Actavis to buy Auden Mckenzie for £306m
A move that will make Actavis the leading supplier of generics in the UK
Actavis has agreed to purchase Auden Mckenzie Holdings, a generic drug manufacturer, for £306m in cash.
The deal is the latest acquisition for Dublin-based Actavis, which last year said it would buy Allergan, the manufacturer of Botox, for US$66m.
This latest agreement includes a two-year royalty on a percentage of gross profits from one of Auden Mckenzie's products. It does not include Auden Mckenzie's property portfolio.
Auden will add about 175 new generic and branded medicines and a pipeline of 40 products to Actavis across a broad spectrum of therapeutic areas.
The acquisition will make Actavis the leading supplier of generic pharmaceuticals in the UK.
The deal is expected to close in the first quarter of 2015.
'Auden Mckenzie is one of the leading pharmaceutical companies in the UK, and the opportunity to combine this profitable and growing company into the Actavis UK business demonstrates our commitment to invest in and expand strategically in our global generics business,' said Brent Saunders, CEO and President of Actavis.
Amit Patel, Managing Director of Auden Mckenzie, added: 'Since its inception in 2000, Auden Mckenzie has established a notable position among the UK niche generic businesses by adopting a dynamic and entrepreneurial approach to developing and marketing generic medicines.
'We see in Actavis a company with the same entrepreneurial qualities. With its multinational resources and scope, Actavis will be able to achieve further growth based on Auden Mckenzie's existing products and pipeline of new products.'