Valeant acquires generics’ manufacturer PharmaSwiss

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Valeant acquires generics’ manufacturer PharmaSwiss

INICIO/Noticias Farmacéuticas | Posted 11/03/2011 0 Post your comment

Valeant Pharmaceuticals International and PharmaSwiss announced on 1 February 2011 that they had signed a binding agreement for Valeant to acquire generics’ manufacturer PharmaSwiss for Euros 350 million. Valeant expects the deal to strengthen its presence in Central and Eastern Europe.

PharmaSwiss is a privately-owned branded generics and OTC pharmaceutical company based in Zug, Switzerland. PharmaSwiss expects the deal, which is expected to be finalised in the first or second quarter of 2011, to see them close with approximately Euros 38 million cash in hand and no debt. Based upon achievement of certain milestones, another Euros 30 million may also be up for grabs.

PharmaSwiss has a broad product portfolio in seven therapeutic areas and operations in 19 countries throughout Central and Eastern Europe, including Czech Republic, Greece, Hungary, Israel, Poland and Serbia. PharmaSwiss is also an existing partner to several large pharmaceutical and biotech companies offering regional expertise in regulatory, compliance, sales, marketing and distribution. PharmaSwiss had annual revenues of approximately Euros 180 million in 2010 and has been growing at approximately 20% per year over the past five years.

Valeant’s CEO, Mr J Michael Pearson, said, “this acquisition of PharmaSwiss solidifies our position as a leading pharmaceutical company in Central and Eastern Europe. PharmaSwiss has an attractive partnering strategy as well as a complementary branded generics and OTC product portfolio that will strengthen our presence in the region”.

Source: PharmaSwiss, Valeant