The move expands US-based Watson’s presence in Europe, after its 2009 acquisition of the Arrow group, as well as giving the company a presence in the Euros 6 billion Greek generics market.

The Specifar is in the top five in the Greek branded-generic market, with a portfolio of more than 30 products, including a non-branded version of AstraZeneca’s blockbuster anti-reflux drug Nexium (esomeprazole), which could be launched in Europe in the fourth quarter of 2011.

Specifar currently manufactures generic drugs in an EU-approved facility in Athens with capacity for approximately one billion doses annually. A new plant is currently being built just outside Athens, which will manufacture an additional three to five billion doses. This capacity will ultimately permit Watson to convert additional third-party manufactured products to own-manufactured.

Greece’s use of generics is currently one of the lowest in Europe, providing Watson with a significant opportunity to capitalise on growth in this market.