supplier News Breaks Archives
Pharma companies wrap up acquisitions
February 4th, 2014
NEW YORK – A trio of pharmaceutical companies — Endo Health Solutions, AstraZeneca and Forest Laboratories Inc. — closed key acquisition deals this week.
On Monday, Endo said that its Qualitest subsidiary has finalized the purchase of Boca Pharmacal for $225 million in cash. The deal was announced in late August.
A specialty generics company, Boca Pharmacal focuses on niche areas, commercializing and developing products in such categories as controlled substances, semisolids and solutions.
Also on Monday, Endo said it completed the sale of its HealthTronics unit to Altaris Capital Partners for an upfront cash payment of $85 million, plus rights to additional cash payments of up to $45 million based on the future operating performance of the business. The divestiture was announced in January. HealthTronics provides medical services, including practice management software, laboratory solutions and medical records technology.
Meanwhile, AstraZeneca has closed its acquisition of the Bristol-Myers Squibb's stake in the companies' diabetes alliance.
AstraZeneca said Monday that the multibillion-dollar deal, announced in December, gives it ownership of the intellectual property and global rights for the development, manufacture and commercialization of the diabetes business, including Onglyza (saxagliptin), Kombiglyze XR/Komboglyze (saxagliptin and metformin HCl extended release), Farxiga (dapagliflozin), Byetta (exenatide), Bydureon (exenatide extended release for injectable suspension), Symlin (pramlintide acetate) and the investigational agent metreleptin.
AstraZeneca and Bristol-Myers Squibb unveiled the alliance in January 2007 to jointly research, develop and commercialize select investigational drugs for type 2 diabetes. They later expanded the partnership to collaborate on additional diabetes products.
"AstraZeneca is firmly committed to working closely with health care providers and the diabetes community to address the diverse medical needs of the 25.8 million patients living with diabetes in the U.S.," stated Paul Hudson, president of AstraZeneca US and executive vice president for North America at AstraZeneca. "Under one leadership, this acquisition will enable AstraZeneca to maximize the potential and expedite progress of our innovative portfolio of non-insulin antidiabetic medicines."
On Monday, Forest Labs said it has completed of its $2.9 billion acquisition of Aptalis, a specialty pharmaceutical company focused on gastrointestinal disorders and cystic fibrosis. The companies, which announced the deal last month, are under way with combined operations, with Aptalis operating as a Forest Labs subsidiary.
The acquisition of Aptalis boosts Forest's gastrointestinal franchise in the United States and Canada, complements its expanding cystic fibrosis business in Europe, and establishes a cystic fibrosis business in the U.S. market, according to Forest Labs.
"With the completion of the acquisition, Forest is well-positioned to continue driving sales growth while realizing cost savings. The acquisition also fits our strategy of building blockbuster line calls to achieve economies of scale and make us more relevant to our customers," commented Brent Saunders, president and chief executive officer of Forest Labs. "Today marks a new opportunity to draw on the strengths and talents of both companies and emerge as a stronger Forest that is well-equipped to deliver on its promise of bringing meaningful medicines to patients in our key therapeutic areas."